Policy clarity, blended finance, and technology key to scaling green steel, says IREDA's Pradip Kumar Das

India must combine strong policies, innovative financing, and advanced technologies to develop a globally competitive green steel sector, said Pradip Kumar Das, Chairman and Managing Director of IREDA, at India Steelex 2025 and the 37th National Conference on “Profitable Sustainability – Green Steel: A Future Ecosystem” in Mumbai.

Addressing policymakers, industry leaders, and financiers, Das emphasised that India’s global competitiveness relies on quick and well-managed decarbonisation. “Green steel will not come from one solution; it rests on four drivers—renewable energy, green hydrogen, electric-arc furnaces with scrap, and carbon capture supported by a clear taxonomy,” he noted, stressing that a Green Taxonomy is vital to provide statutory clarity, transparent benchmarks, and investor confidence.

Highlighting India’s clean-energy momentum, Das noted that approximately 242 GW of renewable capacity, with a 50% non-fossil share of power generation as of August 2025, and about 22 GW was added in just five months of this fiscal year.

He commended Maharashtra’s leadership in renewables and initiatives like PM-KUSUM for solarising agriculture and deepening the renewable energy base. He added that Renewable Purchase Obligations (RPOs) are essential to sustain demand and that around 80% of India’s renewable energy capacity is developed by private players, underscoring the need to attract capital at scale.

Reiterating IREDA’s governance-led growth and de-risking mandate, Das stated that the company has financed over ₹1.63 lakh crore in 38 years, with total write-offs of only approximately ₹135 crore, highlighting strong governance and recovery standards.

He added, “We have the responsibility to de-risk essential but emerging sectors—from green hydrogen to storage and solar manufacturing—so India can not only adopt but manufacture and export these technologies.” CMD further emphasised concessional and blended finance, green bonds, ESG-linked debt, and green public procurement as key instruments to scale green steel.

“Make-in-India steel must shine globally — not only for volume, but for quality and sustainability,” Das said.