July 21: Union Minister of Steel Sh. Jyotiraditya M. Scindia and Minister of Economy, Trade and Industry of Japan Mr. NISHIMURA Yasutoshi held a bilateral meeting in New Delhi today to discuss the cooperation in the steel sector and decarbonisation issues.
Both sides stressed the importance of pursuing a policy approach that takes into account the circumstances of each country’s industry, with the underlying fundamental principle of pursuing both economic growth and low carbon transition in the steel sector. They also shared the view that India and Japan are the world’s second and third-largest steel producers and co-benefit partners in the global steel industry.
Recognizing the recent expansion of investment activities in India by Japanese steel producers, both sides decided to support the cooperation between the public and private sectors of the two countries which will lead to the appropriate development of the global steel industry and production of more value-added steel in India.
Both sides recognized the importance of developing appropriate measurement methodologies for the carbon intensity of steel production for their respective carbon neutrality goal. They also affirmed the importance of cooperation for achieving their respective net zero goals, recognizing the heterogeneity of steel decarbonization pathways.
In order to continue such cooperation, it was jointly decided to hold further discussions through Steel Dialogue and other cooperation programs in November 2023. The focus of these programmes and dialogue will be on training programs, the adoption of innovative technologies for increasing energy efficiency, decarbonization and resource efficiency of steel production, with the participation of the public and private sectors.
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