Discuss the various implications of European Union’s new Green house gas emissions law for Indian Industries. (200 Words)
Refer - The Indian Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· European Union introduced new legislation, Fit for 55, to cut its GHG emissions by 55 per cent by 2030 and to net zero by 2050.
· With Fit for 55, the EU will bring more sectors into this trading scheme and tighten its allocation of permits.
Implications
· Indian industry should enter clean technology partnerships with European industry. India exports semi-finished and flat-rolled products of iron or non-alloy steel, but such partnerships can help enhance the competitiveness of its high-technology stainless or alloy products.
· Indian companies should invest in more renewable electricity and energy efficiency.
· The government can extend the perform-achieve-trade scheme to more industries and provide finance to MSMEs to upgrade to clean technologies.
· WRI India’s analysis shows that carbon dioxide emissions from the iron and steel industry can be reduced from 900 million tonnes to 500 million tonnes in 2035 through greater electrification, green hydrogen, energy efficiency, and material efficiency.
· India can try to diversify its exports to other markets and products, it could increase its market share of crude steel compared to more emission-intensive producers like China, Russia and Ukraine.
· CBAM can provide regulatory certainty to industry by harmonising carbon prices, and Indian industry can position itself as a strong player in the trade landscape of the future.
Abdul hakkim 3 years
Please review mam/sir
Thanks
IAS Parliament 3 years
Try to underline only key points. Keep Writing.
