Carbon credits or Carbon Dioxide emission is rising alarmingly in the world. India is one among the top 10 carbon emitting countries accounting for about two-third of emissions.
Carbon emissions have increased by 1.4% by 2011, reaching a total of 34.5 BnT in 2012. Throughout the world, the top 3 countries contributing towards carbon emission are China with a share of 29%, the United States with 16% and European Union with 11% share.
Globally about 18 MT/tcs (tones crude steel) of CO2 is emitted from various sectors, out of which India emits about 2.5-3 MT/tcs. Global CO2 emission is around 30 BnT annually in which India’s share is about 4% emitting about 1.15 BnT of CO2 . Iron and Steel industry of India contributes about 10% of the country’s carbon emission by emitting around 117 MnT annually.
World Steel Association (WSA) along with countries such as Korea, Japan and Europe has designed effective programs such as European ULCOS Program which could influence people and the Steel industry to take steps towards reduction of carbon emission. ULCOS stands for Ultra – low CO2 Steelmaking in which around 48 European companies and organizations work together on research for lowering carbon emissions caused because of steel making.
Indian Steel organizations such as Rashtriya Ispat Nigam Limited (RINL), Essar Steel, and Tata Steel are also a part of WSA’s Climate Action Program.
Even after the technology updates, the fugitive emissions are still high on account of the non-functional Emission Control Systems. India however, targets to reduce CO2 emission by Iron and Steel sector to almost half by 2050.