In a bid to safeguard its steel exports, India is preparing to contest specific provisions of the European Union's Carbon Border Adjustment Mechanism (CBAM), citing concerns about its potential impact. Nagendra Nath Sinha, Secretary of the Ministry of Steel, emphasized that certain clauses within the CBAM deviate from the established norms of the World Trade Organization (WTO). Consequently, the government of India, in close collaboration with the industry and other stakeholders, aims to address these concerns and raise them at the appropriate forums, reports MintThe CBAM, primarily applicable to the iron and steel sector, targets industries known for their environmental impact. Recognizing the significance of the steel exports to the European Union, India is keen to prevent any detrimental effects resulting from this regulation. The steel ministry has initiated discussions and consultations to formulate a comprehensive approach, which takes into account the interests of the industry and stakeholders.The government's efforts extend beyond challenging the CBAM provisions. In a proactive move towards sustainable steel production, India has established 13 task forces dedicated to formulating strategies for green steel manufacturing. By prioritizing environmental concerns and leveraging technological advancements, these task forces aim to ensure that India's steel industry aligns with global sustainability standards.
In a bid to safeguard its steel exports, India is preparing to contest specific provisions of the European Union's Carbon Border Adjustment Mechanism (CBAM), citing concerns about its potential impact. Nagendra Nath Sinha, Secretary of the Ministry of Steel, emphasized that certain clauses within the CBAM deviate from the established norms of the World Trade Organization (WTO). Consequently, the government of India, in close collaboration with the industry and other stakeholders, aims to address these concerns and raise them at the appropriate forums, reports MintThe CBAM, primarily applicable to the iron and steel sector, targets industries known for their environmental impact. Recognizing the significance of the steel exports to the European Union, India is keen to prevent any detrimental effects resulting from this regulation. The steel ministry has initiated discussions and consultations to formulate a comprehensive approach, which takes into account the interests of the industry and stakeholders.The government's efforts extend beyond challenging the CBAM provisions. In a proactive move towards sustainable steel production, India has established 13 task forces dedicated to formulating strategies for green steel manufacturing. By prioritizing environmental concerns and leveraging technological advancements, these task forces aim to ensure that India's steel industry aligns with global sustainability standards.
