Indian multinational mining company Vedanta [VEDL:US] is working on a solution to replace coke with hydrogen in its steel manufacturing process to diminish carbon emissions, as reported by Economic Times on April 10. The Indian company revealed that it has teamed up with the Indian Institute of Technology Bombay (IIT-Bombay) to explore the feasibility of applying hydrogen in its production. According to Vedanta Deputy CEO, Sujal Shah, the firm is also engaged in a pilot scheme on carbon capture, utilization, and storage (CCUS) mechanism, in a move to manufacture green steel.
Before the initiative to produce green steel, Vedanta had committed to reducing carbon emissions to zero by 2050 or sooner. For that, it also promised to shell out USD5bn over the next ten years to speed up its shift to net-zero operations. Before the company could replace coke with hydrogen, it has purchased massive renewable power to reduce its carbon footprints. During the first quarter of the financial year starting on April 1, 2021, Vedanta bought 354m kilowatt-hours (kWh) of renewable energy for its aluminum business from the Indian Energy Exchange (IEX), accounting for 35% of IEX’s transaction volume in the season. Additionally, Vedanta’s green transition could benefit from India’s latest green hydrogen plan. In February 2022, India’s power ministry set a target of manufacturing 5m tons of green hydrogen per year in 2030, aiming to build the country a hub of hydrogen production and exports.