Financing the Steel and Cement Transition in India

This paper examines India's steel and cement sectors at a defining moment, where ambitious climate goals intersect with the unprecedented industrial expansion needed to sustain economic growth. It explores the technologies, policy reforms, and financing mechanisms required to decarbonise these hard-to-abate industries, while assessing how transition finance can transform credible transition plans into investible opportunities. The paper identifies where capital must be directed to accelerate the deployment of low-emission technologies, avoid carbon lock-in and stranded assets, and position India as a globally competitive producer of low-emission steel and cement.