Jindal Steel, JSW Steel, ACME Group, ReNew, Yamna and CUE Among Projects Selected for Support; Initiatives Could Deliver More Than 7.8 Million Tonnes of Annual Carbon Abatement

India's transition towards cleaner industrial production is gaining momentum, with the Industrial Transition Accelerator (ITA) selecting 11 Indian projects under its India Project Support Programme.

The projects, led by companies including Jindal Steel, JSW Steel, ACME Group, Yamna, Circular Urban Energy (CUE) and ReNew, represent more than $18 billion in potential investment and could deliver over 7.8 million tonnes of annual carbon abatement across multiple sectors.

The initiative focuses on some of the most difficult areas of industrial decarbonisation, including steel, chemicals, aviation fuel and other energy-intensive industries.

The projects also underline the increasing shift in India's clean-energy story from renewable power generation towards green fuels, carbon capture, clean materials and industrial decarbonisation.

ITA Selects 11 Projects Under India Support Programme

The Industrial Transition Accelerator is a global multi-stakeholder initiative launched at COP28 to accelerate industrial transition across energy-intensive industries and transport.

Under the India Project Support Programme, ITA will work with project developers, policymakers and financial institutions to address barriers that could otherwise delay investment decisions.

The selected projects collectively represent:

• More than $18 billion of potential investment
• Over 7.8 million tonnes of annual carbon-abatement potential
• Multiple clean industrial technologies
• Projects spread across several Indian states
• Potential opportunities across domestic and export markets

ITA is currently supporting 39 projects across India, Brazil, the UAE and Egypt, representing approximately $60 billion-$65 billion in potential investment.

Clean Industrial Transition Moves Beyond Renewable Power

India has rapidly expanded its renewable-energy capacity, but decarbonising electricity generation is only one part of the transition.

Industries such as steel, chemicals and aviation remain difficult to decarbonise because of their dependence on high-temperature processes, fossil fuels and energy-dense fuels.

The latest ITA-supported projects address these challenges through technologies and products such as:

Carbon capture → Green hydrogen-based fuels → Green ammonia → Green methanol → Sustainable aviation fuel

This could eventually help create a broader clean-industrial ecosystem in India.

Jindal Steel Develops Carbon Capture Project in Odisha

Jindal Steel is developing a carbon capture, utilisation and storage (CCUS) project at its integrated steel plant in Angul, Odisha.

The project aims to capture carbon emissions from steelmaking and utilise the captured carbon in products such as:

• Methanol
• Ethanol
• Polycarbonates
• Mineralised materials

CCUS is particularly relevant to the steel industry because completely eliminating emissions from conventional steelmaking remains technically challenging.

If commercially successful, the project could provide a model for reducing emissions from existing industrial assets while maintaining production.

JSW Steel Evaluates Carbon Capture at Vijayanagar

JSW Steel, together with Carbon Clean and BHP, is evaluating the deployment of Carbon Clean's CycloneCC modular technology at its Vijayanagar facility in Karnataka.

The proposed system could capture up to 100,000 tonnes of CO₂ annually.

The initiative is significant because steel remains one of the major industrial sources of carbon emissions.

At the same time, demand for steel is expected to remain structurally strong as India invests in infrastructure, housing, transportation and manufacturing.

Developing scalable carbon-capture technology could therefore become an important part of the industry's long-term decarbonisation strategy.

ACME Group Plans Major Green Ammonia Projects

ACME Group is developing green-chemical projects at Gopalpur and Paradip in Odisha.

The planned projects include:

• 400 KTA green ammonia facility at Gopalpur
• 800 KTA green ammonia facility at Paradip
• 200 KTA green methanol facility at Paradip

The Paradip projects are targeted for completion by 2029, while the Gopalpur project is expected to be completed by 2030.

The projects could help establish Odisha as a major hub for green chemicals and renewable-energy-based industrial production.

Green Ammonia Could Open New Industrial Markets

Ammonia is widely used in fertiliser manufacturing, making it strategically important for India's agricultural economy.

Traditional ammonia production relies heavily on fossil fuels and is associated with significant carbon emissions.

Green ammonia, produced using renewable electricity and hydrogen, offers a potential lower-carbon alternative.

It could eventually serve multiple markets, including:

• Fertilisers
• Shipping fuel
• Industrial applications
• Hydrogen transportation
• International exports

The development of large-scale green ammonia capacity could therefore create both domestic and export opportunities.

ReNew Advances 300-Ktpa Green Ammonia Project

Renewable-energy company ReNew is developing a green ammonia project at Paradip, Odisha.

The project has an initial Phase-1 capacity of 300 Ktpa and is expected to reach commercial operation by 2029.

Paradip's port infrastructure could provide an advantage for the project by facilitating transportation and potentially supporting exports to international markets.

The project also fits into India's broader ambition to develop a globally competitive green-hydrogen and green-ammonia industry.

Yamna Plans 1-Mtpa Green Ammonia Facility

Yamna is developing a large-scale green ammonia project near Krishnapatnam Port in Andhra Pradesh.

The project could eventually reach 1 million tonnes per annum, including 500 Ktpa in Phase 1.

Its proximity to a major port could be strategically important for the movement of green ammonia and related products.

A large-scale project of this size could also support the development of associated renewable-energy, hydrogen, storage and logistics infrastructure.

CUE Develops Waste-to-SAF Project in Uttar Pradesh

Circular Urban Energy (CUE) is developing a waste-to-sustainable aviation fuel (SAF) project in the Jewar region of Uttar Pradesh, within the Noida International Airport ecosystem.

The facility is designed to process approximately 3,500 tonnes of municipal and residual waste per day.

It is expected to produce around 1,000 barrels of SAF per day using an advanced thermochemical process.

The project combines two major challenges — urban waste management and aviation decarbonisation.

Sustainable Aviation Fuel Could Become a New Growth Industry

Aviation remains one of the more difficult sectors to decarbonise because aircraft require energy-dense fuels.

Sustainable aviation fuel can potentially reduce the carbon intensity of aviation while allowing existing aircraft technology to continue being used.

India's rapidly expanding aviation sector could create substantial long-term demand for SAF.

Projects such as CUE's therefore have the potential to create an entirely new domestic supply chain covering waste collection, processing, fuel production and airport distribution.

Odisha Emerging as a Clean Industrial Hub

Odisha features prominently among the selected projects.

The state will host:

• Jindal Steel's CCUS project in Angul
• ACME Group's green ammonia project
• ACME Group's green methanol project
• ReNew's green ammonia project

Odisha already has a strong industrial base, mineral resources, ports and manufacturing infrastructure.

The combination of existing industrial capabilities and new clean-technology projects could position the state as an important clean-industrial hub.

Ports Could Become Key Green-Fuel Infrastructure

Paradip and Krishnapatnam are strategically relevant to the emerging green-fuel economy.

Green ammonia and methanol can be transported through maritime networks, making port connectivity important for both domestic distribution and exports.

Future green industrial clusters could increasingly combine:

Renewable power + Hydrogen + Green fuels + Storage + Industrial users + Ports

Such integrated ecosystems could lower logistics costs and improve project economics.

$18 Billion Investment Potential Could Create a Larger Economic Impact

The headline investment figure does not capture the full potential economic impact.

Large clean-industrial projects can generate demand for:

• Renewable-energy equipment
• Electrolysers
• Industrial machinery
• Engineering services
• Construction
• Storage systems
• Pipelines
• Power equipment
• Waste-processing systems
• Logistics
• Operations and maintenance

This could create opportunities for both large industrial companies and smaller domestic suppliers.

Financing Remains a Critical Challenge

Clean industrial projects often require significantly higher upfront investment than conventional projects.

Developers may therefore need a combination of:

• Long-term project finance
• Government incentives
• Strategic partnerships
• Technology providers
• Long-term offtake agreements
• Competitive renewable power
• Policy support

ITA's support is aimed partly at addressing such barriers and helping viable projects progress towards investment decisions.

Offtake Agreements Will Be Important

Building production capacity is only one part of the challenge.

Green ammonia, green methanol and sustainable aviation fuel also need reliable buyers.

Long-term offtake agreements can provide developers with revenue visibility and improve the ability to secure project financing.

This will be particularly important because clean fuels can initially cost more than conventional alternatives.

Policy Support Could Accelerate Project Execution

The pace of India's clean industrial transition will also depend on policy clarity.

Important areas include:

• Green hydrogen and ammonia standards
• Renewable power availability
• Carbon accounting
• Environmental approvals
• Export regulations
• Infrastructure development
• Financing mechanisms
• Clean-fuel demand

Predictable policy frameworks could reduce uncertainty and improve investor confidence.

Clean Technology Could Create New Manufacturing Opportunities

The development of clean industrial projects could benefit India's domestic equipment-manufacturing ecosystem.

Demand could rise for:

• Electrolysers
• Carbon-capture equipment
• Renewable-energy systems
• Industrial compressors
• Storage technology
• Process equipment
• Waste-processing machinery
• Engineering and construction services

This could support India's broader objective of building domestic clean-technology manufacturing capabilities rather than relying heavily on imported equipment.

Green Industrialisation Could Support Export Growth

India's clean-fuel projects are not necessarily limited to domestic consumption.

Green ammonia and green methanol could potentially be exported to markets where companies are seeking lower-carbon industrial inputs.

Similarly, sustainable aviation fuel could eventually become part of international aviation supply chains.

India's combination of renewable-energy potential, industrial capacity and port infrastructure could therefore create opportunities for export-oriented clean manufacturing.

Challenges Remain Despite Strong Investment Potential

The projects face several challenges before the full investment potential can be realised.

High Capital Requirements

Large-scale clean projects require substantial upfront investment.

Technology Scaling

Some technologies remain in the process of moving from demonstration to large-scale commercial deployment.

Cost Competitiveness

Green fuels can remain more expensive than conventional alternatives.

Infrastructure Requirements

Renewable electricity, storage, pipelines, transportation and port infrastructure may need to expand alongside projects.

Demand Visibility

Long-term customers are essential for projects to secure financing.

Project Execution

Environmental approvals, land, financing and construction timelines can affect commercial operation dates.

ITA Support Could Help Projects Reach Investment Decisions

The ITA programme is particularly relevant because many clean industrial projects can be technically viable while still facing financial, regulatory or market barriers.

ITA India Lead Yash Kashyap said the organisation works alongside developers, policymakers and financial institutions to address barriers and accelerate progress towards investment decisions.

This coordination could become increasingly important as India moves from pilot projects towards large-scale commercial clean industrial facilities.

India's Clean-Energy Story Is Broadening

The latest projects indicate that India's energy transition is increasingly moving beyond renewable electricity.

The emerging ecosystem can be viewed as:

Renewable Energy → Green Hydrogen → Green Ammonia & Methanol → Clean Industry → Sustainable Transport

At the same time, carbon capture provides another pathway for industries where complete electrification or fuel switching remains difficult.

This broader transition could create a new investment cycle across energy, manufacturing and infrastructure.

Key Projects Selected Under the ITA Programme

What Investors Should Watch

For investors tracking India's clean-industrial theme, the key indicators over the coming years will include:

Project financing: Whether developers secure the required capital.

Offtake agreements: Whether clean-fuel projects obtain long-term customers.

Policy developments: Incentives and regulations that improve project economics.

Technology costs: Falling costs could make green fuels more competitive.

Execution: Whether projects meet announced construction and commercial-operation timelines.

Supply-chain development: Growth in domestic manufacturing of clean-energy equipment.

Market Outlook

The ITA's selection of 11 Indian projects with more than $18 billion in potential investment highlights the growing scale of India's clean industrial transition.

The projects cover some of the country's most difficult sectors to decarbonise, including steel, chemicals, aviation and heavy industry.

The potential annual carbon abatement of more than 7.8 million tonnes also indicates that the programme is moving beyond small-scale sustainability initiatives towards commercially relevant industrial projects.

For the Indian economy, successful execution could support capital expenditure, manufacturing, technology adoption, employment, exports and new clean-energy supply chains.

For companies, the opportunity could extend across renewable power, hydrogen, carbon capture, industrial equipment, engineering, waste management and logistics.

The biggest monitorable remains execution. Financing, policy support, technology economics and long-term offtake agreements will determine how quickly the $18-billion investment potential translates into actual projects and operating assets.

If the projects progress as planned, they could help establish India as a significant producer of green industrial materials and fuels, while creating a new investment cycle around the country's transition towards cleaner and more competitive manufacturing.