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A recent report by the Council on Energy, Environment, and Water (CEEW) unveiled the substantial financial investments required to achieve net-zero carbon emissions in India's steel and cement industries. According to the report released, existing steel and cement plants in India will need an additional capital expenditure of Rs 47 trillion to attain net-zero carbon emissions. Moreover, an annual operational expenditure of Rs 1 trillion for each sector is essential to transition to a net-zero carbon footprint. The analysis highlighted the potential for significant emission reductions, ranging from 8% to 25% in steel emissions and 32% in cement emissions, through the adoption of efficient technologies such as waste-heat recovery and energy-efficient drives and controls. Remarkably, a 33% reduction in the combined carbon emissions of these industries could be achieved with only 8.5% of the total additional capital expenditure and 30% of the additional annual operational expenditure. This reduction is feasible without the need for carbon capture, assuming the supply of alternative fuels and raw materials. The report emphasised that decarbonising India's steel and cement industries aligns with the country's climate goals while enhancing the competitiveness of these sectors in a global market increasingly focused on sustainability. Arunabha Ghosh, CEO of CEEW, stressed the importance of this transition, highlighting its role in making Indian industries environmentally responsible and well-prepared for a future shaped by sustainability-driven regulations. The study also provided specific data on the carbon emissions of the Indian steel industry, indicating that in 2021-22, it emitted 297 million tonnes of CO2 during crude steel production. This resulted in an average emission intensity of 2.36 tCO2/tcs. The report pointed out that the cost of steel production would rise as emission intensity limits become stricter. Depending on production routes, technology choices, and the costs associated with carbon capture, utilisation, and storage (CCUS), near net-zero steel production could be 40-70% more expensive than current costs. The report acknowledged the critical role of CCUS in decarbonising the steel industry, with the potential to reduce as much as 56% of the emissions from this sector. However, it emphasised that CCUS is still in its early stages and must undergo large-scale testing before implementation can be considered.