India, April 30 -- India's steel expansion risks locking in coking coal imports and losing competitiveness under carbon rules. Record low green hydrogen costs enable green steel at the same cost as coal-based steel, avoiding both risks.

The recent energy crisis and its repercussions for India, including gas shortages and price spikes, are a wake-up call about energy security. Yet another major vulnerability needs attention. India's plans to expand steel production rely heavily on coking coal, most of which must be imported because domestic reserves are limited and often of poor quality. Under current plans, this pathway could lock the country into nearly $1 trillion in coking-coal imports over the coming decades while also locking in hig...