Environmental Sustainability and Steel Manufacturing Industries of Odisha, India

Abstract

Aim: The economic and environmental effects of CO2 emissions from the steel industry in Odisha are investigated in this study. With reference to the Sustainable Development Goals (SDGs) of the UN, it assesses how green finance, cutting-edge technologies, and ESG (Environmental, Social, and Governance) practices contribute to sustainable development. Study Design: Key sustainability drivers are evaluated using a mixed-methods design that combines quantitative analysis using multiple linear regression with a review of the literature. Place of Study: The study focuses on major private industries in Kalinganagar, Angul, and Jharsuguda as well as steel plants in Odisha, such as the Rourkela Steel Plant. Methodology: The research uses descriptive statistics, correlation analysis, R-square measurements, ANOVA, coefficient estimation, and residual analysis to assess the green finance, innovation, and environmental sustainability relationship in Odisha's steel industry. Results: Sustainability was most positively impacted by green finance (β ≈ 0.42, p < 0.01). CO₂ intensity decreased by 18–22% (p < 0.05) in plants that used CCS and waste heat recovery. Sustainability performance was also positively correlated with ESG disclosure scores. Sustainable energy R&D investment and share had a moderate impact. The model accounted for 67% of the variance (Adjusted R2 = 0.67), suggesting that governance, technology, and finances have a major impact on long-term results in the steel industry in Odisha. Conclusion: Green finance, advanced technologies, and ESG practices significantly enhance sustainability in Odisha's steel industry, aligning with SDGs by reducing emissions and promoting efficient, socially responsible industrial development.