JSW Steel announced signing a memorandum of understanding with Smartex on Monday to explore low-emission ways of producing the alloy.
Smartex, which launched the Financing Steel Decarbonisation (FSD) initiative during the 2022 Climate Week in New York City, is creating a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonisation, the company said in a statement.
India is the second largest steel producer responsible for over 10 percent of CO2 emissions from energy systems. “Indian steel industry needs innovation in low-emission alloy making and financing solutions at a comparative cost advantage to reach the next level of steel decarbonisation,” said Seshagiri Rao, Joint Managing Director, JSW Steel, and Group Finance Chief.
“A majority of JSW’s strategic focus areas and organisational goals have been formulated to align our existing production facility with climate change mitigation and reducing our CO2 emissions intensity by 42 percent by 2030 from the base year of 2005. We are committed to remaining within the sustainable development scenario pathway as proposed by International Energy Agency which requires significant investment,” Rao added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
