JSW Steel has signed a memorandum of understanding (MOU) with US-based finance technology firm Smartex to explore low-emission steel production, aiming at decarbonizing the Indian steel sector.
Under the MOU, the two companies will explore the potential to promote innovation and turnkey approaches--from financing, to technology availability and market access.
With India being the second largest steel producer, the country is responsible for over 10% of carbon emissions from energy systems. Decarbonizing steel production is not easy, with solutions either commercially unviable or in early development stages, JSW Steel said in a statement.
“[The]Indian steel industry needs innovation in low emission steel making and financing solutions at comparative cost advantage to reach the next level of steel decarbonization."
Seshagiri Rao, joint MD, JSW Steel
“[The] Indian steel industry needs innovation in low emission steel making and financing solutions at comparative cost advantage to reach the next level of steel decarbonization," said Seshagiri Rao, joint MD, JSW Steel.
“A majority of JSW’s strategic focus areas and organizational goals have been formulated to align our existing production facility towards climate change mitigation and reduce our CO2 emissions intensity by 42% by 2030 from a base year of 2005,“ Rao added.
“Working with a premier steel producer like JSW, we have the opportunity to place India at the forefront of low- emission steel production and create a sustainable path for both the environment and business."
Abhijit Basu, keeper of the purpose, Smartex
“Working with a premier steel producer like JSW, we have the opportunity to place India at the forefront of low- emission steel production and create a sustainable path for both the environment and business," said Abhijit Basu, keeper of the purpose, Smartex. “To do this we need to take the risk out of investing and open new doors for entrepreneurs."
