JSW Steel has announced that it has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonization goals.
JSW Steel has an ambitious target of reducing its carbon emission by 42% by 2029-30.
According to a ministry document, the iron and steel industry globally accounts for around 8% of total CO2 emissions on an annual basis, whereas in India, it contributes 12% to the total CO2 emissions.
Thus, the Indian steel industry needs to reduce its emissions substantially in view of the commitments made at the COP26 climate change conference.
Seshagiri Rao, joint managing director of JSW Steel and group CFO stated that the collaboration is focused on applying digital and analytics to track, measure, simulate and enhance the company's environmental performance.
In the process, BCG will also focus on upskilling JSW Steel's employees and enhance the sustainability culture across the manufacturing operations. This transformative initiative will play a critical role in scaling up the company's sustainability initiatives.
"We will be deploying our proprietary and patented CO2 AI solution to achieve focused change management and impact.''Christoph Schweizer, CEO of Boston Consulting Group
Christoph Schweizer, CEO of Boston Consulting Group commented, "We will be deploying our proprietary and patented CO2 AI solution to achieve focused change management and impact. This is our second strategic collaboration with JSW Steel following the successful Digital Transformation partnership."
A team of sustainability champions will lead the deployment across the manufacturing operations. For all mid-to-long term initiatives, a roadmap will be designed aimed at introducing new technologies and initiatives including use of hydrogen, carbon capture and storage, among others.
It will also include end-to-end assessment of diverse technology options relevant for existing and new capacities and investments required to further the sustainability goals.