JSW Steel on 13 September announced its collaboration with German-based engineering and technology company SMS group to cut down carbon emissions at its plants. For this, JSW Steel will invest around $1.26 billion or Rs10,000 crores.With this venture, JSW Steel also aims to targets to bring down GHG emissions by 42 per cent to <1.95 tonnes of CO2 per tonne of crude steel (tcs) by 2030.
The flagship company of the $22 billion JSW Group signed a Memorandum of Understanding (MoU) with SMS group GmbH in Mumbai for exploring solutions for implementation of the decarbonisation projects across various JSW Steel plants in India, it said in a stock regulatory filing. JSW Steel will focus on replacing thermal power with renewable power, higher usage of steel scrap in its operations, and increasing the beneficiation of low and medium-grade iron ore, it added.
The Indian firm aims that the collaboration will enable it reduce carbon emissions and produce green steel in one of the hard-to-abate sectors. Under the MoU, the SMS group will provide its technology experts design, engineering consultancy and commissioning for executing various projects.
While, JSW Steel will make available at its plants all the support to SMS group like raw materials, consumables and manpower for exploring solutions for implementation of general decarbonisation projects, it added.