JSW Steel signs MoU with German firm to cut carbon emissions, will invest ₹10,000 crore | Mint
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Business News/ News / India/  JSW Steel signs MoU with German firm to cut carbon emissions, will invest 10,000 crore
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JSW Steel signs MoU with German firm to cut carbon emissions, will invest ₹10,000 crore

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.

File: 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.  (Photo: Bloomberg)Premium
File: 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.  (Photo: Bloomberg)

JSW Steel on 13 September announced to have forged a 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 10,000 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.

ALSO READ: JSW One aims to hit GMV of $1 bn by 2023: Jindal

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.

"While the steel Industry accounts for 0.7% of the world’s economic output, the industry also contributes 7% towards global emissions. We need a new transformative approach focused on green steel vision. With our technology partner SMS group, we are on our way to turning metals green in the world," JSW Steel MD Sajjan Jindal said.

Jindal added that to achieve zero in steel industry, there would be a requirement for major upgrades and capital investments at the steel mills and the initiative will have to be taken at the industry as well as policy level.

"Our knowhow and experience in metallurgy combined with our digital expertise and plant technology consultancy enable SMS group and JSW Steel to create a greener metals industry," SMS group CEO Burkhard Dahmen said.

 

 

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Published: 13 Sep 2022, 04:51 PM IST
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