Mumbai, Oct 17: JSW Steel on Monday said it has signed a memorandum of understanding (MOU) with Smartex to explore the potential to promote innovation and turnkey approaches.
These approaches will be from financing to technology availability and market access aimed at decarbonisation of the steel sector in India, de-risking industry investment, accelerating climate action and addressing social equity.
”Indian steel industry needs innovation in low emission steel making and financing solutions at comparative cost advantage to reach the next level of steel decarbonisation, said Seshagiri Rao – Joint MD, JSW Steel& Group CFO.
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 pc by 2030 from a base year of 2005.
“We are committed to remain within the sustainable development scenario (SDS) pathway as proposed by International Energy Agency (IEA), which require significant investment.
The proposed Financing Steel Decarbonisation (FSD) initiative and Steel Decarbonisation Fund (SDF), hopefully would provide the right opportunity,” Rao added. Abhijit Basu, KOP (Keeper of the Purpose)of Smartex, said, 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.
He added, to do this we need to take the risk out of investing and open new doors for entrepreneurs. (UNI)
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