Achieving net zero in the industry would require major upgrades and capital investments at mills, Sajjan Jindal said
JSW Steel on Tuesday signed a memorandum of understanding (MoU) with SMS group, a German engineering and technology company, for exploring decarbonisation projects at the Indian firm’s plants.
A statement said that the collaboration would enable the companies to together explore opportunities to reduce carbon emissions and produce green steel. The SMS group would provide its experts for design, engineering consultancy, and commissioning of projects. JSW Steel, the flagship company of the $22 billion JSW Group, would provide support at its plants for SMS group to explore solutions for decarbonisation projects.
“While the steel industry accounts for 0.7 per cent of the world’s economic output, the industry also contributes 7 per cent 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,” said Sajjan Jindal, chairman and managing director of JSW Steel, in a statement.
Achieving net zero in the industry would require major upgrades and capital investments at mills, he said.
JSW Steel is investing Rs 10,000 crore to reduce carbon emissions from steel manufacturing and has set a target to bring down greenhouse gas emissions by 42 per cent (from the base year 2005 levels) to less than 1.95 tonnes of CO2 per tonne of crude steel (tcs) by 2030.
“Our know-how 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,” said Burkhard Dahmen, chairman of the Managing Board and CEO, SMS Group.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Tue, September 13 2022. 17:37 IST