JSW Steel & Smartex Sign MoU for Low Emission Steel Production

JSW Steel has signed a memorandum of understanding with Smartex to explore the potential to promote innovation and turnkey approaches - 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. Smartex has launched the Financing Steel Decarbonisation initiative during the 2022 Climate Week in New York City. FSD is creating a USD 1 billion Steel Decarbonisation Fund and an eco-system to support steel industry decarbonization. India being the second largest steel producer is responsible for over 10% of CO2 emissions from energy systems. JSW Steel Joint MD & Group CFO Mr Seshagiri Rao said “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 -. "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 C02 emissions intensity by 42% by 2030from a base year of 2005. We are committed to remain within the sustainable development scenario pathway as proposed by International Energy Agency, which require significant investment. The proposed Financing Steel Decarbonisation initiative and Steel Decarbonisation Fund, hopefully would provide the right opportunity.”