JSW Steel signs agreement with German group for carbon reduction projects
JSW Steel signed a memorandum of understanding (MoU) with SMS group, a German engineering and technology company, to explore decarbonization projects at the Indian firm’s plants.
A statement said that the collaboration would enable the companies to 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 the SMS group to explore solutions for decarbonization projects.
“While the steel industry accounts for 0.7 percent of the world’s economic output, the industry also contributes 7 percent towards global emissions. We need a new transformative approach focused on the 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.
He said that achieving net zero in the industry would require significant upgrades and capital investments at mills.
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 percent (from the base year 2005 levels) to less than 1.95 tonnes of CO2 per tonne of crude steel 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.