BENGALURU (Reuters) -India’s JSW Steel on Tuesday said it will collaborate with Germany’s SMS group and invest 100 billion Indian rupees ($1.26 billion) to cut down carbon emissions at its plants.
SMS group will provide its technology experts, design, engineering consultancy and commissioning to execute various projects for decarbonisation, JSW Steel said in a statement.
JSW Steel will target to bring down green house gas emissions by 42% to less than 1.95 tonnes of carbon dioxide per tonne of crude steel by 2030, it added.
The company also said it will focus on replacing thermal power with renewable energy, higher use of steel scrap, and increase the processing of raw minerals such as low and medium-grade iron ore, known as beneficiation.
The tieup will help JSW Steel produce “green steel in one of the hard-to-abate sectors,” it said.
Globally, steel makers are investing heavily in cutting down carbon emissions as the sector discharged more than 3.3 billion tonnes of the greenhouse gas last year, according to consultancy Wood Mackenzie.
($1 = 79.1400 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Neha Arora and Dhanya Ann Thoppil)
