Posted on 17 Oct 2022
JSW Steel has signed a memorandum of understanding (MOU) 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 In
The steel maker said that decarbonisation of the steel sector includes derisking industry investment, accelerating climate action and addressing social equity.
Smartex has launched the financing steel decarbonisation (FSD) initiative during the 2022 Climate Week in New York City. FSD is creating a $1B steel decarbonisation fund (SDF) and an eco-system to support steel industry decarbonization. India being the second largest steel producer is responsible for over 10% of carbondioxide emissions from energy systems.
The fund will host a technical assistance facility for identified decarbonization projects' preparation and a blended technology debt fund for low-cost long-term financing solutions to be explored.
Seshagiri Rao, joint managing director of JSW Steel & Group CFO 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 carbondioxide emissions intensity by 42% 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.
Abhijit Basu, keeper of the purpose (KOP) at Smartex, said, Working with a premier steel producer like JSW, we have the opportunity to place India at the forefront of lowemission steel production and create a sustainable path for both the environment and business. To do this we need to take the risk out of investing and open new doors for entrepreneurs.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with a steel-making capacity of 28 MTPA in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year.
The company's consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year.
The scrip declined 1.76% to currently trade at Rs 628.90 on the BSE.
Source:Business Standard
