JSW Steel Collaborates with Smartex in to Boost Low-Emission Steel Output

SEATTLE (Scrap Monster): Leading Indian steelmaker JSW Steel announced that it has entered into a Memorandum of Understanding (MoU) with high-tech solutions provider Smartex, which aims to boost low-emission steel output, thus contributing to the efforts by the Indian steel sector to reduce its carbon emissions.

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The company statement noted that the country happens to be responsible for more than one-tenth of carbon emissions from energy systems. The solutions to decarbonize steel production are either not available on a commercial scale or are in the early stages of development, thus making it extremely difficult for the industry to easily achieve its decarbonisation goals, it said.

As part of the recently launched Financing Steel Decarbonisation (FSD) initiative. Smartex has been creating a $1billion Steel Decarbonisation Fund (SDF) to support decarbonisation initiatives by the steel industry. SDF will host a technical assistance facility to promote decarbonisation projects, in addition to launching a new debt fund to explore low-cost long-term financing solutions.

Seshagiri Rao, Joint MD, JSW Steel noted that the innovative low emission steelmaking projects coupled with cost-effective financing solutions will drive the country’s steel industry to the next level of decarbonisation.