JSW Steel, Smartex partner to explore low-emission steel production

17 Oct 2022 , 10:17 AM

JSW Steel Limited has signed a memorandum of understanding (MOU) with Smartex to explore the potential to promote innovation and turnkey approaches aimed at decarbonizing the steel sector in India, derisking industry investment, accelerating climate action, and addressing social equity.

During the 2022 Climate Week in New York City, Smartex introduced the Financing Steel Decarbonisation (FSD) programme. FSD is establishing a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to aid in the decarbonization of the steel sector.

SDF will house a technical support facility for the preparation of specified decarbonization projects, as well as a blended technology debt fund for the exploration of low-cost long-term financing alternatives, said the company in its media release.

“To attain the next stage of steel decarbonisation, the Indian steel sector requires innovation in low emission steel producing and finance solutions at a comparative cost advantage,” stated Seshagiri Rao, Joint MD, JSW Steel & Group CFO.

The proposed Financing Steel Decarbonisation (FSD) initiative and Steel Decarbonisation Fund (SDF), hopefully, would provide the right opportunity, he added.

At around 10.21 AM, JSW Steel was trading at Rs632.60, down by 1.18% from its previous closing of Rs640.15 on the BSE. The scrip opened at Rs636.95 and touched intraday high and low of Rs636.95 and Rs624 respectively.

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