JSW Steel signs pact for decarbonisation of steel sector

19 Oct 2022 CW Team

JSW Steel, led by Sajjan Jindal, has struck a deal with Smartex to encourage innovation and turnkey approaches—from financing to technology availability and market access—to decarbonize India's steel business.

During the 2022 Climate Week in New York, Smartex launched the Financing Steel Decarbonisation (FSD) programme. FSD is establishing a $1 billion steel decarbonisation fund as well as an eco-system to aid in the decarbonisation of the steel sector.

India, the world's second-largest steel producer, is responsible for more than 10% of CO2 emissions from energy systems. Decarbonising steel manufacturing is difficult, with options either financially unviable or in the early phases of development.

SDF will host a technical assistance facility for identified decarbonisation projects’ preparation and a blended technology debt fund for low-cost long-term financing solutions to be explored.

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