JSW Steel to invest $1 bn on decarbonisation, aims to achieve net neutrality by 2050

Breaking News

Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis

JSW Steel to invest $1 bn on decarbonisation, aims to achieve net neutrality by 2050

Large Corporate 09 Jul 2024 04:36 PM IST Economic Times

JSW Steel intends to invest $1 billion in its operations to reduce carbon emissions and become net neutral by 2050. India has pledged to reduce its carbon emissions to zero by 2070. The country's biggest steel producer plans to reduce its emissions to 1.95 tonnes of CO2 per tonne of steel produced by 2030. Currently, it produces 2.36 tonnes of CO2 per tonne of steel.

The company's second phase, which aims to achieve net neutrality by 2050, will combine carbon capture, utilization, and storage with green hydrogen. The steel industry accounts for almost a fifth of the industrial energy used in the country, or about 12% of the total energy infrastructure carbon emissions. The company will consider a combination of measures, including better processes and energy efficiency, a transition to using renewable sources of energy, and the use of better-quality raw materials, in addition to alternative fuel sources.

JSW Steel, which aims to have a production capacity of 51.5 million tonnes (MT) by 2030-31 (Apr-Mar), will reach more than 43 MT in capacity by September 2027. It will spend ₹64,434 crore in capital expenditure over the next three years, the company said in its annual report for 2023-24 (Apr-Mar). “This expansion will be executed with capital expenditures of less than US$500/ tonne, which is well below the global benchmark of US$1,000 per tonne for blast furnace-brd capacities,” the report stated.

Of the company’s total capex, a little more than ₹37,000 crore has been carried forward, with new approvals to the tune of ₹27,340 crore. A significant portion of this investment, that is ₹19,125 crore, will be allocated for expanding capacity at Dolvi by another 5 MT, taking its total capacity to 15 MT. The consolidated capital expenditure outlined for the current financial year is ₹20,000 crore.

Also Read : Nippon Steel Secures $5.6 Billion in Loans to Fund U.S. Steel Acquisition CCI greenlights JSW Group's acquisition of up to 38% stake in MG Motor India

Breaking News

JSW Steel to invest $1 bn on decarbonisation, aims to achieve net neutrality by 2050

Related News

US begins to reimpose sanctions on Venezuela; oil could be the next target

Indian steel producers worry as weak domestic demand & Chinese dumping depress prices further

Thermal power plants use 68% of the normative coal stocks: CEA

GST officials employ data analytics, AI to bust tax evasion cases

Minister chairs meeting to boost battery energy storage systems development

China to Build Coal-Fired Power Plants Until 2027