On Tuesday, JSW steel announced a collaboration with German-based engineering and technology company SMS group by cutting down carbon emissions at its plants. JSW Steel plans to invest around $ 1.26 billion or Rs 10,000 crore. Also, the company aims to reduce GHG emissions by 42 per cent to <1.95 tonnes of CO2 per tonne of crude steel (TCS) by the year 2030. The steel group has signed a Memorandum of Understanding (MoU) of $22billion with GmbH in Mumbai to explore solutions for implementing the decarbonisation projects. As per the company’s statement, JSW steel will concentrate on renewable power, higher usage of steel scrap in its operation and increase the low benefit and medium-grade iron ore. JSW Group aims to collaborate will enable to reduce the carbon emission and produce green steel in one of the hard-to-abate sectors

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“Our know-how and experience in metallurgy combined with our digital expertise and plant technology consultancy enable SMS group and JSW Steel to create a greener metals industry,” SMS group CEO Burkhard Dahmen said.