India's JSW Steel plans to reduce CO2 emissions by 42% by 2030

India's JSW Steel plans to reduce CO2 emissions by 42% by 2030 JSW Steel
Olena Yatseno

It is known that the company's products received an environmental product declaration

India's largest steelmaker JSW Steel has announced its intention to reduce carbon dioxide (CO2) emissions by 42% by 2030 from its 2005 baseline.

The company will allocate 10,000 crore rupees (~$1.26 million) for the implementation of relevant measures, the publication reports with reference to the statement of the company's chairman Sajjan Jindal The Economic Times.

To this end, the company, in particular, signed a contract to commission almost 1 GW of renewable energy production capacity, of which 225 MW will be commissioned in April 2022. The rest of the capacities are planned to be introduced in stages.

In addition, Jindal added, the company's finished products this year underwent a life cycle analysis and also received an Environmental Product Declaration (EPD). According to him, JSW Steel received the Steelie award from the World Steel Association in the category of "Excellence in Life Cycle Applications".

"We have become the first steel company in the world to issue a USD-denominated Sustainable Development Linked Bond (SDLB). The $500 million SLB has a maturity of 10.5 years and is linked to our target to reduce CO2," the head of the company also emphasized.

The company was also named to the S&P Dow Jones Sustainability Index for Emerging Markets, and the World Steel Association recognized JSW Steel as a Sustainability Champion for the fourth consecutive year.

Before Ecopolitic reported that Austrian steel company Voestalpine from its metallurgical plant in Linz, shipped the first batch of low-carbon steel coils manufactured using the greentec Steel Edition technology to customers.

Related
EBA appeals to the government to update climate goals for Ukraine
EBA appeals to the government to update climate goals for Ukraine

This is the EBA's second official appeal to the government to amend the Election Code 2

Green transition of Ukrainian steel industry will cost $12 billion
Green transition of Ukrainian steel industry will cost $12 billion

Companies will not be able to finance green technologies without additional investments

Global investors will invest about $56 billion in green technologies in 2025
Global investors will invest about $56 billion in green technologies in 2025

Venture capital investments, which are part of climate finance, will amount to about $25 billion by the end of 2025

Renewable energy 2025: analysis and forecasts until 2030
Renewable energy 2025: analysis and forecasts until 2030

This year's forecast for the growth of "clean" energy in the period from 2025 to 2030 has been reduced by 5% compared to the previous year