JSW Steel has earmarked a sum of 10,000 crore to increase the use of renewable energy in order to replace thermal power and other green initiatives, according to chairman Sajjan Jindal.
Various steel makers use coal to generate thermal power for captive use.
According to a Ministry of Steel document, the iron and steel industry accounts for around 8 per cent of total CO2 emissions. It contributes 12 per cent to CO2 emissions in India. The Indian steel industry needs to reduce its emissions in order to meet the commitments made in the COP 26 climate change conference.
We have earmarked 10,000 crore for investments to reduce carbon emissions through various initiatives, such as increasing renewable energy to replace thermal power, increasing fuel rate, and deployment of Best Available Technologies, according to BAT Jindal.
In addition to that, he said that the expansion of the company's Vijayanagar plant from 12 MTPA to 19.5 MTPA is underway, and the capex cost is well below global benchmarks.
The company's expansion projects are oriented towards producing steel with higher use of renewable power, best-in-class digitalisation and best available technologies to reduce CO2 emissions.
He said that we are consciously going beyond basic steel, and that we are consistently maintaining the share of VASP value added and special products in our product mix to over 50 per cent.
The energy transition has provided steel players with huge investments in renewable power generation, transmission and distribution infrastructure, all of which are steel-intensive.
ESG Environmental, Social, and Governance is the core of everything we do at JSW Steel. We have committed to reduce our CO2 emissions intensity. India's Nationally Determined Contribution NDC Jindal said that India's Nationally Determined Contribution NDC Jindal said that the 42 per cent will be increased by 2030, compared to the base year of 2005.