JSW Steel Invests $1B to Cut Emissions, Aims to be Net Neutral by 2050

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

JSW Steel invests $1 billion to cut emissions, aiming for net neutrality by 2050. By 2030, the company plans to reduce emissions to 1.95 tonnes of CO2/tonne of steel from 2.36 tonnes. JSW Steel plans to employ a combination of strategies to reduce emissions.

JSW Steel News Today

JSW Steel, India's largest steel producer, is committing $1 billion to cut carbon emissions, aiming to achieve net neutrality by 2050. The company's comprehensive plan consists of two significant phases.

By 2030, JSW Steel intends to reduce its carbon emissions to 1.95 tonnes of CO2 per tonne of steel, down from the current 2.36 tonnes.

By 2050, the company aims to be entirely net neutral, employing green hydrogen and carbon capture, utilisation, and storage technologies.

India's Carbon Neutral Commitment

India has set a national target to become net neutral on carbon emissions by 2070. JSW Steel's initiative aligns with this national goal and highlights the critical role of the steel industry in achieving it.

The steel sector accounts for nearly 20% of the industrial energy used in India, contributing about 12% to the total energy infrastructure carbon emissions.

Exolore: Jsw Steel Limited Share Price

Strategic Measures for Emission Reduction

JSW Steel plans to employ a combination of strategies to reduce emissions. These include enhancing processes and energy efficiency, transitioning to renewable energy sources, utilising higher quality raw materials, and adopting alternative fuel sources.

Production Capacity Expansion

The company aims to increase its production capacity to 51.5 million tonnes by 2030-31, with a target to reach over 43 million tonnes by September 2027.

This expansion involves a capital expenditure of ₹64,434 crore over the next three years. Out of which, ₹37,000 crore has already been allocated, with new approvals amounting to ₹27,340 crore.

A significant portion, ₹19,125 crore, is designated for expanding capacity at Dolvi by an additional five million tonnes, bringing the total capacity to 15 million tonnes. For the current financial year, the consolidated capital expenditure is set at ₹20,000 crore.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text