New Delhi: To reduce its carbon footprint, JSW Steel has earmarked a sum of Rs 10,000 crore to increase use of renewable energy to replace thermal power and other green initiatives, its Chairman Sajjan Jindal said.
Various steel makers use coal to generate thermal power for captive use. According to a Ministry of Steel document, globally, the iron and steel industry accounts for around 8 per cent of total carbon dioxide (CO2) emissions. In India, it contributes 12 per cent to the total CO2 emissions. Thus, the Indian steel industry needs to reduce its emissions substantially in view of the commitments made in the COP26 climate change conference.
"We have earmarked Rs 10,000 crore for investments to reduce our carbon emissions through various initiatives, such as increasing the use of renewable energy to replace thermal power, reduce our fuel rate through improved raw material quality via beneficiation, and deployment of Best Available Technologies (BAT)," Jindal said.
JSW Steel has already contracted for 1 gigawatt (GW) of renewable energy, of which 225 MW has become operational in April 2022, and the balance will come on stream in phases, Jindal said in his address to shareholders in the company's Annual Report for FY 2021-22.
