Aimed at exploring low-emission steel production; financing and technical assistance for decarbonization projects
JSW Steel has signed a memorandum of understanding (MOU) with Smartex to explore the potential to promote innovation and turnkey approaches - from financing to technology availability and market access aimed at decarbonisation of the steel sector in India, derisking industry investment, accelerating climate action and addressing social equity.Smartex has launched the Financing Steel Decarbonisation (FSD) initiative during the 2022 Climate Week in New York City. FSD is creating a $1B Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization. India being the second largest steel producer is responsible for over 10% of CO2 emissions from energy systems. Decarbonising steel production is not easy, with solutions either commercially unviable or in early development stages. SDF will host a technical assistance facility for identified decarbonization projects' preparation and a blended technology debt fund for low-cost long-term financing solutions to be explored.
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