JSW Steel To Invest $1 Bn To Decarbonise Operations
By 2050, the company aims to achieve net neutrality through a combination of green hydrogen and carbon capture
India’s largest steelmaker JSW Steel has said that it will invest USD 1 billion to cut its carbon emissions, aiming to achieve net neutrality by 2050.
In the first phase of its plan, JSW Steel intends to reduce emissions to 1.95 tonne of CO2 per tonne of steel produced by 2030, down from the current 2.36 tonne. This effort is crucial as the steel industry accounts for nearly a fifth of the industrial energy used in India and about 12 per cent of the country's total energy infrastructure carbon emissions.
By 2050, the company aims to achieve net neutrality through a combination of green hydrogen and carbon capture, utilisation and storage technologies.
To reach these goals, JSW Steel said it will focus on improving processes and energy efficiency, transitioning to renewable energy sources, utilising higher quality raw materials and exploring alternative fuel options.
The company's expansion plans are also ambitious, targeting a production capacity of 51.5 million tonne by 2030-31 and expecting to exceed 43 million tonne by September 2027. This growth will be supported by a capital expenditure of Rs 64,434 crore over the next three years, with significant investments in expanding capacity at the Dolvi plant.
JSW Steel's strategy includes a consolidated capital expenditure of Rs 20,000 crore for the current financial year. The company plans to execute its expansion projects with capital expenditures below the global benchmark, ensuring cost efficiency while enhancing capacity. The strategic location of the Dolvi plant, close to key markets in Western India, is expected to provide substantial benefits upon the project's completion in September 2027.
