JSW Steel plans to invest INR 100bn ($1.27bn) to reduce carbon emissions through various initiatives, such as increasing the use of renewable energy to replace thermal power and reducing fuel rates through ‘improved raw material quality via beneficiation’, pointed out by Chairman JSW Group Sajjan Jindal. JSW has contracted for around 1 GW of renewable energy, of which 225 MW was operationalized in April 2022, and the balance will be done in phases. ESG is a key focus area for JSW Steel and the company has committed to reducing CO2 emissions intensity by 42% by 2030, against the base year of 2005. JSW Steel has shown its penchant for ESG in capital markets too by raising $1bn via a dual-tranche Sustainability Linked Bond (SLB) issuance in September 2021, being the first company in the steel sector globally to issue an SLB in hard currency.
For the full story, click here