On Monday, JSW Steel announced signing a memorandum of understanding with Smartex to explore low-emission methods of producing the alloy.

Smartex, which launched the Steel Decarbonisation Financing (FSD) initiative during New York City Climate Week 2022, said in a statement that it is creating a $1 billion Steel Decarbonisation Fund (SDF) and a fund to support the decarbonisation of the steel industry.

India is the second largest steel producer and accounts for more than 10% of carbon dioxide emissions from the energy system. Seshagiri Rao, Joint Managing Director and Group Treasurer of JSW Steel, said: “The Indian steel industry needs to innovate in low-emission alloy manufacturing and financing solutions with relative cost advantages to reach new levels of steel decarbonisation.”