"JSW Steel, Bharatia and Carbon Iceland International Sign Strategic MoU during the 3rd India Nordic Summit to Implement Large-Scale Green Methanol Development in India ".
JSWSTEEL · price
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JSW Steel has signed a strategic MoU with Bharatia and Carbon Iceland International during the 3rd India-Nordic Summit in Oslo to explore developing a 300 KTPA green methanol project in India. The project will capture CO2 emissions from JSW Steel's operations in Raigad, Maharashtra and convert them into eMethanol using green hydrogen from renewable energy sources. This is part of India's broader energy transition and industrial decarbonisation efforts. The MoU involves a phased approach starting with feasibility assessment and technical validation before potential commercial implementation. The partnership leverages JSW's industrial infrastructure, Bharatia's policy and financing expertise, and Carbon Iceland's carbon capture and e-fuels technology.
The MoU signals JSW Steel's commitment to decarbonisation and circular economy initiatives, aligning with its 2030 emission reduction targets. While still at exploratory stage, successful implementation could reduce the company's carbon footprint while creating new revenue streams from green fuel production, though shareholders should note this is non-binding at this stage.