India’s Tata Steel signs agreement with Germany’s SMS group to reduce carbon emissions

        NEW DELHI, June 14 (Reuters) – India’s Tata Steel (TISC.NS) on Wednesday signed an agreement with Germany’s SMS group to form a joint venture aimed at reducing carbon emissions from steel production. This is stated in the message of the steelworker.
       Steel production accounts for 9 percent of global carbon emissions, according to the World Steel Association, and manufacturers around the world are investing in technologies that help reduce pollution.
       As part of the agreement, the two companies will hold technical discussions and demonstrate SMS group’s decarburization technology at the blast furnace at Tata’s Jamshedpur plant in eastern India, Tata Steel said.
       He added that the demonstration aims to reduce CO2 emissions from basic blast furnace operations by more than 50%.
       “India is the world’s second largest steel producer and this also places a huge responsibility on a major producer like Tata Steel to lead the country’s decarbonisation,” said TV Narendran, CEO of Tata Steel.
       The proposed shake-up of the European Union’s environmental, social and governance ratings (ESG) industry would provide much-needed transparency, but fall short of what some market participants are calling the standardization needed to ensure ratings are not misleading to investors and companies.
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Post time: Jun-16-2023