Interview Times 
JSW Steel, the flagship company of the $22 billion JSW Group, has signed a memorandum of understanding (MOU) with Smartex to explore the potential to promote innovation and turnkey approaches aimed at decarbonizing the steel sector in India, de-risking industry investment, accelerating climate action, and addressing social equity.
During the 2022 Climate Week in New York City, Smartex launched the Financing Steel Decarbonisation (FSD) initiative. FSD is establishing a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to aid in the decarbonization of the steel industry. India, the world’s second largest steel producer, accounts for more than 10% of CO2 emissions from energy systems. Decarbonizing steel production is difficult, with solutions either commercially unviable or in the early stages of development. SDF will host a technical assistance facility for the preparation of identified decarbonization projects, as well as a blended technology debt fund for the exploration of low-cost long-term financing solutions.
“Working with a premier steel producer like JSW, we have the opportunity to place India at the forefront of low-emission steel production and create a sustainable path for both the environment and business,” said Abhijit Basu, KOP (Keeper of the Purpose) of Smartex. “To do this, we need to take the risk out of investing and open new doors for entrepreneurs.”
