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Tata Steel, ABB India collaborate to cut carbon in steel production
Industry News- Sep 08,23
The partnership between these two companies will primarily involve comprehensive assessments of Tata Steel's manufacturing facilities, with a focus on evaluating and jointly developing strategies to enhance energy efficiency.
According to a filing with the BSE, Tata Steel and ABB India have joined forces in a collaborative effort to explore technology solutions aimed at reducing the carbon footprint associated with steel production.
The partnership between these two companies will primarily involve comprehensive assessments of Tata Steel's manufacturing facilities and production plants, with a focus on evaluating and jointly developing both short-term and long-term strategies to enhance energy efficiency, decarbonise operations, and promote circularity within the industry.
Among the areas of exploration, Tata Steel and ABB intend to investigate the potential benefits of hydrogen as an alternative fuel for upstream processes, energy optimisation strategies, and the adoption of fully integrated electrification and digital systems. This includes leveraging ABB's advanced solutions such as ABB Ability eMine and e-Mobility to enhance efficiency and implementing energy-efficient motors.
Vipul Gautam, Group Vice-President and Global Account Executive for Tata Group at ABB, expressed his confidence in Tata Steel's leadership in driving energy efficiency and carbon footprint reduction within the steel industry. He highlighted the World Economic Forum's predictions, which suggest a substantial increase in the demand for metals to achieve global net-zero emissions by 2050, and emphasised ABB's commitment to working alongside partners and customers to transform steelmaking processes to meet production and environmental targets.
Tata Steel, with an annual crude steel capacity of 35 million tonnes, aspires to increase this capacity to 40 million tonnes by 2030 through this collaboration. The company has set ambitious sustainability goals, including achieving carbon neutrality by 2045 and reducing carbon emissions to less than 2 tonnes of CO? per tonne of crude steel in its Indian operations by 2025.
It's worth noting that the global steel industry is a significant contributor to fossil fuel CO? emissions, accounting for approximately 7 to 9 per cent of such emissions, as reported by sources including the International Energy Agency (IEA).
In terms of market performance, ABB India's shares were trading 0.80 per cent higher at Rs 4,476.15 per share at 12:03 pm on the NSE, while Tata Steel's shares experienced a 2.09 per cent decline, trading at Rs 128.95 each.
Source: Moneycontrol
Tata Steel
ABB India
International Energy Agency
Vipul Gautam
ABB Ability eMine
World Economic Forum
Tata Group
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