ABB India Ltd's shares rose 0.94 percent after the company said it will collaborate with Tata Steel to reduce the carbon footprint of steel production. The two companies will jointly provide solutions aimed at improving energy efficiency, decarbonization and circularity at Tata Steel's manufacturing plants and production facilities.
According to sources such as the International Energy Agency (IEA), the steel industry contributes a significant 7 to 9 percent to global fossil fuel CO₂ emissions.
This collaboration between Tata Steel and ABB aims to make meaningful strides in minimizing the environmental impact of steel production while advancing the industry's sustainability goals. They will explore topics such as the use of hydrogen as an alternative fuel, integrated electrification and digital systems for energy optimization.