The proposed project, of 300 KTPA, is intended to utilise carbon dioxide (CO₂) emissions generated from JSW Steel’s operations in district Raigad, Maharashtra, and convert them into eMethanol using green hydrogen produced from renewable energy sources, the company said in a statement.
The collaboration seeks to establish a scalable carbon capture and utilisation (CCU) pathway for the steel sector, while also supporting India’s broader energy transition and industrial decarbonisation ambitions, it said.
The initiative aims to demonstrate how industrial emissions can be transformed into low-carbon fuels and chemical feedstocks, creating a replicable model for future green industrial infrastructure, the company said.
As part of the initial scope, the project intends to evaluate the utilisation of an existing highpurity CO₂ stream from JSW Steel’s facility, while also assessing opportunities to capture additional CO₂ emissions from broader steel manufacturing operations, JSW said.
The Parties stated that the proposed initiative aligns with growing global efforts to develop lowcarbon fuels for shipping, industry and hard-to-abate sectors, while also reinforcing India’s position as an emerging hub for climate technology deployment and green industrial infrastructure.
The MoU further outlines a phased development pathway progressing from feasibility assessment and technical validation towards potential future commercial-scale implementation.
JSW Steel, operates integrated steel manufacturing facilities across India and generates carbon dioxide (CO₂) emissions in the process of iron and steel making.
Bharatia, a non-profit Foundation, operates a technology commercialisation and execution programme/platform under the name of ‘Bharat Technology and Impact Accelerator’ (also known as Bharatia’), which is anchored with leading research institutions such as cGanga at Indian Institute of Technology Kanpur.
Carbon Iceland International ehf is a consortium-led platform bringing together global expertise in CO₂ capture, eFuel production and industrial decarbonisation. Through proven technologies and integrated execution capabilities, Carbon Iceland enables rapid deployment of scalable, low-risk green fuel projects, supporting large-scale emissions reduction and positioning India as a leader in sustainable industrial transformation.
The Consortium possesses technical expertise in carbon capture, conditioning, integration and the development of e-fuels and carbon utilisation pathways.
The agreement reflects the strengthening climate and industrial cooperation between India and the Nordic region, and highlights the growing role of cross-border partnerships in accelerating scalable decarbonisation solutions across heavy industry and the wider Global South.
The signing took place in Oslo, Norway, during the 3rd India–Nordic Summit. The MoU signing was witnessed by the Prime Minister of Iceland, Kristrún Frostadóttir and the Icelandic Ambassador to India, H.E. Benedikt Höskuldsson, underscoring the growing strategic cooperation between India and Iceland in the fields of climate technology, industrial transition and sustainable fuels. Present at the signing were senior representatives of all signatories, Mr. Sanmit Ahuja, MD & CEO, Bharatia, Mr. Naresh Lalwani, EVP, JSW, Mr. Hal Oskarsson, CEO, Carbon Iceland and Mr. Björn I. Victorsson, Chairman, Carbon Iceland.
