A joint venture (JV) between carbon capture specialist Carbon Clean and resource management company Veolia has announced its first project milestone, a two-year contract that will see the partners taking on the operation and maintenance of a carbon capture plant for Tata Steel.
Having revealed its new corporate identity, Veolia Carbon Clean aims to reduce carbon dioxide (CO2) emissions in India’s hard-to-abate industrial sectors through carbon capture and compressed biogas (CBG) projects.
The JV’s first project, based in Jamshedpur, is capturing 5 tonnes of CO2 per day directly from the steel plant’s blast furnace gas before being reused onsite and, once depleted, sent back to the gas network.
Calling it a ‘significant mark’ of Veolia’s commitment towards combating climate change, Preet Brar, CEO, Country Director, Veolia India, said, “It will bring great opportunities for Veolia Carbon Clean in implementing decarbonisation solutions.”
“Through this partnership we are building a model that will support our industrial partners to accelerate their transition to a low carbon economy.”
According to International Energy Agency (IEA) estimates, recycled CO2 products account for a multibillion-dollar market value and carbon capture now accounts for a trillion-dollar market value.
The JV will also support India’s pledge to obtain 50% of its energy renewable resources and reduce its total projected carbon emissions by one billion tonnes by 2030.