Oslo, Norway: In a significant step towards industrial decarbonisation and the development of next- generation green fuel infrastructure, JSW Steel Limited, Bharatia and Carbon Iceland International, have signed a strategic Memorandum of Understanding (MoU) to jointly explore the development of a large-scale green methanol (eMethanol) project in India. The signing took place in Oslo, Norway, during the 3rd India–Nordic Summit.
The MoU signing was witnessed by the Prime Minister of Iceland, Hon. 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.
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 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. 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.
As part of the initial scope, the project intends to evaluate the utilisation of an existing high- purity CO2 stream from JSW Steel’s facility, while also assessing opportunities to capture additional CO2 emissions from broader steel manufacturing operations.
The collaboration brings together complementary strengths across industrial operations, technology commercialisation and carbon utilisation expertise:
- JSW Steel Limited brings large-scale industrial infrastructure and operational capabilities, being one of India’s leading steel manufacturers.
- Bharatia, operating at the intersection of policy, technology and finance, will support project development, implementation architecture, ecosystem integration and establishing financing pathways.
- Carbon Iceland International is the technology project developer for carbon capture integration, e-fuels production, and industrial decarbonisation pathways.
The Parties stated that the proposed initiative aligns with growing global efforts to develop low- carbon 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.
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.
