The International Finance Corporation (IFC), a member of the World Bank Group, is establishing Bangladesh’s first climate-smart steel plant in collaboration with Meghna Re-Rolling & Steel Mills Limited (MRSL), a subsidiary of Meghna Group of Industries (MGI). The plant, which will produce 1.5 million tons of steel per year, will meet 20% of the country’s steel demand using 100% recycled scrap.
This project, implemented with IFC’s USD 100 million financing support, aims to reduce carbon emissions while contributing to the country’s economic growth. Emissions will be minimized by using more environmentally friendly technology compared to traditional production methods.
Stating that Bangladesh’s steel sector is critical for sustainable growth, IFC sees this project as an important step in creating climate-friendly production and job opportunities. The project, which is in line with the global climate finance framework under the Paris Agreement, supports Bangladesh’s transition to greener production practices.
IFC and MRSL also plan to develop a comprehensive roadmap for the decarbonization of the steel sector. This initiative is also in line with the Green, Resilient and Inclusive Development (GRID) vision, which aims to increase sustainable development and industrial competitiveness.
MGI said the project is a milestone for Bangladesh’s industrial development. The company emphasized that the investment will increase high-quality and environmentally friendly steel production capacities and contribute to the country’s economic goals.
Comments
No comment yet.