Turkish steelmaker Tosyali to invest USD1 billion in solar energy projects
Date
1/26/2025 2:21:54 AM
(MENAFN) Turkish steelmaker Tosyali Holding plans to invest approximately USD1 billion in solar energy projects across eight provinces in Türkiye to support green steel production, according to the company’s chairman, Fuat Tosyali. Speaking at the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, Tosyali emphasized the steel industry’s heavy reliance on fossil fuels, with 70 percent of global steel production currently based on these energy sources.
Tosyali pointed out that the global steel industry produces 2 billion tons of steel annually, with coal-based energy playing a dominant role, significantly contributing to global warming. Despite initiatives like the EU’s Carbon Border Adjustment Mechanism (CBAM) and the Paris Agreement, he noted that fossil fuels will likely remain part of energy production for some time, though the transition to renewable energy is expected to grow steadily.
As one of the world’s lowest carbon-emitting steel producers, Tosyali Holding is determined to enhance its use of renewable energy. Currently, the company has 235 megawatts of solar energy capacity. Over the next 18 months, it aims to add 1.2 gigawatts through new solar investments in eight Turkish cities, making Tosyali the first steel company to achieve self-sufficiency in renewable energy for steel production.
Tosyali highlighted the firm’s competitive edge in green steel production, with its current emissions per ton of steel at approximately 600 kilograms of carbon dioxide, compared to the industry average of 2.5 tons. With increased reliance on renewable energy, the company plans to expand its green steel offerings under the V-Green brand, further reducing its environmental footprint and advancing sustainability in the steel industry.
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