Tosyali Holding aims to produce around 1.5 GW of solar energy with investments in different cities of Türkiye, in a bid to further reduce carbon emissions, firm's head says
Turkish steelmaker Tosyali Holding will invest nearly $1 billion in solar energy in eight different provinces of Türkiye to be able to use solar power for green steel production, the firm's chairman, Fuat Tosyali, told Anadolu.
Tosyali, while attending the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, said 70% of the world's steel industry is based on fossil fuels, a very high rate.
“Steel firms worldwide produce 2 billion tons of steel annually, and considering that 70% of it is produced via coal-based energy, it affects global warming tremendously, and although we have the EU's Carbon Border Adjustment Mechanism (CBAM) and the Paris Agreement, fossil-based fuels are expected to be still in use for energy production, but the use of renewable energy will increase day by day,” he said.
Tosyali highlighted that the firm is one of the companies with the lowest carbon emissions in steel production in the world, and it is seeking to increase its renewable energy usage in steel production.
“We currently have 235 megawatts of solar energy capacity, and we will add 1.2 gigawatts more with investments in eight different cities in Türkiye in the next year and a half with a close to $1 billion investment, and we will be the only steel company to meet the renewable energy needs of steel production through self-sufficiency,” he said.
He said the firm is closer to green steel production than competitors worldwide, as Tosyali Holding's steel production per ton only emits around 600 kilograms of carbon dioxide, while its competitors emit 2.5 tons.
“As we increase the use of renewable energy in our steel production, we will serve green steel to the market under our V-Green brand,” he said.
He mentioned that the firm is seeking new investment plans in Europe, and they are developing models to meet the raw material needs of enterprises.
Tosyali added that the work is underway for acquisitions in different countries of Europe, which could reach $500 million in size.
