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Green transition with JSW

Without funding for coking coal there will be no climate transition of Europe. This is one of the conclusions summarizing the Corporate and Investment Banking Congress. The meeting, attended by economists, experts and entrepreneurs, was held at the Warsaw Stock Exchange.

photo: Dawid Lach

Jastrzębska Spółka Węglowa was a partner in the debate, hosted by Robert Ostrowski, Vice-President of the JSW Management Board for Financial Matters. He has repeatedly pointed out that carrying out a green transition without financial support for coking coal is downright impossible.

“We have development plans that need stable funding. Without external support in the form of loans or bonds, our green transition plans will not happen," argued Robert Ostrowski, Vice-President of the JSW Management Board for Financial Matters. “Since we are a company listed on the Stock Exchange, we are breaking through to the consciousness of bank management boards. In Poland, it is easier for us, but if the banks' headquarters are located abroad, the word “coal”, no matter what kind of coal it is, is immediately received with a negative reception and a decision: “We don’t fund it.” pointed out Robert Ostrowski.

Experts agree: coking coal, Jastrzębska Spółka Węglowa’s main product, faces a barrier of misunderstanding.

“Steam coal and coking coal are not mutually substitutable raw materials. Their value chains are different and their purpose is different. Steam coal will be displaced by RES, while coking coal, through its various applications in steel production, will stay with us,” JSW's Vice-President stressed and noted that the company should have the support of the capital market. JSW S.A. is, after all, the largest producer of the raw material that is essential for the green transition in the European Union.

That is why Krzysztof Pietraszkiewicz, president of the Polish Bank Association, said during the debate that the financing of coking coal, both by Polish and foreign banks, is not at risk.

“With coking coal being listed on the EU's list of critical raw materials, now it’s only a matter of bringing the arrangements to a final stage and issuing the relevant legislation,” said Krzysztof Pietraszkiewicz said. “An important argument in favor of JSW's program is that it does not focus solely on mining, but undertakes a number of environmentally friendly measures. This is a great approach, because it show the awareness, responsibility and understanding that this raw material is critical not only for Poland, but also for other European Union countries," concluded Pietraszkiewicz.

As the largest producer of coking coal in the European Union, Jastrzębska Spółka Węglowa is essential to the climate transition process. But that does not mean that it is passively waiting for support. In terms of internal transition, the company is pursuing a number of long-term measures, including reducing its carbon footprint to 30 percent by 2030 and aiming for climate neutrality in 2050.

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