Tata Steel Ltd.

03/05/2021 | Press release | Distributed by Public on 03/05/2021 07:39

Tata Steel backs a new global framework for decarbonising heavy industries

Mumbai, March 05, 2021

~ New framework to support policymakers to decarbonise heavy industries ~

Tata Steel has joined a first-of-its-kind network of heavy industries and civil society groups that will provide a global framework for decarbonising heavy industries as part of the COVID-19 economic recovery plan.

Established by the international non-profit, the Climate Group and campaign organisation Mighty Earth, The Global Framework Principles for the Decarbonisation of Heavy Industry has been developed in close coordination with industry experts.

It is the first time a set of publicly available global guidelines has provided clear steps for how heavy industries like steel, cement, and chemicals across the world can stimulate economic growth while aligning with a 1.5°C climate trajectory.

This multi-stakeholder platform calls out the urgent need to accelerate and scale-up the decarbonisation of heavy industry to align with the goals of the Paris Agreement

The framework has set out six core principles, each of which represent an essential lever that policymakers can use to ensure the successful decarbonisation of steel, cement, chemicals and other heavy industries. These include tying heavy industry public financing to emissions reduction plans, and prioritising investment in low- and zero-carbon technologies that will help phase out fossil fuel use in industrial processes.

Sanjiv Paul, Vice President (Safety, Health and Sustainability), Tata Steel, said: 'The Climate Group's 'Global Framework Principles for Heavy Industry' resonate with the ethos of Tata Steel and we are happy to be one of its signatories. As a responsible corporate citizen, it has always been our endeavour to promote sustainability as a business strategy through enhancing resource efficiency, adopting circular economy principles, taking climate action and caring for our communities and workforce. Climate Change is a significant risk that humanity and the industry face in the long-term and it is imperative that industry joins forces to mitigate its inevitable repercussions. We acknowledge Climate Group's efforts towards mobilising the global heavy industry to align with a 1.5-degree C trajectory and reaffirm our commitment to our vision of being the global steel industry benchmark in Value Creation and Corporate Citizenship' by undertaking agile, innovative and just actions. We eagerly look forward to collaborating with the Climate Group and our industry peers to lead a strong response to climate change mitigation and adaptation in the post Covid era.'

Jenny Chu, Head of Energy Productivity Initiatives at the Climate Group said: 'In the wake of COVID-19, we have a critical window to reinvent and reimagine our global industrial economy for the better. Time is of the essence to adopt this framework and to avoid locking in inefficient, high-emitting industrial capital. Global leaders need to urgently put these principles into action while collaborating and coordinating efforts to ensure industry moves as a whole, creating a race to the top for a sustainable, just, and healthy industrial future.'

Heavy industry uses about a third of all energy and accounts for roughly a quarter of all global greenhouse gas emissions, which makes this a critical area to focus decarbonisation efforts. In the coming months, as Europe, China, Japan, Korea, India, and North America deliberate on recovery and climate policies, the Climate Group, Mighty Earth and their allies will be calling on political and business leaders to embrace this global framework.

Tata Steel has adopted the principles of circular economy which is implemented through a 4R approach (Reduce, Reuse, Remanufacture and Recycle) to conserve precious natural resources and minimise its global carbon footprint.

About Tata Steel

Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $19.7 billion in the financial year ending March 31, 2020.

A Great Place to Work-Certified organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.

Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 5 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM and worldsteel's Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum's Global Lighthouse recognition for its Kalinganagar Plant - a first in India, and Prime Minister's Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India's most valuable Metals & Mining brand by Brand Finance, received the 'Honourable Mention' at the National CSR Awards 2019, Steel Sustainability Champion 2019 by worldsteel, CII Greenco Star Performer Award 2019, 'Most Ethical Company' award 2020 from Ethisphere Institute, Best Risk Management Framework & Systems Award (2020) by CNBC TV-18, and Award for Excellence in Financial Reporting FY20 by ICAI, among several others.

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Disclaimer:

Statements in this press release describing the Company's performance may be 'forward looking statements' within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company's operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/or other incidental factors.

Sarvesh Kumar

Chief, Corporate Communications

Tata Steel

E-mail: [email protected]