Tata Steel Embarks on Carbon Reduction Initiative with Virtual Carbon Bank

Tata Steel has launched a virtual carbon bank aimed at turning carbon dioxide into a valuable asset. The initiative aims to measure and manage CO2 savings from various sustainability projects, creating revenue for further decarbonization. Independent auditors will verify the CO2 savings, certifying them for deposit in the virtual bank.

Tata Steel has launched a virtual repository known as a carbon bank, designed to transform carbon dioxide into a value-creating asset for future use, the company announced on Wednesday.

Emitted from the use of fossil fuels in industry and transportation, CO2 is widely considered a harmful substance. The steel sector, heavily reliant on coal and fossil fuels, contributes significantly to CO2 emissions.

The carbon bank intends to measure and manage CO2 savings generated through various sustainability projects. These savings not only help in meeting environmental goals but also offer the potential for revenue generation, which can be reinvested in further efforts to reduce carbon emissions.

Rajiv Mangal, Vice President (Safety, Health & Sustainability) at Tata Steel, highlighted the company's proactive approach in addressing global sustainability challenges. He stressed, 'This initiative underscores our unwavering commitment to sustainability across environmental, societal, and business domains.'

Initially, Tata Steel will identify decarbonization projects capable of reducing CO2 emissions in different production processes. These reductions will be rigorously audited and verified by an independent auditor. Verified CO2 savings will then be certified and deposited in the virtual carbon bank.

(With inputs from agencies.)