India’s Tata Steel launches ‘carbon bank’ to convert CO2 reduction into assets

Thursday, 11 July 2024 14:37:47 (GMT+3)   |   Kolkata

India’s Tata Steel Limited has launched a ‘carbon bank’, a virtual repository through which carbon dioxide will become a value-creating asset for future usage, the company said in a statement on Thursday, July 11.

Carbon dioxide is widely recognized as a harmful substance emitted due to use of various fossil fuels in industry and transportation. The steel industry in particular relies on coal and other fossil fuels in its production line resulting in the release of large quantities of carbon dioxide, the company said.

The carbon bank is aimed at measuring and managing carbon dioxide savings generated from various sustainable projects and these savings not only contribute to environmental goals but also hold the potential of generating revenue that can be reinvested into further decarbonisation efforts, the company said in the statement.

Initially, Tata Steel has identified decarbonization projects that can reduce CO2 emissions in one or more production processes and the carbon savings from these projects are rigorously monitored by an independent auditor, who then verifies the company's CO2 savings claims following the appropriate ISO system.

Upon verification by auditors, a carbon savings certificate is issued by the auditor and virtually deposited in the carbon bank, the company said.

AjoyDas
Ajoy Das
Editor

I graduated from the University of Kolkata with a degree in economics and have three decades of experience in reporting for leading print media publications, covering key manufacturing industries like iron and steel, energy (fossil and renewable), chemicals and petrochemicals and mining sectors (coal, bauxite, iron ore and copper). I work as a correspondent for SteelOrbis reporting on the Indian steel industry covering pricing and trade trends across the value chain, capacity creations and utilizations, corporate developments, government policy frameworks and industry related news.


Similar articles

Tata Steel to deploy SMS Group technology at Jamshedpur mill as part of decarbonisation plans

21 Apr | Steel News

India’s Tata Steel and Chinese university ink R&D pact for low-carbon steelmaking

17 Mar | Steel News

India’s Tata Steel develops steel pipes for hydrogen transportation

29 Jan | Steel News

India’s Tata Steel Limited and CSIR-NIIST ink pact to reduce carbon emission from steelmaking

09 Oct | Steel News

India’s Tata Steel and Welspun Corp jointly develop hydrogen-compliant steel pipes

05 Aug | Steel News

Tata Steel successfully uses biomass in ferrochrome production

22 Jul | Steel News

USEC ferrous scrap prices for the export market are unchanged for another week

18 Aug | Scrap & Raw Materials

US HDG imports down 14.7 percent in June 2026 from May

18 Aug | Steel News

US HRC exports up 30.2 percent in June 2026 from May

18 Aug | Steel News

Q2 net loss reduced at Brazil's Samarco; Phase 3 project on course

18 Aug | Steel News