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

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

Large Corporate 12 Jul 2024 12:19 PM IST Steel Orbis

Tata Steel Limited of India has established a 'carbon bank', a virtual repository via which carbon dioxide would be converted into a value-creating asset for future use, according to a statement. Carbon dioxide is well recognised as a hazardous chemical released by fossil fuels in industry and transportation. According to the corporation, the steel industry, in particular, releases a lot of carbon dioxide during production because it uses coal and other fossil fuels.

The carbon bank is intended to measure and manage carbon dioxide savings generated by various sustainable projects. According to the company, these projects not only contribute to environmental goals but also have the potential to generate revenue that can be reinvested into further decarbonisation efforts.

Initially, Tata Steel identified decarbonization projects that could reduce CO2 emissions in one or more production processes. 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, the company said the auditor issues a carbon savings certificate, which is virtually deposited in the carbon bank.

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Breaking News

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

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