The Business Bytes
TBB BUREAU
MUMBAI, JULY 12, 2033
Tata Steel has joined the Leadership Group for Industry Transition (LeadIT), a global initiative to accelerate the transition to net-zero emissions in heavy industry, the company said on Wednesday.
LeadIT was created by the governments of Sweden and India during the UN Climate Action Summit in September 2019 and is backed by the World Economic Forum.
This collaboration allows Tata Steel to gain valuable insights, best practices, and innovative ideas specifically related to sustainable practices and green technologies in the steel sector.
This milestone makes Tata Steel the first Indian steel company to join LeadIT, positioning it as a global leader for driving net-zero industry transformation.
Tata Steel has set a goal to become net-neutral in carbon emissions by 2045. By joining LeadIT, the Company gains access to a vital platform for sharing best practices, influencing policy, and enhancing its own climate initiatives. Tata Steel would be leveraging the LeadIT platform to communicate the challenges and opportunities of the Indian steel market, which is poised for significant growth in the next several decades. Tata Steel’s experience in both European and Indian steel sectors lends it an advantage to drive conversation and advocacy efforts for future policies around net-zero carbon emission for steel and other heavy industries.
Dr Debashish Bhattacharjee, Vice President, Technology and Research & Development, Tata Steel, said: “Tata Steel’s membership in LeadIT presents a significant opportunity for us to amplify our endeavours towards carbon neutrality. We are wholeheartedly committed to taking decisive actions in this transformative journey, evident in our adoption and implementation of cutting-edge carbon negative technologies such as: Coal Bed Methane (CBM) injection, hydrogen injection in blast furnaces and commissioning of carbon capture plants. Our dedication extends beyond internal measures, as we strive to curtail emissions from materials and offer climate-smart solutions that empower our customers to achieve their own environmental targets. By engaging with LeadIT, we gain access to a vital platform for sharing best practices, influencing policy, and enhancing our own climate initiatives. This collaboration not only strengthens our business but also reinforces our role as a catalyst for positive change on a global scale, contributing to the collective pursuit of sustainability.”
Expressing the group’s enthusiasm at welcoming Tata Steel into the group, Per Andersson, Head of the LeadIT Secretariat, said: “Tata´s ambitious goal of attaining carbon neutrality by 2045 paves the way for low-carbon steel production. We at LeadIT, and the Secretariat, warmly welcome Tata to our group. Our joint efforts will significantly contribute to achieving net-zero targets for the global steel sector.”
Rajiv Mangal, Vice President, Safety, Health & Sustainability, Tata Steel, said:“At Tata Steel, sustainability forms the core of our business philosophy. The Company has already initiated several measures in its pursuit of net zero carbon emissions by 2045.Our membership in LeadIT empowers us to drive sustainable change in the steel industry and beyond. By collaborating with global leaders and sharing best practices, we are committed to achieving carbon neutrality and creating a greener future. Together, we can make a lasting positive impact on the environment and pave the way for a sustainable world.”
The green technology has been acknowledged by Tata Steel to drive the industry’s sustainability efforts. The opportunity lies in Carbon Capture Utilisation and Storage (CCUS) technologies with cost-effective solutions for capturing and utilising CO2 at scale. In a significant achievement earlier this year, Tata Steel successfully conducted trials for the injection of hydrogen gas at record-high levels in Blast Furnace-E at its Jamshedpur plant. This milestone exemplifies the Company’s unwavering commitment to contribute to India’s path towards industrial decarbonisation. Furthermore, the Company has taken measures to reduce freshwater consumption, develop sustainable supply chains, and embrace the principles of the circular economy. By joining forces with LeadIT, Tata Steel reiterates its position as an industry leader, ready to shape the future of challenging sectors through innovation, collaboration, and pioneering thought leadership.
