Tata Steel Group recognised as global leader in climate disclosure
~ Features amongst the top six steel companies with “A-” rating ~
Tata Steel Group’s climate disclosure has been rated “A-” by the environmental non-profit CDP, based on review of potential opportunities, risks and strategies, related to the environmental performance on behalf of investors representing US$106 trillion in assets.
Over 9,600 companies, with over 50% of global market capitalisation, disclosed through disclosure programmes managed by CDP at the request of investors and corporate buyers. Climate disclosure was sought from 67 steel companies and only six steel companies are rated in the leadership band. This is Tata Steel’s highest-rating in last 3 years and this puts the Company amongst top six steel companies, globally. The latest rating released by CDP reaffirms the position of the Company on climate response.
T V Narendran, CEO & MD, Tata Steel, said: “The list comes just ahead of the fifth anniversary of the Paris Agreement and it is a matter of great satisfaction that we are among the best companies globally on climate disclosure. As a responsible corporate, we are committed to climate change mitigation through responsible use of natural resources, breakthrough R&D, innovation and collaboration.”
The scope of climate disclosure is for the entire Tata Steel Group and covers following entities and is based on third party certification of CO2 emissions.
- Subsidiaries (Tata Steel Europe, Tata Steel Thailand, NatSteel Holdings, Tata Steel BSL, Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India Ltd., ISWP, JEMCO, Tata Steel Downstream Products Ltd, Tata Pigments, Tata Steel Utilities and Infrastructure Services Limited, Bhubaneshwar Power Private Limited) and;
- Joint Ventures (Tata Bluescope Steel, Industrial Energy Ltd., Jamshedpur Continuous Annealing & Processing Company Private Limited, Tata NYK Shipping, Jamipol)
Tata Steel’s climate governance, risk disclosure, emission reduction initiatives and emission reporting received highest ratings.
Climate change is one of the most pressing issues the world faces today and Tata Steel recognises its obligation to work towards mitigation of climate change related risks and strives to address the challenges of transitioning to a lower carbon regime. The Company firmly believes that steel is an integral part of the solution for transitioning to a lower carbon economy because of its unique property of infinite recyclability.
Tata Steel aspires to be the global steel industry benchmark for Value Creation and Corporate Citizenship. The Company’s integrated steelworks at Jamshedpur is the most efficient steel plant in India while its site in IJmuiden in the Netherlands is one of the most carbon efficient integrated steelworks in the world. IJmuiden and Kalinganagar plants are included in the list of Global Lighthouse Network for being the beacon of fourth industrial revolution.
Tata Steel has established Energy Efficiency and Carbon Reduction programmes at all its Steel Plants in the Netherlands, the UK, and India to pursue short-term energy efficiency initiatives and to work on long-term decarbonisation initiatives. The Company is collaborating with peers, industry associations and other relevant stakeholders on a number of initiatives to debottleneck the challenges for an effective and speedy climate response.
The companies in CDP ranking are scored based on CDP’s transparent scoring methodology covering: comprehensive disclosure of environmental impacts, risks, opportunities, governance and actions; awareness of environmental risks and how they relate to their business; demonstrating management of these environmental risks and evidence of best practice associated with environmental leadership.
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-CertifiedTM 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, and Best Risk Management Framework & Systems Award (2020) by CNBC TV-18, among several others.
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.
Chief, Corporate Communications-India & SEA