Tata Steel becomes the first steel producer in the world to join the Sea Cargo Charter (SCC) to reduce ‘Scope 3’ greenhouse gas emissions in ocean trade
In line with its sustainability objectives and initiatives on reduction of Scope 3 greenhouse gas emission in ocean trade, Tata Steel joined the Sea Cargo Charter (SCC) on September 3, 2021. Tata Steel becomes the first steel producing signatory of the Sea Cargo Charter. The Company is the 24th organisation to join the association working to reduce environmental impacts of global seaborne cargo.
Peeyush Gupta, Vice President, Supply Chain, Tata Steel, said: “As a leader in the steel industry which continuously sets benchmark in sustainable operations, it is imperative that we look at Scope 3 emissions with similar alacrity. With our seaborne global volume in excess of 40 million tonnes per annum, this is a decisive step in the direction to measure correctly and mitigate efficiently & innovatively.”
Ranjan Sinha, Chief Group Shipping and Director Raw Material Procurement, Tata Steel, said: “Tata Steel is pleased to be a signatory of Sea Cargo Charter. As a leading global player in steel and having an impeccable reputation for Corporate Governance, it is befitting that we join hands with world’s leading organisations across the industry sectors in making efforts towards sustainable shipping. While the manufacturing sector focusses on Scope 1 and 2 emissions, we would like to think beyond compliance and take actions on Scope 3 emissions. We are committed to aligning our chartering activities with responsible environmental behaviour.”
About Sea Cargo Charter
The Sea Cargo Charter is a global framework for assessing and disclosing the climate alignment of chartering activities. It establishes a common, global baseline to quantitatively assess and disclose whether chartering activities are in line with climate goals set by UN maritime agency, the International Maritime Organization (IMO). The IMO’s Initial GHG Strategy prescribes to reduce the total annual GHG emissions generated by shipping activity by at least 50% of 2008 levels by 2050, whilst pursuing efforts towards phasing them out as soon as possible in this century.
Launched in October 2020, there are currently already 24 Signatories standing behind this initiative.
To know more, visit www.seacargocharter.org.
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 recorded a consolidated turnover of US $21.06 billion in the financial year ending March 31, 2021.
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 Jamshedpur, Kalinganagar and IJmuiden Plants, 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, featured amongst CII Top 25 innovative Indian Companies in 2020, received rating of ‘A-‘ (leadership band) from CDP for its Climate Change disclosure and Supply Chain disclosure, Steel Sustainability Champion 2020 recognition from worldsteel, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, Best Risk Management Framework & Systems Award (2020) from CNBC TV-18, and Award for Excellence in Financial Reporting FY20 from ICAI, 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.
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