Tata Steel signs MoU with MOL in its endeavour for a responsible supply chain
~ GHG emissions reduction technologies for ocean transportation to be explored ~
In line with its larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain, Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui O.S.K. Lines (MOL), a global marine transport group, on August 6, 2021to develop and deploy environment friendly shipping solutions.
Peeyush Gupta, Vice President, Supply Chain, Tata Steel, said: “The objective of the agreement is to reduce greenhouse gas (GHG) emissions in the ocean transportation of raw materials for production of steel. In the initial stage, the partnership will explore the environmental benefits and commercial and operational feasibilities of various technologies. This will include the, "Wind Challenger", a hard sail, which would reduce emissions by harnessing wind energy. MOL has been jointly studying the technology with cross-industrial partners and the first vessel to be equipped with the Wind Challenger is slated to start operation in 2022.”
Ranjan Sinha, Chief Group Shipping and Director RM Procurement of Tata Steel, said: “Tata Steel as a member of ResponsibleSteelTM is committed to aligning its shipping activities with responsible environmental behaviour. We are pleased to be joining hands with MOL, a reputed global marine transport company, in combining efforts towards sustainable shipping.”
Toshiaki Tanaka, Senior Managing Executive Officer and Chief Environment and Sustainability Officer, MOL, said: "We have recently established MOL Group Environmental Vision 2.1, wherein we have announced that MOL Group will make a concerted effort throughout the Group, to achieve net zero GHG emissions by 2050. There would be a long, long pathway to achieve the Vison 2.1, and we believe that working collaboratively with a good partner is important. The partnership with Tata Steel, a leading global steel company, encourages MOL to challenge goals for the Vision 2.1. We are very much happy to have this opportunity.”
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.
About Mitsui O.S.K. Lines, Ltd. (MOL)
Mitsui O.S.K. Lines, Ltd. (MOL), as a global marine transport group, operates a global fleet exceeding 700 vessels, including tankers, bulkers, car carriers, ferries, which also extends to offshore projects. Under the "MOL Group Environmental Vision 2.1" announced in June 2021, MOL clarifies its commitment to achieve net zero GHG emissions by 2050 through collective efforts with all capabilities within the group.
MOL Drybulk has been established since April 2021 as a unique entity operating vessels ranging from 10,000DWT up to 100,000DWT bulk carriers, wood chip carriers and multi-purpose vessels, with the aim to provide a "one-stop service" to the customers, work collaboratively to meet their needs and provide environmental solutions to reduce the GHG emissions throughout the supply chain.
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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