Tata Steel Joins UN initiative ‘LeadIT’ to Drive Net-Zero Emissions in Heavy Industry

~ Reiterates the Company’s aim to become net-neutral in carbon emissions by 2045 ~

Tata Steel has joined hands with Leadership Group for Industry Transition (LeadIT) and will be collaborating with countries and companies striving for net-zero emissions in heavy industry. 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 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 furnace and commissioning of carbon capture plant. 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.

About LeadIT

LeadIT is first global high-level initiatives for reaching net-zero emissions from heavy industry. It is a UN initiative established at Climate Action Summit in New York in 2019. The vision is to strengthen interlinkages between industry commitments; public-private collaboration and innovation to create an ecosystem for a net-zero industry transformation. To achieve this goal India and Sweden, with the support of World Economic Forum (WEF), have set up the Leadership Group for Industry Transition. It provides a global platform for countries and industries to come together to develop evidence based policy frameworks and mechanisms to speed up industry transition. LeadIT hosts a high-level Summit annually, normally at COP, where ministers and CEOs from LeadIT member countries and companies participate. This will especially benefit emerging and developing countries that require assistance to speed up their technological innovation.

LeadIT accelerates demand for green industrial products by supporting adoption of decarbonization policies on a national and global level and analyzing how to overcome challenges to achieving the transition. LeadIT currently has 18 country and 18 company members. In 2021 LeadIT welcomed six new members (US, Ethiopia, Austria, Skanska, HeidelbergCement, and Salzgitter) and in 2022 two new country members (Japan, South Africa).

Disclaimer

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.

For queries and information

Sarvesh Kumar,

Chief Corporate Communications - Tata Steel,

E-mail : sarvesh.kumar@tatasteel.com

About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 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$30.3 billion in the financial year ending March 31, 2023.
• A Great Place to Work-Certified^TM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 77,000.
• Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero Water consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.
• The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.
• Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.
• The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.
• Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteel^TM Certification.
• Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel Sustainability Champion recognition from worldsteel for six years in a row, 2022 ‘Supplier Engagement Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, No. 1 brand in India in the Mining and Metals industry in Top 100 brand rankings for 2023 by Brand Finance, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute.
• Received 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities

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Website: www.tatasteel.com and www.wealsomaketomorrow.com

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