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Tata Steel welcomes TNFD recommendations on nature-related issues
~ The TNFD recommendations are a key milestone in positioning the importance of nature risk alongside financial, operational, and climate risk and helping to shift capital flows to nature-positive outcomes ~
~ The TNFD recommendations provide companies and financial institutions of all sizes with a risk management and disclosure framework to identify, assess, manage and, where appropriate, disclose nature-related issues ~
Tata Steel welcomes the publication of the Taskforce on Nature-related Financial Disclosures (TNFD) final recommendations on nature-related risk management and disclosure. After a two-year open innovation process, these recommendations will guide companies and capital providers towards more informed decision-making and ultimately contribute to a shift in global financial flows toward nature-positive outcomes and the goals of the Kunming-Montreal Global Biodiversity Framework.
Koushik Chatterjee, Executive Director and Chief Financial Officer, Tata Steel, and a member of the TNFD Taskforce, welcomed the guidelines and said: “The TNFD has taken important steps in promoting nature-related risk management and disclosure, and we look forward to applying these recommendations towards addressing nature-related risks, impacts, and dependencies, enabling us to align our corporate reporting with global policy goals and mark a significant step towards a sustainable future.”
The release of the TNFD’s 14 disclosure recommendations and implementation guidance comes at a critical time, with rapidly growing interest across policymakers, regulators, asset owners, asset managers and leading global companies, on nature and biodiversity issues.
The recommendations build on those of the Task Force on Climate-related Financial Disclosures (TCFD) and are consistent with the global sustainability standards of the International Sustainability Standards Board (ISSB) and the impact materiality approach used by the Global Reporting Initiative (GRI) and incorporated into the new European Sustainability Reporting Standards (ESRS).
Importantly, the TNFD recommendations are also aligned with the requirement of Target 15 of the Global Biodiversity Framework for corporate reporting.
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-CertifiedTM 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 ResponsibleSteelTM 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.
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Website: www.tatasteel.com and www.wealsomaketomorrow.com
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