Tata Steel Group’s climate disclosure has been rated “A-” by the environmental non-profit Climate Disclosure Project (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 five-year 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.
a. 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;
b. 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.
