Jamshedpur: Private steel company Tata Steel has recently launched a carbon bank, a virtual repository through which carbon dioxide will become a value-creating asset for future use, a company statement said here on Wednesday. Went.
CO2 emitted due to the use of various fossil fuels in industry and transportation is widely recognized as a harmful substance. The steel industry, in particular, often relies on coal and other fossil fuels in its production lines, resulting in the release of large amounts of CO2.
The purpose of the Carbon Bank is to measure and manage carbon dioxide savings arising from various sustainability projects. It says these savings not only contribute to environmental goals but also have the potential to generate revenue that can be reinvested in further decarbonization efforts.
Rajiv Mangal, Vice President (Safety, Health and Sustainability), Tata Steel, said, “In the face of growing global concerns about sustainability, Tata Steel has taken proactive steps towards carbon abatement initiatives as part of its unwavering commitment towards environmental sustainability. Have picked it up.” Social and business domains. “There is such a concrete commitment to driving sustainability within the Carbon Bank organization.”
Initially, Tata Steel identifies decarbonization projects that can reduce CO2 emissions in one or more production processes. The carbon savings from these projects are strictly monitored by an independent auditor, who verifies the company's CO2 savings claims by following the appropriate ISO system, it said, adding that upon verification, a Carbon savings certificates are issued and virtually deposited into the carbon bank.
CO2 emitted due to the use of various fossil fuels in industry and transportation is widely recognized as a harmful substance. The steel industry, in particular, often relies on coal and other fossil fuels in its production lines, resulting in the release of large amounts of CO2.
The purpose of the Carbon Bank is to measure and manage carbon dioxide savings arising from various sustainability projects. It says these savings not only contribute to environmental goals but also have the potential to generate revenue that can be reinvested in further decarbonization efforts.
Rajiv Mangal, Vice President (Safety, Health and Sustainability), Tata Steel, said, “In the face of growing global concerns about sustainability, Tata Steel has taken proactive steps towards carbon abatement initiatives as part of its unwavering commitment towards environmental sustainability. Have picked it up.” Social and business domains. “There is such a concrete commitment to driving sustainability within the Carbon Bank organization.”
Initially, Tata Steel identifies decarbonization projects that can reduce CO2 emissions in one or more production processes. The carbon savings from these projects are strictly monitored by an independent auditor, who verifies the company's CO2 savings claims by following the appropriate ISO system, it said, adding that upon verification, a Carbon savings certificates are issued and virtually deposited into the carbon bank.
