Tata Steel Joins Mighty Earth to Support Decarbonisation
Tata Steel has joined a first-of-its-kind network of heavy industries and civil society groups that will provide a global framework for decarbonising heavy industries as part of the COVID-19 economic recovery plan. Established by the international non-profit, the Climate Group and campaign organisation Mighty Earth, The Global Framework Principles for the Decarbonisation of Heavy Industry has been developed in close coordination with industry experts. It is the first time a set of publicly available global guidelines has provided clear steps for how heavy industries like steel, cement, and chemicals across the world can stimulate economic growth while aligning with a 1.5 degree Celsius climate trajectory. This multi-stakeholder platform calls out the urgent need to accelerate and scale-up the decarbonisation of heavy industry to align with the goals of the Paris Agreement
The framework has set out six core principles, each of which represent an essential lever that policymakers can use to ensure the successful decarbonisation of steel, cement, chemicals and other heavy industries. These include tying heavy industry public financing to emissions reduction plans, and prioritising investment in low- and zero-carbon technologies that will help phase out fossil fuel use in industrial processes.
Heavy industry uses about a third of all energy and accounts for roughly a quarter of all global greenhouse gas emissions, which makes this a critical area to focus decarbonisation efforts. In the coming months, as Europe, China, Japan, Korea, India, and North America deliberate on recovery and climate policies, the Climate Group, Mighty Earth and their allies will be calling on political and business leaders to embrace this global framework.
Tata Steel has adopted the principles of circular economy which is implemented through a 4R approach (Reduce, Reuse, Remanufacture and Recycle) to conserve precious natural resources and minimise its global carbon footprint.