Tata Steel has recently become a member of an association of heavy industries and civil society groups that offers a global framework for decarbonising heavy industries to recover from the COVID19 impact.
The Global Framework Principles for the decarbonisation of heavy industry has been formulated working in tandem with industry experts. The publicly available global guidelines has laid out clear guidelines for the heavy industries like steel, cement, and chemicals to take such steps that stimulates economic growth.
The framework includes six core principles, each of which on being incorporated by policymakers ensures a successful decarbonisation of steel, cement, chemicals and other heavy industries. The principles so framed places major emphasis on tying heavy industry public financing to emissions reduction plans, and prioritising investment in low and zero-carbon technologies that will all help in reducing the use of fossil fuels in industrial processes.
Sanjiv Paul, Vice President, Tata Steel, said, “We are glad to be one of participants of The Climate Group’s ‘Global Framework Principles for Heavy Industry’ as their principles closely relates with the ethos of Tata Steel. It has always been our objective in whatever we do to encourage sustainability as a strategy to improve resource efficiency. Considering climate change as a major risk, Climate Group has taken a huge step in that direction by the introduction of the Global Framework Principles that aims to decarbonise heavy industries. We look forward to partnering with the Climate Group and our industry peers to lead a strong response to climate change mitigation.”
Jenny Chu, Head of Energy Productivity Initiatives at the Climate Group said: “The COVID19 has necessitated reimagining our global industry economy for the better. There should be a timely adoption of this agenda and locking in inefficient, high emitting industrial capital should be avoided. Time is of the essence for the global leaders to put these principles into practice alongside the collaboration and coordination of efforts with the industry peers.”
Driven by an aim to preserve natural resources and minimise its worldwide carbon footprint, Tata Steel has adopted the circular economy principles that are implemented through a 4R approach- Reduce, Reuse, Remanufacture and Recycle.
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