DNV validates emission reductions reported for Tata Steel’s Carbon Bank initiative in India
Learn how independent verification reinforces Tata Steel’s pioneering effort to turn carbon emissions savings into a Virtual Carbon Bank.
About the customer:
Tata Steel is one of the world’s leading steel producers and is known for its commitment to sustainable business practices. Established in Jamshedpur in 1907, the Company is today one of the world's most geographically diversified steel producers, with operations and commercial presence worldwide. The company is renowned for its focus on innovation, environmental sustainability, and a strong dedication to its employees and communities. With a capacity of 35 million tons of crude steel production per year, Tata Steel is committed to reducing its carbon footprint and leading the industry toward a more sustainable future.
Introduction to set the scene:
As the world accelerates its commitment to combat climate change, the steel sector faces increasing pressure to adopt sustainable practices and substantially reduce its carbon footprint. Companies like Tata Steel are taking proactive measures to address this challenge by exploring innovative ways to minimize their environmental impact and pass on some of the benefit of carbon saving projects to its customers to reduce their scope 3 emission. The need for independent validation and verification of these efforts is crucial to reinforce credibility and transparency, which is where DNV's expertise comes into play.
The customer challenge:
Tata Steel faced the challenge of accurately measuring and managing the CO2 savings generated from its sustainability projects. The company wanted to establish a Carbon Bank as a virtual repository to monitor and manage the CO2 emission savings from various sustainability projects, thereby reinforcing its commitment to decarbonization and sustainability. As per Worldsteel chain of custody principles, establishing Virtual Carbon Bank requires third party verification. Hence, Tata Steel needed to onboard a trusted third-party verifier to validate the sustainability projects against internationally recognized standards and verify the resulting emission savings post implementation of these projects.
DNV’s solution:
DNV delivered a comprehensive solution for Tata Steel, encompassing the validation and verification of their emission reduction claims for their 1st Carbon Bank project in Jamshedpur, India. The DNV team carried out a thorough evaluation based on the ISO 14064-3:2019 standard, ensuring that Tata Steel's data and methodologies were precise, credible, and met international best practices.
Impact:
DNV’s validation and verification services have provided some key benefits:
- Reinforce Credibility: Reinforce trust with stakeholders by ensuring that the Carbon Bank's CO2 savings are genuine and verified.
- Regulatory Compliance: Supported Tata Steel in meeting international standards for carbon management and reporting.
- Strategic Advantage: Strengthened Tata Steel's position as an advocate and leader in sustainability and innovation within the steel industry.
