Tata Steel will acquire a 26% stake in TP Vardhaman Surya, a wholly-owned subsidiary of Tata Power Renewable Energy, as a part of its plan to reduce carbon emissions to nil by 2045.
The steel-maker will also get into a fixed-tariff long-term agreement with TP Vardhaman Surya for sourcing 379 MW of captive renewable power. This is expected to cut carbon emissions by 50 million tonnes over a period of 25 years.
“Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel’s sustainability journey towards achieving Net Zero carbon emissions by 2045,” TV Narendran, the chief executive officer and managing director of the company said.
The steel industry is one of the highest emitters of carbon dioxide, and accounts for as much as 7-9% of the total emissions at a global level. The industry is working on cutting down these emissions with the usage of scrap steel and renewable energy, among other efforts.
Source: Economic Times