Tata Steel’s continued commitment to decarbonisation include the adoption of Science Based Targets (SBTi) to put their plan on a science-based trajectory, with a reduction in their CO₂ emissions of up to 80% by 2035 compared with a 2018 baseline. Tata Steel plans to completely overhaul their main steelmaking technology within this decade.
This means reductions in CO₂ emissions in this insetting scheme can be passed on to Stelrad, enabling Stelrad to also achieve immediate Scope 3 emission savings.
All revenues generated by the ‘green steel’ process are reinvested to fund additional projects, thereby generating further CO₂ savings to be verified by leading assurance organisation DNV (Det Norske Veritas). These projects ultimately speed up decarbonisation efforts within the UK.
The CO₂ savings generated are deposited in a ‘CO₂ bank’, the mechanism of how Tata Steel operate the ‘CO₂ bank’ are also audited by the same 3rd party. DNV, which is a leading verification and certification authority is carrying out this work.