Mumbai: Tata Steel has been selected as a member of worldsteel’s New Sustainability Charter for its initiatives and commitment towards sustainable development and the circular economy.
The World Steel Association (worldsteel) released its revised and expanded Sustainability Charter on March 3, 2022. The new Charter reflects the steel industry’s increasing focus and action-oriented approach on sustainability and its responsibility to generate positive impacts on people, our planet, and the prosperity of society. The new Sustainability Charter is organised into 9 principles with 20 associated criteria, which cover environmental, social, governance and economic aspects of sustainability. The leaders of 39 worldsteel members, including Tata Steel, have provided evidence that they are aligned with these criteria, have signed the Charter, and are therefore recognised as Charter Members for a 3-year period.
T. V. Narendran, Chief Executive Officer & Managing Director Tata Steel, said: “Tata Steel is delighted to be a member of worldsteel’s new Sustainability Charter. It reaffirms our commitment towards achieving industry leadership in sustainability.
Edwin Basson, Director General, worldsteel, said: “Sustainability is a business requirement and a fundamental component of all industries’ operations. Ethical and socially responsible companies need to be able to demonstrate to their stakeholders how they perform and where they are heading. With the release of this Charter the steel industry reaffirms its commitment to sustainability and demonstrates the industry’s enhanced efforts and aligned actions towards a sustainable society.”
Tata Steel has been a pioneer in disclosing its sustainability performance transparently through various disclosure platforms. The Company has been publishing Sustainability Reports following the Global Reporting Initiative (GRI) Framework (the first company in India) since 2001. In FY 2015-16, Tata Steel became the first company in India to transition to Integrated Reporting through the International Integrated Reporting Framework (IIRC). Dow Jones Sustainability Indices have rated Tata Steel amongst the top 10 steel companies globally. The Company is a signatory to the worldsteel New Sustainability Charter and has been recognised as ‘Sustainability Champion’ four times in a row. Tata Steel has been rated “A” and is listed as 2021 ‘Supplier Engagement Leader’ by CDP, a global environmental non-profit charity, for its initiatives to reduce GHG emissions and tackle climate-change risks across its supply chain.