Private steel major Tata Steel recently launched a carbon bank, a virtual repository through which carbon dioxide will become a value-creating asset for future usage, a company statement said here on Wednesday. CO2 is widely recognized as a harmful substance emitted due to the use of various fossil fuels in industry and transportation. The steel industry, in particular, often relies on coal and other fossil fuels in its production line, resulting in the release of large quantities of CO2. The carbon bank is aimed at measuring and managing carbon dioxide savings generated from various sustainability projects. These savings not only contribute to environmental goals but also hold the potential for generating revenue that can be reinvested into further decarbonisation efforts, it said. Rajiv Mangal, Vice President (Safety, Health & Sustainability), Tata Steel, said "In the face of mounting global concerns about sustainability, Tata Steel has taken proactive steps to spearhead carbon abatement initiatives as part of its unwavering commitment to sustainability across environmental, societal, and business domains. The carbon bank is one such tangible commitment to driving sustainability within the organization." Initially, Tata Steel identifies decarbonisation projects that can reduce CO2 emissions in one or more production processes. The carbon savings from these projects are rigorously monitored by an independent auditor, who verifies the company's CO2 savings claims following appropriate ISO system, it said adding that upon verification, a carbon savings certificate is issued by the auditor and virtually deposited in the carbon bank.