Tata Steel in discussion to raise up to $400 mn in offshore green loans

India's Tata Steel is in talks to raise up to $400 million, which would be the company's first green loan.

The debt could have a maturity of about five years and that the proceeds would be used for capital investments. Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. are some of the lenders.

No decision has yet been set in stone and the details may yet change. According to information gathered by Bloomberg, this would be Tata Steel's first green loan.

Steel production uses a lot of carbon, so the industry needs new funding to reduce its impact on the environment. According to a 2022 McKinsey Quarterly analysis, the transition to low-emission products will cost about $4.4 trillion over the next 30 years.

Tata Steel falls short of its competitors on a number of environmental parameters, such as greenhouse gas emissions, air quality and water and waste management.

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