Torch
A simple torch -- the same kind that's dispelled the darkness for thousands of years. Might even keep the Wolves at bay.
Fire Starting Renewable
A Torch is a craftable tool that creates light and a small amount of heat, adding +3°C to your "Feels Like" temperature. If more than one is dropped on the ground (at your feet) while burning, the warmth bonus they provide stacks, unless a fire is nearby, in which case it overrides the warmth from torches.
Torch is a Fire Starting item in The Long Dark. It weighs 0.3 kg. It is not equipped — it is used from the inventory.
Within the Fire Starting group its 0.3 kg is one of the heavier of the 20 entries here (#15).
It is renewable, so it can be re-obtained rather than only scavenged once.
Verdict: Overall Torch is a Fire Starting item used from the inventory rather than equipped.