COP-26 sets the path for climate commitments, reshaping the agenda for global businesses. It has also become clear that net-zero commitments are slowly being overtaken by market mechanisms, ironing out the roadblocks for decarbonisation.
There are stakeholders such as policy makers, investors and value-chain partners. How can steel and zinc companies align with them to create opportunities to spur innovation and radically reorganize existing business plans to make them more environmentally friendly? What should leaders do when net-zero is a prime objective? What are the potential sustainable development goals to be pursued?
Arun Mishra, Chief Executive Officer and Whole Time Director, Hindustan Zinc, and VR Sharma, Managing Director, Jindal Steel & Power, responded at the Mint Sustainability Action Summit 2022.
Sharma said that as human beings we need to consume less. He said that low consumption does not mean that people are deprived of their needs and wants. Will have to go for value-added products and produce less steel, but enough to meet the demands. Sharma said his team is working on how to produce hydrogen and how to inject hydrogen into his blast furnace.
Mishra said zinc is the biggest driver of reducing steel consumption. The higher the zinc coating, the lower the steel consumption.
He also emphasizes that when it comes to expenditure, the cost is imminent and present. When it is in the future, it is an investment. Sustainability cannot be linked to cost and when it is an investment for the future, the long-term sustenance of the organization is assured.
He also said that when it comes to ESG reporting, disclosure is an added value.
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