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COP-26 laid out the path for climate commitments, reshaping the agenda for global businesses. It has also become apparent that net-zero commitments have been gradually outrunning market mechanisms to iron the creases along the road to decarbonization.

There are stakeholders such as policymakers, investors, and value-chain partners. How can steel and zinc companies co-ordinate with them to create opportunities to unleash innovation and fundamentally restructure existing business plans to make them more environmentally friendly? What must leaders do when net-zero is a key aim? What are the feasible sustainable development goals to be pursued?

Arun Misra, chief executive officer and whole time director, Hindustan Zinc, and V.R. Sharma, managing director, Jindal Steel and Power, broke down the answers at the Mint Sustainability Action Summit 2022.

Sharma said that as human beings we need to consume less. Consuming less does not mean that people ought to be deprived of their needs and wants, he said. One has to go for value-added products and produce less steel, but enough to meet demands. His team is working on how to produce hydrogen and how to inject hydrogen into their blast furnaces, Sharma said.

Misra said that to reduce steel consumption, zinc is the biggest enabler. The more the zinc coating, the less the steel consumed.

He also emphasizes that when it comes to expenditure, cost is imminent and in the present. When it’s in the future, it’s an investment. Sustainability cannot be associated with cost and when it’s 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 add-on value.

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