Cloud computing may also aid in the creation of more flexible supply networks, says Singla
Blockchain has the potential to validate the steel value chain’s sustainability quotient, providing end users with verifiable data to analyze their net carbon footprint, says Vijay Singla, Director of JTL Infra Limited of Chandigarh.
“Cloud computing may also aid in the creation of more flexible supply networks, while central command and control centers can monitor geographically scattered mine-to-metal value chains,” he said.
Decisions about sustainability efforts cannot be made solely on the basis of financial expenses to the company.
Singla has figured out a solution, he said on 15 June 2022. “We must act in the best interests of all stakeholders and be willing to make a fair trade-off between industry, end users, and the environment.
“Stakeholder alignment will be important to accelerating the speed of change and enabling the collaboration required to co-develop realistic solutions to complicated issues.”
He also underlined the need for a reliable supply system, pointing out that “in the long term, it will establish a win-win paradigm that benefits customers, distribution companies, and franchisees.”
Singla announced adoption of ESG (Environmental, Social, and Governance) within his company, and voiced concern about increasing focus on the environmental challenges plaguing various countries and communities in the world.
Saurabh Bhatnagar, Partner, Ernst & Young LLP, EY India National Mining & Metals Consulting Leader, also stressed, “Companies with stronger ESG performance can acquire project finance at a reduced cost, improve resource management, minimize operational risk and strengthen resiliency against future changes.”
When determining the profitability of capital investments, several steelmakers consider the impact of carbon emissions. Adopting shadow internal carbon pricing can aid in the identification of sustainability inefficiencies as well as the economic implications of a low-carbon economy.
Singla strongly feels that JTL Infra must focus on finding solutions, including a collaborative approach, to the difficulties that continue to afflict it.
“The steel sector is on the verge of a much-anticipated transformation, with all eyes on ESG,” he underlined.
The actions taken from here on should support that shift. This would include leveraging the power of modern technologies, a necessity highlighted by the epidemic, as well as an emphasis on decarbonization, digitalization, and decentralization.
“Today’s cutting-edge technology has the capacity to fulfil energy demand while also pushing sustainability,” Singla stated.
Singla is looking forward to embracing the ESG practice within the company and has a few suggestions on how to make it happen.
The most important of these is to create an environment with built-in structural incentives that not only encourage but also enable the sector to get comfortable with new technologies.
“The Government’s green stimulus packages and the global green infrastructure investment push will have a double-edged effect on the metals and mining sector like JTL Infra that helps the company to grow in adversity.”
Singla has a strong intuition that digital solutions may assist in boosting productivity, reducing energy usage, reducing waste, and managing pollutants.
JTL Infra of the Jagan Group produces Black & Galvanized ERW Steel Pipes & Tubes, hollow sections and structural steel that are extensively used in major engineering and construction projects. fiinews.com
