Sustainability is all about meeting the requirements of the present without sacrificing the abilities of future generations to meet their needs.
FREMONT, CA: In the metals and mining industry, sustainability is ranked as the most crucial element in the agenda. Despite being the right thing to do, it is also steered by the need to respond to reputational emergencies, investor demands, environmental disasters, and the growing social license to operate. Sustainability is all about meeting the requirements of the present without sacrificing the abilities of future generations to meet their needs. The idea of sustainability stands on three pillars, which are economic, environmental, and social.
Recently, a few examples from major companies, academics, as well as leading industry groups bring speeches as a response to the issue of global warming and also re-define the purpose of organizations and shareholders by putting them on an equal position with communities, workers, customers, and suppliers.
Besides, a few other companies are busy building a standard whose objective is to make businesses and consumers confident on a global scale. It also helps in ensuring that all steel has been produced and sourced sensibly at every stage of the supply chain, starting from raw materials suppliers to the end-users. Multiple companies are taking initiatives to grow into a hydrogen producer, which can be utilized in hydrogen fuel cell trucks and replace the coking coal with hydrogen in steel production.
One of the significant factors in sustainability now is the crossroads of new digital abilities that are implemented with sustainability strategies. The correct alignment of digital and sustainability transformation will enable movement in the right direction, as well as at an escalated speed.
Considering energy and emissions, a few of the basic sustainability strategies involve the improvement of energy efficiency. By enhancing energy efficiency, companies can use renewable energy sources and tackle the supply dynamic with the help of energy storage and load shedding. Digital adds more value to the strategy by the process, and energy analytics to establish optimal energy, the operating point for process plants. Along with it, microgrid optimization to estimate, schedule, and implement when to preserve, produce, consume, or trade energy from distributed utility resources.