PremiumBy focusing on maximum value retention and closing the material recycle, the circular economy possesses a robustness that will help in dealing with drastic changes caused by the climate change. These moves will have multiple benefits for the nation and have a multiplier effect on the GDP
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NEW DELHI: The majority of natural resources is finite therefore it is critical that the world finds environmentally and economically viable way of using these scarce resources, said Union minister of steel and civil aviation Jyotiraditya M. Scindia at an international conference on Circular Economy and Resource Efficiency, organised by the Indian Institute of Metals Delhi Chapter on Friday.
Chairman of SAIL, Soma Mondal, Ulrich Greiner Pachter, CEO, Region India & Asia Pacific, SMS Group, Dr S.K.Jha, CMD, MIDHANI, Dr. mukesh Kumar, Chairman,IIM, Delhi Chapter and delegates from Mineral and Metal Sector were present at the event.
Scindia highlighted that a consensus seems to have emerged across the world that circular economy is the only way towards conservation of resources. “We must understand that the future of humanity cannot be built on a ’take-make-dispose’ model i.e., linear economy. Metal sector needs to be at the forefront of circular economy model in view of its pervasive applications besides the inherent potential of metals to be amenable and adaptable to business models following 6R principles of Reduce, Recycle, Reuse, Recover, Redesign and Remanufacture."
Scindia recalled Prime Minister Narendra Modi’s address on 15th August 2021when he had emphasised on the urgent need of Circular Economy Mission. In his address, the prime minister had said that circular economy was the need of the hour, and it must be made a mandatory part of everyday life due to fast depletion of natural resources to meet the needs of modern economy.
The metal industry is energy intensive and thus causes large carbon emissions, posing a major challenge for the global community. Thus the adaption of new technologies is a must to achieve the zero carbon emissions goal. In today’s world nothing is a waste and all so-called wastes can be converted into resources for wealth creation by adoption of suitable technology, the minister said.
India’s mining & metal industry is set for robust development in view of expected jump in demand to support the emerging boom in growth in the automotive, infrastructure, transport, space and defence. The challenge in this fast-paced world is to confront the by-products of sectors such as steel, which is at the same vital for economy and on the other hand is hard to abate sector with respect emission of carbon dioxide. Steel Makers across the globe are set on course to evolve suitable strategies to tackle the twin challenges of environmental sustainability and circular economy.
The Centre has taken an initiative through NITI Aayog by forming 11 committees to promote circular economy across the metal and mining industry.
Scindia apprised that the steel ministry was working as a nodal agency and has prepared a detailed roadmap for promoting circular economy in the metals industry, covering all facets of production from mining to finished metal production and their recycling/reuse including utilisation of all wastes and by-products generated in the process.
Circular strategies such as circular design, material efficient production, reuse, repair and recycling lead to saving in material consumption and reduce greenhouse gas emission. By focusing on maximum value retention and closing the material recycle, the circular economy possesses a robustness that will help in dealing with drastic changes caused by the climate change. These moves will have multiple benefits for the nation and have a multiplier effect on the GDP due to associated supply chain as well as consumption related industries besides creating large employment opportunities both directly within the plant and indirectly in associated industries.
India has increased installed steel production capacity by 50% to 155 million tonne in fiscal 2022, from around 100 million tonnes in financial year 2014. During these eight years, the per capita consumption of steel also has gone by almost 50% to 77 kg per capita, Scindia said, adding that India is now second-largest steel producer in the world.
Ulrich Greiner Pachter, CEO, Region India & Asia Pacific, SMS Group, said that India’s steel industry has changed a lot towards positive growth.
Soma Mondal, chairman, SAIL, said that research suggests that green house gas emissions can be reduced by approximately 50% through carbon reducing operational efficiencies and wide-scale implementation of renewable energy solutions. The remaining 50% must come from the transformation in how resources are produced and consumed. Thus businesses will have to play leading role in this new economic structure, spearheading innovation for change to protect the planet and create new value.