AUGUST 202419In the case of JSW Group, the steel division produces a lot of slag, a waste byproduct of steel making. It was initially dumped, but later, in the cement division, we replaced clinkers with slag for cement making. Clinker preparation is a carbon emission-intensive process. Now, the waste is made to behave as a raw material. This has resulted in green cement and successfully created market demand.The above anecdote serves as an excellent example of how climate action and business strategy can result in innovation without compromising anything that may harm the business--profitability and efficiency rise, resulting in increasing economic value.In light of technological advancements and innovations, how do these contribute to advancing ESG initiatives? Could you provide any notable examples?There are two kinds of technologies when it comes to sustainability: those that are feasible and those that are commercially viable. In the case of the steel sector, the reduction of carbon emissions is emphasized. There is coke dry quenching (CDQ), where the resulting steam can be repurposed for other purposes; this is a commercially viable technique. Another solution is utilizing green hydrogen to make steel; while this may be technically feasible, it is not commercially implementable due to the high costs involved.This is where trial and error must be carried to see how technology behaves. The third kind of technology is which comes under this umbrella where neither commercial nor technical feasibility can be established. An example of this is molten oxygen electrolysis by Boston Metal. This process eliminates the carbon requirements and directly electrolyses the iron ore, it has to be scaled up, but it takes time.The other technology which cannot be overlooked is digitization. It is impacting everyone's life. It is essential that businesses adopt it. At JSW, we have a CDO whose job is to examine and digitize processes so maximum benefits can be derived. Digitization allows operations to become more efficient and results in a sustainable outcome for the business.With consumers increasingly favoring environmentally responsible companies, how can businesses leverage this trend to enhance their competitive edge and improve their ESG performance while building sustainable business practices?The drastic progression of the IT industry, with the iPhone being a market leader and numerous companies following their footsteps to innovate, is a prominent example of taking the lead and others following suit. Similarly, when it comes to green products, someone has to take the lead. There is consumer favor now, and people are now aware and looking for environmentally friendly products.But, the question still remains, are people ready? Is society ready to pay a premium for green products? This is the cross roads that the market is stuck at. But if the cost can be brought down, the greener product will have a greater demand. This is good for the business, leaders will focus on greening the supply chain, greening the operations and offering a greener product at a competitive price.In the case of JSW cement, our green cement is not significantly higher than regular grey cement. This is competitive in the market. Our green product is pushing consumer favor while also pushing business growth. This consequently improves our ESG performance.With over 30 years of experience in sustainability and environmental management, what note would you like to offer to emerging leaders, or what legacy do you aspire to leave in terms of environmental stewardship and sustainable business practices?It is crucial for businesses to adopt better technology and make themselves greener to remain leaders in the future. It is an evolutionary process. Businesses have to take a lead and green their processes according to consumer demand. They shouldn't slack around in any of these processes.My mission is to change the mindset of the people who can change the world. Decisions are taken by top management and entrepreneurs, and my job is to ensure they make the best decisions. Hence, the impact on society is favorable and the next generation flourishes. This is the legacy I aspire to leave behind.
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