Grundfos has partnered with BEC GmbH, Circularise, Minviro and the Global Rare Earth Industry Association (REIA) to lead a three-year EIT RawMaterials-funded innovative project to build a blockchain-based circular system for sustainability assessment of rare earths ( CSyARES). This will help companies increase the transparency and sustainability of their supply chains for critical and rare earth materials.
Demand for rare earth metals is soaring and is expected to reach 315,000 tonnes by 20301. These rare earth metals are irreplaceable in wind turbines, electric vehicles, cell phones, computers and defense industries. Growing demand coupled with resource shortages and supply chain disruptions means we need to rely on sustainably mined and processed metals.
The transition to a circular economy is considered critical, with governments around the world adopting new regulations to encourage companies to adopt e-waste recycling and other sustainable practices. As highlighted in the European Raw Materials Alliance (ERMA) Action Plan, improving supply security through better collaboration between stakeholders is a priority. For rare earth metals suppliers, this means not only becoming more sustainable, but also proving compliance and quality standards to customers and regulators.
Developing innovative CSyARES is key to achieving these goals. In this project, collaborating organisations including Grundfos aim to:Combining REIA’s sustainable performance assessment criteria and Minviro’s LCA tools with Circularise’s blockchain software for supply chain traceability and transparency.
*Allows Grundfos and BEC GmbH to test systems and business models, and to track and measure the environmental impact of their supply chains. This will be done in collaboration with REIA members.
The project will contribute to the circular economy transformation of all rare earth-dependent industries, including rare earth elements, electrical and electronic equipment, and automobiles. It will create new business opportunities for manufacturers and recyclers and allow downstream players to ensure sustainable practices throughout the supply chain.
Badrinath Veluri, Chief Specialist for Grundfos Materials and Processes and REIA President, said: “This partnership is based on our mutual interest in bringing transparency and sustainability to the use of these critical and rare earth materials. Through this project, we aim to is to build a tool that all parties in the rare earth value chain can use in combination, combined with the due diligence aspect, to ultimately allow us to improve secondary resource efficiency and achieve a circular economy.”
Complete news Source : Construction Week