India eyes $4.5 trillion global circular economy opportunity

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By Our Special Correspondent

New Delhi, November 24: India is gearing up to aim to push the agenda of the circular economy during its Presidency of G20, beginning December 1. India will also take up the Presidency of the Shanghai Cooperation Organisation for a year.

Global circular economy transition presents $4.5 trillion in value potential by 2030, with $0.5 trillion value to be unlocked through circular economy in India, said a FICCI-Accenture Report. It has also stated that demand for cement in India by 2030 will reach 500 million tons. “Cement and concrete sector will adopt 9 R’s (Reduce by design, recycle, repurpose, remanufacture, refurbish, repair, reuse, reduce & refuse,” added the FICCI-GCCA Knowledge Paper.

Amitabh Kant, G-20 Sherpa of India has said that the long-term low emission development strategy by India for achieving the climate goals and the need for sustainable production, emphasizing on Sustainable Development Goals highlights that we look at alternative paradigms of production and consumption to achieve sustainable material and wellbeing of society.

During our G-20 presidency, we will lay huge emphasis in providing thrust to circular economy agenda for developing consensus on key issues, said Kant, adding that G-20 provides opportunities by accelerating circular transition. Circular economy is necessary for climate change and a huge amount of cross sectoral collaboration is critical to facilitate circular economy, he added. “We ensure that regulations do not become burdensome that there are cross cutting issues which will be identified and resolved. We will promote it through business models and startups and create a business model of circular economy. It has to be a part of innovation, part of the business model that everything we produce becomes an input into another thing that we produce, therefore there are backward and forward linkages,” he added.

The Ministry of Environment and Forests this year had introduced ‘Extended Producers Responsibility’ for used tires, batteries, revised rules for e-wastes and plastics. The scrapping policy for end of life of vehicles with the enabling framework is in place now and there is extended producer responsibility in several other additional sectors will soon be finalized, said Kant.

Climate change and material use are closely linked as circular economy strategies ultimately prioritize material value retention and cut excess consumption. They can be extremely effective in cutting greenhouse gas emissions.

Michael Bucki, Counsellor & Head of Section – Sustainable Modernization, Delegation of the European Union of India said that circular economy can play the role as an enabler to boost productivity and save cost, energy and greenhouse emission. More efficient digital business models can strengthen domestic capacities and deliver sustainable solutions for the globe, he added.

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