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Resource Efficiency & Circular Economy



  Sep 02, 2023

Understanding Resource Efficiency and Circular Economy


Definitions:

Resource Efficiency: Maximizes the value of resources by minimizing waste. It emphasizes getting more from fewer resources.
 
Circular Economy: Focuses on recycling, reusing, and repurposing to close the product lifecycle loop, decreasing the need for fresh raw materials.
 

Importance:

Supports the achievement of Sustainable Development Goals (SDGs).
 
Decouples resource utilization from economic growth, aiding in environmental conservation.
 
Reduces greenhouse gas emissions and combats climate change.
 
 

India's Initiatives in Resource Efficiency and Circular Economy

 

Focus during the G-20 Presidency:

India prioritized "Resource Efficiency and Circular Economy" during its G-20 presidency.
 
Four main areas of focus: circularity in the steel sector, Extended Producer Responsibility (EPR), circular bioeconomy, and an industry-led coalition.
 

Circularity in the Steel Sector:

Given the steel sector's environmental footprint, circular practices can lower resource consumption and emissions.
 
Collaborative efforts in the G-20 can drive knowledge sharing and technology transfers.
 

Extended Producer Responsibility (EPR):

A policy where producers oversee the entire lifecycle of their products, including waste management.
 
India's comprehensive EPR framework promotes efficient waste collection and the growth of recycling infrastructure.
 

Promotion of Circular Bioeconomy:

Aims to minimize the consumption of biological resources.
 
Utilizes biowaste, like municipal and agricultural residues, as valuable raw materials.
 
Emphasizes biofuels, such as second-generation ethanol from waste feedstocks, to decrease fossil fuel reliance.
 

Industry Coalition for a Circular Economy:

India envisions a coalition of industries to play a pivotal role in promoting circular economy practices.
 
Goals include technological collaboration, capacity building, finance mobilization, and engaging the private sector in sustainable endeavors.
 
 

Towards a Sustainable Future: The Bigger Picture

 

Role of Resource Efficiency and Circular Economy:

They present solutions to the triple challenges faced by our planet: environmental, economic, and social.
 
By reducing waste and conserving resources, a resilient and sustainable future becomes attainable.
 

India's Global Commitment:

India's emphasis on these principles during its G-20 presidency showcases its dedication to sustainable development and tackling global environmental issues.
 
 
By strategically harnessing resource efficiency and the circular economy, countries like India can pave the way for sustainable growth that benefits both the environment and society.


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