CII’s flagship event, the 13th Sustainability Summit, was held in September. It gave perspective to the crucial subject of Circular Economy.
Distinguished guests inaugurating Mission Circular Economy, stressed on the importance for India to accept this path-breaking concept.
Here is everything you need to know about this highly acclaimed concept:
A Paradigm Shift
The Circular Economy is a new economic model aiming to enhance energy efficiency by developing a materially efficient and performance based, circular system.
Raw materials and resources will be utilized by repairing, reusing and refurbishing them. This will extend their value and minimize wastage.
The Aim of this Concept
Circular Economy aims to abolish the concept of wastage, by constantly innovating and deriving maximum value from resources.
The total energy requirement of circular economy depends on renewable sources such as the sun and wind .
It also urges businesses to explore product designs, allowing them to renovate and recycle their products, for reuse or resale.
Products are designed to stay in the value chain for as long as possible, on a technical and biological level.
The model generates more employment in repair and maintenance sectors.
New resources extraction is minimized as much as possible.
Each step of the way, environmental impact is given importance.
The Path to Success
Society has to aid the government by adopting the attitude of conserving resources.
It is necessary to create social awareness on how to use, dispose and reuse resources.
Effectively using resources, in tandem with environmental regulations, should be embedded in the process of core decision-making. This process of eco-innovation will ensure speedy economic development.
The circular economy should be driven by individual and business visionaries who can offer progressive and relevant ideas.
Embracing a circular economy, requires mitigating and adapting strategies and recycling value-based thoughts. This will lead to an acceptance of change, enhanced performance and eco-friendly living.
Source: CII Communique – October 2018 Edition