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Press Release

Circular economy agenda to be given thrust during G-20 presidency: Amitabh Kant, G-20 Sherpa

Nov 24, 2022

Need to look at alternative paradigms of production & consumption to achieve sustainability: Amitabh Kant

  • Global circular economy transition presents US$ 4.5 trillion in value potential by 2030; USD 0.5 trillion value to be unlocked through circular economy in India: FICCI-Accenture Report
  • Demand for cement in India by 2030 to reach 500 million tons; Cement & Concrete sector to adopt 9 R's (Reduce by design, recycle, repurpose, remanufacture, refurbish, repair, reuse, reduce & refuse): FICCI-GCCA Knowledge Paper

NEW DELHI, 24 November 2022: Mr Amitabh Kant, G-20 Sherpa, Govt of India today 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.

Addressing the '6th edition of FICCI Circular Economy Symposium 2022', Mr Kant added that today there is a higher level of awareness is present in government, institutions and corporates regarding circular economy. "During our G-20 presidency, we will lay huge emphasis in providing thrust to circular economy agenda for developing consensus on key issues. G-20 provides opportunities by accelerating circular transition and FICCI will need to play the effective role in very many deliberations under G-20," he emphasized.

Mr Kant further stated that transitioning to a fully circular economy within a generation will require urgent and large-scale action from all parts of society. Circular economy is necessary for climate change and a huge amount of cross sectoral collaboration is critical to facilitate circular economy. "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.

Mr Kant stated that the Ministry of Environment and Forests in 2022 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, he added. 

He emphasized that 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, stated Mr Kant.

He further said that FICCI is now closely working with NITI Aayog, European Union and other industry partners to develop a 'Unified National Circularity Measurement framework' for standardized benchmarking and reporting. The proposed framework intended for India Circular Economy measurement and can be adopted by other emerging economies as well, Mr Kant said.

Dr 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.

Mr Amit Sinha, Chair, FICCI National CE Committee & President - Group Strategy, Mahindra & Mahindra said that circular economy is the key bridge between economic growth and resource consumption. While circular economy has been in discussion but now, more than ever, there is a clear, economic rational business opportunity is getting created, he added.

Dr Naresh Tyagi, Co-Chair, FICCI National CE Committee & Chief Sustainability Officer, Aditya Birla Fashion & Retail Ltd said that circular economy is the new paradigm that emphasize on eliminating waste and provide a greater opportunity for optimal use of resources in manufacturing process and end use. Circular economy has great potential and can replace the use-and-throw model.

Mr Janardhanan Ramanajalu, Vice President, Regional Head- South Asia & Australia, SABIC highlighted the need to create the reverse value chain as part of circular economy eco-system.

Mr Sundeep Singh, Managing Director, Accenture Strategy & Consulting said that there is a huge opportunity to accelerate progress on circular transition in India through a standardized framework, which leverages the global measurement frameworks but also captures few additional KPIs to reflect India-specific nuances. He also shared three key design principles to build such a framework."

FICCI-Accenture knowledge paper 'Approaches for Measuring India's Circular Economy Transition' and FICCI-GCCA knowledge paper 'Circular Economy: Cement & Concrete Industry Paving the Way', were released during the event. (Reports attached)

Indian Circular Economy Awards 2022 were announced during the event.

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