circular economy
circular economy and sustainability
circular flow of economic activity
circular economy model
EPR and Circular Economy

The wake of the digital revolution has transformed our lives for the better. Don’t you agree? The exponential growth of electronics and rapid industrialisation has been a boon and a curse. While our lives became easier and more functional, the burgeoning piles of retired e-waste grew, adding to the odds of serious environmental issues. Why just electronic garbage? Plastic, glass, batteries, and more; irresponsible disposal of materials have hiked in this present era of urbanisation. According to reports, urban India generates over 42 million tonnes of waste every year. The negative externalities caused by the growing waste count are only evident. Wondering if there’s a systemic way to steer the trajectory in a positive and regenerative direction? There certainly is! Transitioning into circular economy is a thoughtful and robust solution to the problem.

Why is circular economy vital for the country?

Before delving right into the answer, let’s spill the beans on a few surprising facts. Are you aware that India extracts resources in volumes as big as 1580 tonnes/acre? Alarming, right? Little did you know that the count is 251% more than the global average of 450 tonnes/acre. To top it off, the country successfully recycles only 20% of the extracted resources. Wondering what happens to the remaining 80%? Well, it gloriously remains as trash in the wastelands. Very few are truly aware that India ranks third as the highest emitter of toxic greenhouse gases. The stats clearly reveal that a linear economic approach of take, make, and waste is a big fail. It catalyses greater ecological damage and does nothing to conserve the depleting finite resources.

For adversities like such, circular economy and sustainability crops up as more responsible, strategic, and effective measure. Unlike a linear economy, circular economy refers to a planned model of production and consumption that guarantees long-term growth and decreasing waste ratio. Wondering how? Circular economy primarily focuses on three significant aspects. It includes:

• Prolonged life of products

• Maximising extraction and refurbishing of resources

• Reducing waste generation and environmental hazards.

It is no secret that India aspires to stand out as a global manufacturing hub in the years to come. This clearly implies that the demand, utility, and consumption of raw materials are expected to spike in numbers that know no bounds. It makes it all the more imperative for businesses and individuals to understand and practise a well-planned circular flow of economic activity. The transition, although new, is truly restorative and aims to subside the environmental and economic ramifications the country is witnessing today.

According to the studies and evaluations made, circular economy not just promises sustainability but yearly economic benefits as huge as $624 billion by 2050. What’s more? A circular economy model is designed to help the country step back and decrease greenhouse emissions by a whopping 44%. In a nutshell, a strategic circular plan is guaranteed to reward India with incredible economic perks and a responsible attitude towards a greener and more sustainable ecology.

What are the listed benefits of circular economy?

Environmental Benefits

Since a circular economy model aims at cutting down the consumption of organic resources, it naturally reduces the emission of toxic greenhouse gases. Besides, lesser mining of resources and increased circulation of upcycled raw materials in production and manufacturing cycles create less trash and hence, decrease environmental consequences.

Drives Economic Growth

Are you aware of the expenses of sourcing and mining fine-quality raw materials for the production of goods? India, one of the most populous countries globally, is expected to hit a whopping bracket of 14.2 billion tonnes of raw materials by the end of 2030. Wondering why? The increasing population, rapid urbanisation, and exponential economic mobility are a few factors contributing to the significant demand for resources. A well-thought circular flow of economic activity introduces a competitive and innovative industrial model that doubles the production of goods using refurbished raw materials. The pragmatic initiative increases economic growth by leaps and bounds.

Optimum Resource Independence

It is no surprise that utilising local resources are not enough to cater to the growing demands of domestic and commercial goods in the country. Hence, manufacturers heavily rely on imported raw materials. By practising circular economy, businesses can reduce their dependence on imported raw materials.

The unforeseen economic dynamism in India, although commendable, is, unfortunately, a leading cause of environmental challenges. Only a structured and well-ideated circular economy model is effective in safeguarding natural resources and scaling down the odds of environmental crises. Karo Sambhav, one of the well-known producer responsibility organisations in India, is all hands on deck trying to make circularity a way of life for entrepreneurs, individuals, and all. The organisation aims to educate, collaborate, and maximise the implementation of circular economy as a multi-pronged approach to tackle environmental and economic jeopardies.

Karo Sambhav collaborates with leading organisations to jointly develop industry frameworks, standards, governance mechanisms, systems and processes that advance the transition to circular economy. know more about our alliances.

alliances

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