The India Circular Economy Forum, a visionary approach to developing and scaling a circular economy in India

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India Circular Economy Forum, a visionary approach to developing and growing a circular economy in India

Posted on June 3, 2022

New Delhi : The India Circular Economy Forum of the International Circular Economy Council #ICEF2022 kicks off on June 2, 2022 at the India Habitat Center in New Delhi. As guest of honor at the event, Shri Amitabh Kant, CEO of Niti Aayog, and Kari Herlevi, Circular Economy Project Manager at SITRA, were present.

Various topics were discussed during India Circular Economy Forum such as Plastics and Packaging – A Circular Approach, Circular Economy for Climate and Biodiversity, New Plastic Economy, Transition: A Perspective from industry, renewable energy, carbon finance, carbon credits and CCS, transition: An industry perspective, Building Foundation – Leading circularity, Importance of waste separation in circularity, Freeing the spirit of company, Circular Cities – Driving Growth in Indian Cities.

The Indian Circular Economy Forum (ICEF2022) provides an opportunity to identify, highlight and celebrate circular initiatives in India across various priority sectors. The forum provides a platform for stakeholders to share ideas, network and learn from other circular economy experts and practitioners, as well as a forward-looking approach for stakeholders to build and grow a circular economy.

Niti Aayog, CEO of Shri Amitabh Kant, said “India was the only G20 country that could meet its NDC renewable energy targets. India has embarked on the task of undertaking massive renewals. India has been extremely blessed so we have gone for massive renewables, wind, hydro, and we have done about 110 Recovered Renewals. This has been made possible by world-class entrepreneurship and youth entrepreneurship, which has disrupted the industry. The challenge for India is that we also have about $160 billion in fossil fuel reserves.

We have worked with the Ministry of Environment, Forests and Climate Change to identify 11 key areas to facilitate the ocean liner’s transition to the circular economy and boost manufacturing through the circular economy process. These 11 areas have posed a significant challenge to India’s carbon reduction strategy, which is why we have been working on them. We formed a committee and identified a development path from the transactional economy to the circular economy.“

Shalini Goyal Bhalla MD, ICCE said, “The Indian Circular Economy Forum (ICEF2022) provides an opportunity to identify, highlight and celebrate circular initiatives in India across various priority sectors. India has made significant progress in various areas including renewable energy, health, ports, maritime transport, circular economy and water management. With only 2% of the world’s land mass but almost 18% of the world’s population, it is essential for India to abandon harmful linear material flows and shift to a circular model, which will bring many economic and environmental. In 2018, annual consumption growth in rural India stood at 9.7%, while urban consumption grew by 8.6%. Rural Indian households are now spending more than a few years ago on consumer goods such as durable goods, health and personal care, food and drink, and services. To achieve sustainable goals, companies must now focus on unlocking the possibilities of a circular approach rather than business as usual.

It is estimated that a circular economy path taken by India could bring annual benefits of 40 lakh crores or about US$624 billion in 2050. Greenhouse gas emissions would reduce by 44% as well as a significant reduction in congestion and pollution.

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