More efficient digital business models can strengthen domestic capacities, says Dr Bucki
The Federation of Indian Chamber of Commerce and Industry (FICCI) is 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 is intended for India Circular Economy measurement and can be adopted by other emerging economies as well, according to Amitabh Kant, G-20 Sherpa of the Indian Government.
Circular economy can play the role as an enabler to boost productivity and save cost, energy and greenhouse emission, added Dr Michael Bucki, Counsellor & Head of Section – Sustainable Modernization, Delegation of the European Union in India.
“More efficient digital business models can strengthen domestic capacities and deliver sustainable solutions for the globe,” he said.
The need to create the reverse value chain as part of circular economy eco-system was highlighted by Janardhanan Ramanajalu, Vice President, Regional Head- South Asia & Australia, SABIC.
They spoke at the 6th edition of FICCI Circular Economy Symposium 2022 on 24 Nov 2022.
Further, Kant noted a higher level of awareness in the 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,” he said.
“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.
He stressed that transitioning to a fully circular economy within a generation will require urgent and large-scale action from all parts of the 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,” Kant elaborated.
The Ministry of Environment and Forests in 2022 introduced Extended Producers Responsibility for used tires, batteries as well as revised rules for e-wastes and plastics, he pointed out.
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 which will be finalized soon, he said.
Kant 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.
The circular economy is the key bridge between economic growth and resource consumption, said Amit Sinha, Chair, FICCI National CE Committee & President – Group Strategy, Mahindra & Mahindra.
“While circular economy has been in discussion, but now, more than ever, there is a clear economic rational that business opportunity is getting created,” he said.
Dr Naresh Tyagi, Co-Chair, FICCI National CE Committee & Chief Sustainability Officer, Aditya Birla Fashion & Retail Ltd, pointed out 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,” added Dr Tyagi.
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, stressed Sundeep Singh, Managing Director, Accenture Strategy & Consulting.
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. fiinews.com
