Resource Efficiency Circular economy coalition (RECEIC)

Recently, the Union Minister for Environment, Forest &Climate change (MoEFCC),  has launched Resource Efficiency Circular Economy Industry Coalition on the sidelines of 4th G-20 Environment and Climate Sustainability Working Group and Environment and Climate Ministers’ meeting in Chennai.

What is Circular Economy?

• Circular economy is an economic model that aims to minimize waste and maximize resource efficiency by keeping products, materials, and resources in use for as long as possible.
• It is a departure from the traditional linear economy, which follows a "take-make-dispose" pattern.
• In a circular economy, resources are kept in circulation through strategies such as recycling, reuse, remanufacturing, and sharing, creating a closed-loop system.

About Resource Efficiency Circular economy coalition (RECEIC):

• It is a first-of-its kind initiative for creating a global coalition to encourage resource efficiency and circular economy by uniting nations, industries, and experts.
• As many as 39 multinational corporations (MNCs) from sectors such as steel, FMCG, electronics came together to pledge to adopt resource efficiency and circular economy principles.
• Aim: To address environmental challenges rising from waste, including plastics, microplastics, e-waste, and chemical waste.
• The launch of RECEIC, involved signing of the foundational charter and unveiling of the logo which was attended by Ministers of seven countries such as Mauritius, Denmark, Italy, Canada, UAE, France, and the European Union.

Need for such initiative:

• Around 23 percent of forests in India are highly fire-prone only 3.5 percent of India’s tree cover loss is due to forest fires due to conservation. So, waste management and Industrial involvement for conservation is important.
• Also, India has committed to restore 26 million hectares of forest land and create 5 to 3 billion tonnes of additional carbon sinks and 22 percent of its area under Area Based Conservation and to easily reach the target of the Kunming Montreal Global Biodiversity Framework.
• The Deep Ocean Mission aimed at exploring deep ocean resources and climate change advisory services, Coastal marine Spatial Planning and Mangrove Initiative for Shoreline Habitats and Tangible Incomes is also a mandate for India to revive the circular economy.

Significance:

• This initiative is poised to become a momentous achievement during the G20 India Presidency, representing a collective stride towards fostering on-the-ground efforts in resource efficiency and advancing the principles of circular economy.

Benefits of Circular Economy:                                              

Present challenges:

• Limited Infrastructure and Technology
• Complex Supply Chains
• Policy and Regulatory Hurdles
• Consumer Mindset and Behavior

Government recent initiative to promote circular economy and sustainable growth:

The Union Budget 2023-24 has put the focus on sustainable development and a circular economy:

• GOBARdhan:The scheme aims to promote a circular economy by setting up 500 “waste-to-wealth” plants across the country, including 200 compressed biogas (CBG) plants and 300 community-based plants. The goal is to convert waste into valuable resources, reducing the country’s carbon footprint and promoting sustainability.
• Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI): MISHTI aims to preserve and restore the mangrove ecosystem and provide livelihood opportunities for local communities.
• Promoting Conservation Values (Amrit Dharohar):It aims to promote the conservation of wetlands in the country.
• Plastic Waste Management (Second Amendment) Rules, 2022:They mandate to increase in the thickness of plastic carry bags to over 120 microns, and the phase-out of some single-use plastic products.