India is emerging as a global leader in promoting and implementing circular economy principles, driving sustainable development and economic growth in the Global South. With its commitment to resource efficiency, waste reduction, and the creation of a circular economy ecosystem, India is taking significant strides towards a more sustainable and inclusive future.
The concept of the circular economy emphasises the need to move away from the traditional linear “take-make-waste” model towards a system that keeps resources in use for as long as possible, extracts maximum value from them, and minimises waste generation. India has recognised the immense potential of the circular economy in addressing key environmental and social challenges, while also creating new economic opportunities.
To celebrate India’s leadership in the circular economy and promote knowledge exchange, the International Council for Circular Economy (ICCE) hosted the 2nd Edition of the India Circular Economy Forum (ICEF2023) from June 29th–30th at the IHC, Lodhi Road, in New Delhi. Grand Thornton was the forum’s knowledge partner.
The Forum aims to bring together global stakeholders, including government officials, industry leaders, entrepreneurs, and experts, to discuss and explore the opportunities and challenges of implementing circular economy strategies in the Global South.
The goal of the 2nd Edition of ICEF was to showcase India’s progress, share success stories, and facilitate knowledge exchange among stakeholders with the theme Transitioning from a throwaway culture to promote circular economy solutions that drive sustainable development and contribute to the achievement of the United Nations Sustainable Development Goals.
Comments from dignitaries
Deepankar Sanwalka, Senior Partner at Grant Thornton Bharat LLP, stated that the circular economy aims to reuse and recycle resources to eliminate waste and maximise their potential. He talked about leveraging the prevalent practise of “Jugaad” in India, which harbours innovative thinking at its core. He acknowledged the challenges of waste generation, landfills, and the need for sustainable solutions and expressed the need to work alongside the government to find solutions and promote innovation.
He further highlighted the potential of job creation and profitability to catapult the transition from a linear to a circular economy. He highlighted the economic potential of India’s circular economy, which will be worth half a trillion dollars by 2050, supplemented by the creation of 18 million new jobs. Sanwalka expressed the need for continued research and development of new technologies, materials, and processes that enhance resource efficiency and reduce waste generation.
“In the face of the triple planetary crisis, the circular economy emerges as a vital approach, addressing India’s pressing challenges and paving the way for sustainable economic growth,” said Edwin Koekkoek, First Counsellor Energy and Climate Action, European Union Delegation to India.
He further stated, “The circular economy ensures that resources remain in production and consumption systems, maximising their value and longevity. India’s leadership in this transition is highly commendable. Europe leverages innovative business models to transform challenges into opportunities, guided by the European Green Deal and the Second Circular Economy Action Plan.
Collaboration is essential, and India stands as a prominent partner in the global transition to a circular economy. We aim to strengthen our engagement through bilateral and global initiatives, such as the EU-India Trade and Technology Council and India’s G20 presidency.”
The forum features a remarkable lineup of distinguished speakers, insightful panel discussions, interactive sessions, and invaluable networking opportunities, providing a platform for sharing insights, inspiring innovation, and accelerating the adoption of circular practices.
The two-day forum saw discussion on various topics including the Role of Segregation in CE, Assessing Circularity: Tools and Methods, Circular Business Models, Building Regenerative Systems, Mission LiFE and Circular Economy, Partnerships for a global Circular Economy, Catalysing finance for enabling circularity, Designing out waste in a Circular Economy.
More discussions
ICEF 2023 introduces two components to the forum: accelerator sessions and studios, designed to facilitate knowledge transfer and practical action. Studios, hosted by leading organisations, provide a platform for stakeholders to delve into technological interventions, policy regulations, entrepreneurial journeys, and the latest research and innovation that drive the circular economy transition.
Accelerator Sessions, conducted by partner organisations, focused on integrating circularity at the product and system design stages, covering topics such as circular design, materiality, circular cities, life cycle assessment (LCA), and circularity assessments.
A significant highlight of ICEF 2023 was the prestigious ICEF Awards, which recognise and celebrate outstanding circular initiatives across India. These awards honour organisations and individuals who have demonstrated exceptional commitment, innovation, and leadership in driving the circular economy forward.
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