Optimum utilisation of resources while maintaining the growth momentum in the economy is a conundrum that every responsible country is experiencing. Especially as the climate goals from COP26 summit looms nearer, the countries are laying out strategies to cut emissions, promote zero waste economy while facing rapid urbanisation and population growth.
As India prepares its policy discourse to support the ‘Panchamrit’ prescription at COP26 global platform and the ‘LIFE’ initiative in India, UAE has set up the Circular Economy Council to address the economic potential of possible circular economy activities, while launching a Hydrogen Leadership Roadmap to Achieve National Net Zero Ambition.
China has also committed RMB 5 trillion (US$773 billion) in production value for the resource recycling business apart from other targets for 2025. Technology is driving transition from linear to circular economy in India with lifestyle changes and systematic choices to reduce negative externalities.
The latest World Economic League Table 2021 published by Centre of Economics and Business Research predicts that by 2030, India will be the world’s third-largest economy, accounting for around 8.5 per cent of global gross domestic product (GDP). And if the global circular economy reaches $4.5 trillion by 2030, India would have a $45 billion potential if it captures only 1 per cent of this market. According to research, if India’s portion of the circular economy matches its contribution to world GDP at 8.5 per cent, there will be a potential $380 billion circular economy here.