India G-20 Presidency Agenda: Circular economy agenda to be thrust during G-20 Presidency, says G-20 Sherpa Amitabh Kant

Amitabh Kant, G-20 Sherpa, Government of India today said that India’s long-term low emission development strategy is to achieve climate goals and the need for sustainable production. He stressed that in order to achieve the Sustainable Development Goals, India needs to look at alternative paradigms of production and consumption for sustainable materials and for the betterment of society.

Addressing the ‘6th edition of FICCI Circular Economy Symposium 2022’, Kant said that today there is a high level of awareness among the government, institutions and corporates about circular economy. β€œDuring our presidency of the G-20, we will emphasize the circular economy agenda to develop consensus on key issues. The G-20 provides an opportunity to accelerate the circular transition and FICCI will need to play an effective role in the many deliberations under the G-20,” said the G-20 Sherpa.

India has so far identified some of its priority issues – growth and prosperity, resilient global value chains, MSMEs, logistics and WTO reform – under its G20 chairmanship from December 1, 2022 to November 30, 2023. Finance Minister Nirmala Sitharaman In his recent speech during the 14th Annual International G20 Summit session, he also assured that issues related to climate finance and sustainable development will be at the core of the agenda.

Kant further stated that the transition to a fully circular economy within a generation would require immediate and large-scale action from all parts of society. He emphasized the fact that a circular economy is essential to climate change and a large amount of cross-sectoral collaboration is important to facilitate a circular economy.

Global circular economy transition presents US$4.5 trillion in value potential by 2030; A recent FICCI-Accenture report found that a value of US$ 0.5 trillion will be unlocked through the circular economy in India.

β€œWe ensure that regulations do not become burdensome and there are cross-cutting issues that will be identified and resolved. We will promote this through business models and startups and create a business model of circular economy. It should be a part of innovation, Part of the business model should be that whatever we produce becomes an input into another thing that we produce, so there are backward and forward linkages,” he said.

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The Ministry of Environment and Forests this year introduced Extended Producer Responsibility for used tires and batteries, and revised rules for e-waste and plastics.

He emphasized that climate change and material use are closely linked as circular economy strategies ultimately prioritize material value retention and cut down on excess consumption; The G-20 Sherpas said they can be extremely effective in cutting greenhouse gas emissions.

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