IE Seminar – Closing the loop through circularity

IE gathered experts to deliberate on the topic of closing the loop through circularity. It highlighted the need and impact that circular economy will create on businesses.

Listen to this article

The immediate need for handling plastic waste…

– Dr Indumathi M Nambi, Professor, IIT Madras

The scenario of global plastic use presents a concerning trend, with consumption steadily increasing over time. Different regions exhibit varying consumption patterns, but overall, there’s a notable rise in plastic consumption worldwide. In the past nine years, global plastic consumption has doubled with expectations of similar growth in the next decade, reaching approximately 1231 million metric tonnes. This surge in plastic use outpaces economic growth, leading to significant environmental concerns.

The struggle for managing waste
The linear pattern of plastic consumption results in vast amounts of waste. Despite efforts in management, recycling rates remain alarmingly low, with the global average hovering between 9 per cent to 14 per cent. Consequently, a large portion of plastic waste ends up in landfills, incinerators, or polluting water bodies. Developing countries, including India and various African nations, struggle with collection. The consequences extend beyond environmental degradation. Microplastics pose risks to health, with evidence suggesting their presence even in blood. Government intervention is crucial in addressing this crisis.
Recent amendments to plastic waste management rules in India aim to streamline waste management processes, particularly through Extended Producer Responsibility (EPR). The introduction of a plastic credit system seek to incentivise producers to responsibly manage waste by allocating credits to processors.

Industry and Individual responsibility
Industry initiatives also play a vital role. Collaborative efforts, such as the Plastic Pact and the Global Plastic Commitment, bring together organisations in promoting circular economy principles. Innovations in packaging alternatives and recycling technologies are essential for mitigating plastic pollution.

People too have a role to play in reducing plastic consumption by making mindful purchasing choices and supporting initiatives promoting reusable and sustainable products. Additionally, policy changes, effective waste management strategies and public awareness campaigns are essential components of a comprehensive approach to addressing plastic pollution.

Latest

India Post records highest ever Q1 revenue

The Minister held Business Review Meeting with all 23...

MRF ranked India’s most valuable tyre brand

The company also featured among the Top 50 most...

Aditya Birla Group buys Shell’s renewable arm for $1.8 bln

The company will make the acquisition from Shell Overseas...

TVS Emerald to develop residential project in West Chennai

The Koyembedu–Poonamallee corridor, a rapidly expanding residential micro-market that...

Newsletter

Don't miss

India Post records highest ever Q1 revenue

The Minister held Business Review Meeting with all 23...

MRF ranked India’s most valuable tyre brand

The company also featured among the Top 50 most...

Aditya Birla Group buys Shell’s renewable arm for $1.8 bln

The company will make the acquisition from Shell Overseas...

TVS Emerald to develop residential project in West Chennai

The Koyembedu–Poonamallee corridor, a rapidly expanding residential micro-market that...

Retail Inflation crosses 4% in June

“Food inflation contributed 185 basis points (bps), while non-food...

India Post records highest ever Q1 revenue

The Minister held Business Review Meeting with all 23 Circles of India Post, which reviewed performance and charted the roadmap for the months ahead. India...

MRF ranked India’s most valuable tyre brand

The company also featured among the Top 50 most valuable brands in India across sectors in the report. Brand Finance India report, unveiled under the...

Aditya Birla Group buys Shell’s renewable arm for $1.8 bln

The company will make the acquisition from Shell Overseas Investment B.V and the transaction is amongst the largest acquisitions in India’s renewable energy sector...