Govt Launches Resource Efficiency Circular Economy Industry Coalition

The Union Minister for Environment, Forest & Climate Change, Labour & Employment, Shri Bhupender Yadav addressing at 3rd edition Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India” via video conferencing, in New Delhi on July 27, 2023.

A Resource Efficiency Circular Economy Industry Coalition (RECEIC) was recently launched on the sidelines of the 4th G20 Environment and Climate Sustainability Working Group (ECSWG). At a meeting held in Chennai on July 27, Union Minister Bhupender Yadav stated that the RECEIC would act as an overarching platform. It would enable industries to address information, gaps and help to address challenges across the G20 members.

They launched the industry-driven initiative at the G20 event, to build a self-sustaining initiative. This forum was launched followed by the signing of the foundational charter and the unveiling of the logo. Further, the minister acknowledged the commitment of the 39 founding members of RECEIC for stepping forward to join this coalition. After a compelling discussion at the session, they shared a draft communique, with a shared goal of achieving a conclusive outcome.

The mission of this coalition is to facilitate and foster greater company-to-company collaboration. It would help in building and advancing capabilities across sectors and value chains and bring the learnings from diverse global experiences. The coalition members can use the platform to unlock on-ground private sector action to enhance resource efficiency and accelerate the circular economy transition.

At the launch, the minister emphasized that RECEIC would play a pivotal role. He said that the alliance could help in promoting technological cooperation and encourage knowledge transfer, fostering innovation, and facilitating the exchange of insights to enhance access to finance. The minister sought the support to structure the coalition around the three guiding pillars. These pillars are built around partnerships for impact, technology cooperation, and finance for scale.

In addition to this, the minister also highlighted the importance of bringing resource efficiency and a circular economy industry coalition. He suggested that through this collation, they aimed to contribute towards progress on key global goals and priorities set by the G20 at the other international forum. Further, at the ECSWG meetings, the member held deliberations over sharing knowledge, formulating action plans, and directing collaborative efforts toward developing effective strategies and initiatives for a sustainable future and combating climate change. In due course of time, RECEIC may be invited to the G20 Resource Efficiency Dialogue, for annual convenings as well as sharing their experiences with the G20. It shall highlight the factors contributing to enhancing resource efficiency and circular economy.

The mission of this coalition is to facilitate and foster greater collaboration among companies and to build advanced capabilities across sectors and value chains. The learnings from the diverse and global experiences of the coalition members, and unlock on-ground private sector action would help to enhance resource efficiency and accelerate circular economy transition.

Through this resource efficiency and circular economy industry coalition, the companies can also aim to contribute towards progress on key global goals. They can priorities and set goals for the G20 and other international fora. The RECEIC can also act as an overarching platform enabling industries to address information gaps and coordination challenges across the G20 members.