Union Minister Bhupender Yadav launches Resource Efficiency Circular Economy Industry Coalition in Chennai

Union Minister Bhupender Yadav launches Resource Efficiency Circular Economy Industry Coalition in Chennai: In keeping with India’s G20 presidency, Union Minister Bhupender Yadav launched the Resource Efficiency Circular Economy Industry Coalition (RECEIC) in Chennai. The coalition aims to promote resource efficiency and circular economy practices worldwide, bringing together companies from various sectors and countries. The event was held in conjunction with the G20’s Environment and Climate Sustainability Working Group and Environment and Climate Ministers Conference.

Daily Current Affairs Quiz: August 2023

The Vision for RECEIC:

Under India’s G20 Presidency, the Resource Efficiency Circular Economy Industry Coalition (RECEIC) was launched to foster resource efficiency and circular economy practices globally. The coalition is meant to be a self-sustaining effort that will continue to operate after India’s G20 presidency, creating a lasting impact on environmental sustainability.

Diverse Participation of Founding Members:

RECEIC comprises 39 companies headquartered in 11 different countries, representing a diverse range of businesses. These companies range from global enterprises to startups and Small and Medium Enterprises (SMEs) in fields such as manufacturing, waste collecting, sorting, and recycling.

Addressing Critical Environmental Challenges:

The world faces pressing challenges such as climate change, biodiversity loss, and pollution. Resource efficiency and circular economy strategies offer compelling solutions to tackle resource scarcity and promote equitable and sustainable development. By transitioning from the linear “take-make-waste” model to a more sustainable and regenerative approach, these strategies optimize resource utilization and minimize waste.

Catalyst for Positive Change:

Union Minister Bhupender Yadav emphasised RECEIC’s importance as a catalyst for action and long-term solutions. Through collaboration, the industry can transform aspirations into tangible actions, facilitating partnerships, technological cooperation, knowledge exchange, and innovative financing.

Guiding Principles of RECEIC:

The coalition operates based on three guiding principles: a. Partnerships for Impact: Collaboration among participating industries to drive meaningful change and collective action. b. Technology Cooperation: Promoting the exchange of innovative technologies to support sustainable practices. c. Finance for Scale: Facilitating access to financing for large-scale adoption of resource efficiency and circular economy practices.

Collaborative Platform for Sustainability:

RECEIC serves as a collaborative platform for sharing best practices, sustainable strategies, and knowledge among participating industries. RECEIC aspires to enhance resource efficiency and circular economy practises on an unprecedented scale by encouraging knowledge sharing.