Enabling Circular Economy Through Digital Solutions
The primary goal of a circular economy is to eliminate the complete concept of end of life and There can be no better time to transition from linear to circular economy, said Ekta Narain, Co-founder and Chief business officer (CBO), Recykal in New Delhi.
While speaking at BW Businessworld's Sustainable World Conclave 2023, Narain noted that the concept of circular economy can be confusing. She added that it is a system that is restorative and regenerative by design.
The CBO also highlighted how the consumption and manufacturing system needs to be redesigned and that a regenerative ecosystem needs to be created. She expressed hope in the idea and said, “It’s a little tough, but not impossible.”
Narain listed out the four fundamental principles of a circular economy- "use clean, use less, use long, and use again." She noted that “use long” becomes a conflict between sales and sustainability but “that has to be the way of life.”
While talking about climate change, she stated that one way to reduce greenhouse gas emissions would be by digitising supply chains, which would lead to a 15 per cent reduction by 2030. Narain cited data and said that as far as ocean-bound plastic is concerned, eight million metric tonnes of plastic enter the ocean every year.
As for carbon emissions, she said that India alone emits three giga tonne of CO2 annually, roughly seven per cent of the global emission. However, if tech interventions and a circular economy were to be adopted, then there would be an increase from the current 30 per cent recycling rates in ocean-bound plastic and a USD 624 billion valuation of the resources by 2050 in the case of carbon emissions.
Shedding light on the role of technology in everyday life, Narain mentioned the importance of caring for the environment. “Tech disruptions are a way of life now and sustainability shouldn’t be left out," she concluded.
