Tuesday, June 22, 2021

Watch this video to know everything about Circular Economy

India is the third-largest consumer of raw materials produced globally and estimated to consume nearly 15 billion tonnes of material by 2030 with the current economic trends. Electronic and Electrical Equipment manufacturing is dependent on high material consumption with metals like Iron, copper, silver and various rare earth elements. The rate of extraction of these resources for manufacturing is significantly higher than the rate of their formation in nature. Therefore, the Circular Economy approach will thus be imperative to fulfil the resource needs of the country.


What is Circular Economy?

Circular economy (CE) is an industrial system that is restorative or regenerative by intention and design. It replaces the end-of-life concept with a shift towards the use of renewable energy and eliminating the use of toxic chemicals. It aims to get rid of waste through the superior design of materials, products, systems, and business models.

Why is it important for India?

Electrical and Electronic Equipment waste is considered as one of the rich sources of secondary raw materials and can contribute towards resource security and environmental sustainability. India is the third most electronic waste (e-waste) generating country, however, only 10 percent of the waste is collected for recycling. The collection and management of EEE waste remains a key challenge. Perhaps, this necessitates the shift to a more circular approach for the sector.

Let’s get to know the opportunities entailed by Circular Economy

It has the potential for creating a significant economic impact. Urban mining from e-waste provides an opportunity for producers to ensure access to materials at a far lower cost and on a continuous basis. Sustainable and circular products would not only lead to reduced waste generation and pollution associated with disposal but also save related costs. CE measures can contribute towards preserving resources for future generations.

In the field of Electronics and Electrical Equipment sector, circular economy could address the challenges of raw material security, better product design, collection systems, recycling systems and secondary materials usage.

There has been a growing change in the perception of e-waste in the waste recycling market in India. Based on the learnings gained, the Central government has identified the need for, and opportunities offered by, a shift to a circular economy.

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