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BW Businessworld

Recycling Is The Business Itself

The value of sustainability in recycling is becoming more important and each stakeholder is taking their duty of contributing to a more sustainable economy

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As we move towards sustainability, The last 21 odd months have taught us that all of us are more connected and what happens in one part of the world impacts all of us. The value of sustainability in recycling is becoming more and more important and each stakeholder is taking his or her duty of contributing to a better environment to a greener tomorrow, to a greener economy, to a circular economy, to a more sustainable economy.  

in light of the above developments, BW Busnessworld organized an award function related to “recycling for a greener tomorrow” and in that conclave, Shri Praveen Garg, Retired IAS, Retired Special Secretary & Financial Advisor Moefcc shared his thought process in regards to the importance of sustainability and recycling. Recycling is a processing of the material that are products considered waste or ought to be disposed of so that they can be reused and you do not need to explore more natural resources from the environment or at least we slow down the rate at which natural resources need to be used.

Shri Praveen Garg, Retired IAS, Retired Special Secretary & Financial Advisor MoefcC said, "The recycling and waste management industry is a pool ecosystem by itself and this industry needs to still evolve a lot as per the material recycling Association of India (MRAI), India's recycling rate stands at just 30 percent this is way below the international standard which is an average of 60 percent whereas in the Scandinavian countries the average recycling rates for all categories have reached 90 percent. Therefore, it is high time that we give importance to our recycling industry." Under SDG 12, the goal is responsible consumption and production and this includes a target so post on environmentally sound management of all waste through prevention, reduction, recycling, and reuse.

He further added, "Environmental benefits promoting the recycling industry will help to generate jobs and to reduce dependence on imports. Indian recyclers depend mainly on the imports of quality scrap, Consequently, India is the third-largest importer of various types of scrap materials. A paradigm shift is needed to shift from produce, consume, dispose of the led linear economy to produce consumer recycle led circular economy, which is more regenerative. Most importantly, I believe finances are the most important you may have the brightest ideas but if you don't have finances lined up for that it's difficult to implement. If you want to establish a more formal ecosystem and ease of doing business for recyclers with the Marketplace for step and recycle products that are in harmony with the Global standards and certifications."

Undoubtedly, sustainability and recycling are the sides of the coin but recycling is only a subset of the encompassing concept of sustainability. When the term sustainability was popularised by the United Nations Brundtland Commission in 1987, in the report that was released at that point of the time. The underlying goal was to ensure that the earth's resources are used without compromising the ability of future generations to meet their own needs. Since then, everyone has come a long way with the sustainable development goals being set up in 2015 by the United Nations General Assembly which is a collection of 17 goals designed to be a blueprint to achieve a better and more sustainable future for all of us. In India, the last year 2121 SEBI student circulars on business responsibility and sustainability reporting by listed entity framework made reporting for top 1000 listed entities by the market cap voluntary for the 2021-2022 and it is mandatory for the financial year 2022-2023 big thing.


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