Sustainable Development blueprint: The Plan for a Future Proof Environment
In an effort to move towards a more sustainable future, the concept of circularity is gaining traction across industries. This approach, which focuses on extending product value and resource recovery, can drive large-scale change towards a resilient, resource-efficient, and low-waste economy.
The CII-ITC Centre of Excellence for Sustainable Development (CESD) is playing a key role in promoting the principles of the circular economy within the Indian industry. Three companies leading the charge in implementing sustainability strategies within this context are Hindustan Aeronautics Limited (aerospace), Titan Company Limited (consumer goods), and ITC Limited (diversified sectors).
One of the strategies being adopted by these companies is the shift towards business models such as Product as a Service (PaaS) and Retain Product Ownership (RPO). This approach allows businesses to lease or rent products, promoting a more sustainable and efficient use of resources.
The circular economy also emphasises the importance of designing products for durability and repair. By promoting long-product life, these principles aim to reduce waste and extend the useful life of products, ultimately contributing to a more sustainable economy.
Resource recovery is another crucial strategy in the circular economy. By focusing on the end stages of the usage cycle, companies can recover materials and resources, adding to their economic benefit and reducing the need for new raw materials.
As more companies, governments, and individuals adopt circular practices, the vision of a sustainable economy becomes closer. By embracing circularity at every level, we can work together towards a future that is not only economically viable but also environmentally responsible.
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