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Prop up circular economy to dilute environmental woes

Published : Friday, 9 February, 2024 at 12:00 AM  Count : 1483
Md Ashabur Rahman
Circular Economy (CE) lies in the basic sustainability principles of waste reduction, reuse, and recycling. It can reinvigorate those principles by building them into the foundations of product design, material acquisition, manufacturing, and the global economy.The circular economy model ensures every step of a manufactured product that the raw materials can be fully recovered, recycled, or upgradedto achievefinancial gain and a zero waste target. The model keeps resources in play for as long as possible and leads tofixing environmental woes.Such a means generates employment, promotesa business atmosphere, stops biodiversity loss, and dilutes ecological sufferings.

The World Circular Economy Forum (WCEF) 2023 was held in Helsinki, with nearly 1,900 forward-looking thinkers and CE trailblazers making essential decisions on circular and sustainable future transition. Financial institutions were expected to integrate into the change through their CE investment decisions. Afterward, Bangladeshs 1st Circular Economy Summit (2023) in Dhaka underlined the circularity of resources for economic growth, waste management, transition to a CE, and promoting the CE business model. The event convened business leaders, CE trailblazers, government officials, and researchers to accentuate the CE transitions by sharing the best strategies and effective policies for being a part of the CE meta-regime.

Therefore, plastic products pollute land, sea, and ecosystems, and potential solutions can be found by applying the CE model. It can fix environmental woes and other challenges by controlling economic activity from the consumption of limited resources.It provides a framework for governments to attain economic, environmental, and societal desires and product policy transitions for circularity to restore ecosystems. According to the report published by the Ellen MacArthur Foundation, aCE can relegate carbon discharges from construction ingredients by 38% in 2050 through diluting demand for steel, aluminium, cement, and plastic.

Over the past decades, international communities have already accomplished notable progress in materials use through circularity. The EU and many other countries have taken different aspects of CE to apply meta-rules in policy-making and business practices. Bangladesh can absorb such meta-rules for the CE implementation. Accordingly, debasing resource efficiency, closing material loops, indiscriminate disposal of industrial debris, flotsam-jetsam, and diluting environmental management systems enhance ecological pressures and create obstacles in the waxing of the atmosphere.

Hence,policy ineffectiveness and a win-lose remark of existing environmentallegislation must be changed to evolveCE as a new policy concept to attain economic goals and remove ecological woes. Bangladesh needs to accept CE action plans to boost a sustainable financial system. The Government of Bangladesh has already started inserting the CE concept in recent action plans, policies, and programs. The Bangladesh Delta Plan, the Eighth Five-Year Plan,the Nationally Determined Contributions 2021,the Plastic Industry Development Policy 2023, and the National Industrial Policies encompass reuse, recycle, recover, and redesign issues, which are the parts of CE and environmental safeguard. Other existing plans, policies, and legal instruments are being amended to include the CE policies for environmental protection, resource recycling, waste management, and economic growth.

To some extent, it can be said that Bangladesh needs to form a resource efficiency platform and resource efficiency plan mandatorily.Resource efficiency should be enhanced in every sphere of life,which can lead companies and businesses to use CE models. It can support cost-effective production and build a sustainable economy.The global community has taken many steps to address the economy-wide CE transition. International climate activists have emphasized changing the current development model of the global economy to a circular one.

Therefore, the Basel Convention, the Hong Kong International Convention, theKyoto Protocol, and other regional trade agreements patronize global waste management or control and protectionof natural resources for environmental safety. They also promote CE in international business and trade.

The CE is not only an option but also an imperative for business and environmental survival.The World Economic Forum Centre for Nature and Climate is devotedly inspiring the shift to a CE by supporting the creation of a more sustainable and sturdy economic system by reducing waste and maximizing resource efficiency. The Paris Agreement calls for the renovation of production and consumption patterns because the extraction of natural resources causes half of the global carbon releases and over 90% of biodiversity loss. The move to a CE can help accomplish the UNs Sustainable Development Goals and the Paris Climate Change Agreements goal of curbingworldwide temperature rise.

Pareto optimality can be used for environmental management where the implications of tradeoffs and sacrificing economic benefits in using natural resources can reduce environmental degradation. CE can support Pareto Optimal decisions for building a sustainable economy.

Accordingly, stopping extravagant practices and confirming sustainable consumption requires systemic change. It is imperativeto reconsiderBangladeshs current industrial systems of operation and governance. Promises, smart incentives, investments,and actions are essential from all and sundryto projecta regenerative production cycle ofmaterials. A system needs to be developed where the CEreaches the mass people. Finally, implementing CE metapolicies for environmental safeguarding and economic growth in all sectors can prop Bangladesh to build a sustainable economy and dilute environmental woes.

The writer specializes in International Economic Law


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