In the past century alone, rapid innovation has managed to feed almost 1 bn additional people. Climate vulnerability not only threatens this very basic goal, but also raises critical questions about preserving the circle of life, one that can be encapsulated in a single word – sustainability.
Perhaps the most untenable development in the past hundred years has been the growth in human population. Everything else is a consequence of that. This explosive growth raises an urgent question: how can we sustain a thriving planet with finite resources under such pressure? Especially in India, home to almost one-fifth of the global population?
India’s economic model has largely been linear. But with a growing population and fast-paced infrastructure development, it needs resource optimisation that focuses on a more efficient and judicious use of natural resources, as well as waste reduction by means of better disposal, management and recycling to help reduce its environmental footprint.
The linear ‘take-make-dispose’ model is no longer an option. Circularity, perhaps, is the best way forward, if we are to ensure future growth of the economy along low-carbon pathways. In a circular economy, products are reusable and waste is raw material, the aim being to minimise the use of limited natural resources, reduce GHG emissions and stem biodiversity loss.
India has taken bold steps toward a sustainable future with ambitious climate targets. At COP26, it committed to reducing the emissions intensity of its GDP by 45% by 2030, and to reaching net-zero by 2070. RE is at the heart of India’s sustainability strategy, with plans to achieve 500 GW by 2030.India is already making significant advances in implementing floating solar panels given the scarcity and rising cost of land. Water, a resource often taken for granted, could play a vital role in India’s energy transition. The hydrogen contained in water can serve as a clean, renewable fuel source.Chemistry has been fundamental in diverse industries like infrastructure, automotive, health and hygiene, agriculture, electronics and electricals, to both enable and catalyse change and innovation. From fertilisers that fuel crop yields, to materials that keep food fresh, chemical innovations have helped bridge essential resource gaps through continuous innovation.
Without these advances, feeding and housing 8 bn people would have been unthinkable. Today, chemistry remains central to sustainability. Around 10 of UN’s SDGs are directly enabled by chemistry.
India’s population growth and rapid urbanisation must inform the move away from linearity. From agriculture to urban infrastructure, its growth must now be shaped by a circular economy that optimises material use, reduces waste and lowers carbon emissions.
India ranks 138th on the Climate Vulnerability Index. Yet, its aspirations for growth and improved living standards remain strong, despite being increasingly vulnerable to climate change.
According to an assessment by Council on Energy, Environment and Water (CEEW), more than 80% of India’s population lives in districts highly vulnerable to extreme hydro-meteorological (hydro-met) disasters. Unsustainable land use, poorly planned infrastructure and microclimate changes have only added to these vulnerabilities. Adopting a circular economy can mitigate these risks by building resilience, conserving resources and fostering sustainable communities.
According to a KPMG study, estimated savings from circularity are pegged at $624 bn in 2050, as per current trends. When we see that against the estimated cost of climate change loss and damage by 2050 as anywhere between $1.7 tn and $38 tn a year, it makes a compelling business case for sustainability.
Balancing the needs of the environment and the demands of a growing population in the world’s most exciting economic playing ground needs a delicate balance. A circular economy represents more than just a strategy for managing resources. For India, where rapid population growth and resource constraints are realities, the journey toward circularity is a commitment to future-proofing, where growth and sustainability go hand in hand.
The writer is managing partner,METIS Strategy Advisors
