Resource Efficiency Circular Economy Industry Coalition (RECEIC)

Why it is in News ?

Union Minister launches "Resource Efficiency Circular Economy Industry Coalition" on the sidelines of 4th G-20 Environment and Climate Sustainability Working Group and Environment and Climate Ministers’ meeting in Chennai

What is Circular Economy ?

• The circular economy is an economic model that aims to create a regenerative and sustainable system by minimising waste, maximising resource utilisation, and promoting a continuous loop of product lifecycle. 

• Unlike the traditional linear economy, which follows a "take, make, dispose" pattern, the circular economy emphasises reducing, reusing, and recycling materials to keep products, components, and materials in use for as long as possible.

• It includes 6 R’s - Reduce, Reuse, Recycle, Refurbishment, Recover, and Repairing of materials.

Resource Efficiency Circular Economy Industry Coalition (RECEIC)

• Resource Efficiency Circular Economy Coalition (RECEIC) is a pioneering initiative aimed at promoting global resource efficiency and circular economy practices by fostering collaboration between nations, industries, and experts. 

• The coalition was conceptualised during India's G20 Presidency and is envisioned to be industry-driven and self-sustaining beyond that period.

Key Details:

Mission of RECEIC :  The mission of this coalition is to,

• Facilitate and foster greater company-to-company collaboration

• Build advanced capabilities across sectors and value chains

• Bring learnings from diverse and global experiences of the coalition members, and 

• Unlock on-ground private sector action to enhance resource efficiency and accelerate circular economy transition.

Objectives of RECEIC:  The coalition seeks to achieve its mission by fostering greater, 

• Company-to-company collaboration, 

• Building advanced capabilities across sectors and value chains, 

• Sharing diverse global experiences of its members, 

• Encouraging on-ground private sector action to enhance resource efficiency, and accelerating the transition towards a circular economy.

Aim: The primary goal of RECEIC is to address environmental challenges arising from various forms of waste, including plastics, microplastics, e-waste, and chemical waste.

Founding Members: 

• The coalition boasts 39 multinational corporations (MNCs) hailing from diverse sectors such as steel, fast-moving consumer goods (FMCG), and electronics. 

• These corporations have pledged to adopt resource efficiency and circular economy principles.

Leadership: RECEIC will be industry-led, with the government playing a supporting role in its endeavours.

Pillars of RECEIC :  RECEIC is structured around three guiding pillars: 

• partnerships for impact,

• technology cooperation, and 

• finance for scale.

Global Presence:  The coalition's launch event witnessed the participation of ministers from seven countries—Mauritius, Denmark, Italy, Canada, UAE, France, and the European Union—who attended the signing of the foundational charter and unveiling of the coalition's logo.

        The RECEIC aims to contribute towards achieving critical global goals and priorities set by the G20 and other international forums. By bringing together industry players and experts from various sectors, the coalition seeks to make a significant impact in addressing environmental challenges associated with waste and promoting sustainable practices on a global scale.