India’s G20 Sherpa and former NITI Aayog chief executive Amitabh Kant emphasized the country’s strategic shift towards a circular economy, citing its potential to foster environmental conservation, economic growth, and job creation. Speaking at the ‘FICCI Circular Economy Symposium’, Kant set forth an ambitious target for India to reduce the cost of green hydrogen production to $1 per kg by 2030, down from the current rate of $4.5 per kg.
Kant underscored the urgency for India to accelerate its growth rate from the current 7.5 percent to between 9 and 10 percent per annum in the coming years, with a particular focus on renewable energy and green hydrogen. “India is climatically blessed to produce green hydrogen,” he stated, highlighting the country’s unique position in the global push for renewable energy.
In his address, Kant stressed the importance of transitioning to a circular economy – an economic system that emphasizes recycling and reusing inputs to minimize environmental emissions and facilitate sustainable production. “We need to achieve the circularity of inputs. India is currently not circular, and the economic model is linear. There is a radical need to transit to a circular economy as it opens a huge possibility of innovation, disruption, and help reduce greenhouse emissions,” he added.
The transition to a circular economy, according to Kant, is crucial for India to become a global leader in sustainable development. This includes investing in infrastructure and fostering innovation to accelerate the transition process.
Contributing to the symposium, Michael Bucki, Counsellor, Head of Section – Delegation of the European Union to India, acknowledged the significant opportunities for mutual learning and collaboration between India and the EU in the circular economy domain.
Janardhanan Ramanujalu, Vice President, Regional Head- South Asia & Australia, SABIC, pointed out the challenges posed by rapid urbanization, deforestation, and population growth, leading to carbon dioxide imbalance. He advocated for a focus on the circular carbon economy, including steps like carbon capture and utilization, recycling of carbon-based products, and innovation in materials.
