Circular economy system needed for sustainable growth: Experts

Bangladesh needs to follow the “circular economy model” for effective waste management to ensure sustainable economic growth and tackle climate change and global warming challenges induced by unplanned consumption of natural resources, experts said on Sunday.

They called for policy alignment to run industries on the right path to ensure a circular economy. They also called upon industries and local government to work cordially for reducing waste, reusing and recycling resources and products.

Mentioning a large amount of waste is collected and recycled informally in the country, the experts also urged the government to recognise them as the formal sector to be more dynamic in the country’s circular economy.

The observations came during a programme titled ‘Current Scenario of Circular Economy in Bangladesh: Problem and Prospects’ at the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) auditorium in Dhaka.

Chittagong University’s Professor Mohammad Mosharreaf Hossain urged ministries concerned and businesses to ensure a circular economy system to achieve sustainable economic growth.

“We lack of data capacity and it needs to be resolved soon. We can reduce 60 per cent use of water in economic zones through circular economy and should emphasise on that,” he added.

He said developed countries became developed nations utilising huge natural resources. “We don’t have enough natural resources now. We have to reuse and recycle our resources,” he said.

Presenting key note papers, Assistant Professor of North South University Dr Mohammad Sujauddin said that at the rate at which different resources are being utilised, many of them would be depleted in a few years. However, it is possible to prevent this catastrophe if reuse is ensured.

The keynote identifies huge potential for a circular economy in Bangladesh. A large amount of waste is collected and recycled informally in the country and the trend is upward. With the formal recognition of this sector, the development of the country’s circular economy will be more dynamic.

FBCCI President Md Jashim Uddin urged the government to emphasise the collection system of waste management. “We should lay emphasis on the model for waste management to continue Bangladesh’s economic growth, benefitting the environment,” he added.

“Unplanned consumption of natural resources is increasing worldwide along with economic development, which results in climate change and global warming. Therefore, conservation of climate and biodiversity, prevention of waste and environmental pollution have become major challenges for the next generation. In such a situation, the development of a circular economy is very important here,” he said.

He added that the model combines production and consumption. The best use of resources can be ensured through waste management and recycling, which reduce carbon emissions, pollution. So the circular economy is an effective tool for achieving sustainable growth.