Circular economy models revolutionise the home furnishing industry
Circular economy models revolutionise the home furnishing industry The Financial Express
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Sustainable Development Goals and Circular Economy
By Nikita Vaz
To create a better planet and a conscious business, sustainability must become a foundational pillar to strengthen the dynamic global landscape, where industries are transforming and adopting new models. In an era marked by environmental challenges and resource scarcity, circular economy models have emerged as a transformative solution to drive sustainability across industries worldwide.
What is Circularity?
Circularity entails products and materials flowing back to be utilised as resources in circular loops. One crucial aspect is incorporating circular thinking during the product design phase to ensure it can achieve its full circularity potential. This involves designing products to be repurposed, repaired, reused, resold, or recycled by minimising waste and enabling a systemic shift towards a circular economy.
Impacts of Circular Economy Models
- Circularity affects all aspects of a business, from customer interactions and product development to material sourcing and supply chain management.
- It emphasises reuse, refurbishment, remanufacturing, and recycling as ways to preserve as much value as possible and extend the lifespan of resources, products, parts, and materials for customers.
Revolutionizing the Home Furnishing Industry
Circular economy models are revolutionising the home furnishing industry by yielding positive impacts on businesses, individuals, and the planet at large. These models prioritize sustainability and resource efficiency, resulting in reduced waste generation and a lower environmental footprint throughout the product lifecycle. By emphasising reuse, refurbishment, and recycling, businesses can streamline their operations while minimising raw material consumption and greenhouse gas emissions.
India’s Green Economy
India’s green economy has consistently grown through government initiatives, corporate responsibility, and increasing consumer awareness. Besides being the world’s third-largest producer of renewable energy, India has set its clean energy targets under the Panchamrit action plan of achieving net-zero carbon emissions by 2070 and meeting 50% of electricity needs from renewable sources by 2030. The aim is to inspire and enable many people to live a better everyday life and contribute to the planet’s well-being.
Fostering Innovation and Collaboration
Furthermore, circular economy practices foster innovation and collaboration across supply chains, cultivating a culture of purposeful manufacturing and building resilience within the industry. From a societal standpoint, these models promote greater access to affordable and durable products, contributing to heightened customer satisfaction and well-being. By conserving resources and mitigating environmental harm, circular economy initiatives play a vital role in safeguarding ecosystems and preserving natural habitats for future generations. Overall, the adoption of circular economy principles in the home furnishing sector signifies a transformative shift towards a more sustainable and regenerative future for businesses, individuals, and the planet.
Embracing Circular Solutions
Companies should not only adapt but thrive in this new landscape to create a better home for a better everyday life. There should be a consistent drive to incorporate models that explore the potential for more circular solutions, such as furniture leasing, take-back and buy-back schemes, and assisting customers in repairing, reusing, and recycling old furniture or giving it a second life through reselling.
The Journey Towards Circular Enterprise
Transforming into a circular enterprise is one of the most ambitious and challenging goals today. Embracing circularity represents a systemic change that impacts every aspect of businesses. It will take time to navigate this complexity, but we believe that our collective contribution towards the circular economy will be significant when we do.
(The author Nikita Vaz is the country sustainability manager at Ikea India. Views expressed are personal and not necessarily those of financialexpress.com.)
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 15: Life on Land
The article discusses circular economy models and their impact on sustainability, resource efficiency, waste reduction, and greenhouse gas emissions. These topics are closely related to the above-mentioned SDGs.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- SDG 11.6: Reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality and municipal and other waste management.
- SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
- SDG 15.2: Promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and substantially increase afforestation and reforestation globally.
Based on the article, these targets are relevant to the circular economy models and sustainable practices discussed.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Percentage of renewable energy in the global energy mix
- Resource-use efficiency in industries
- Air quality in cities
- Municipal and other waste management practices
- Efficient use of natural resources
- Inclusion of climate change measures in national policies and planning
- Extent of sustainable forest management and reforestation efforts
While the article does not explicitly mention these indicators, they can be used to measure progress towards the identified targets based on the topics discussed.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix. | Percentage of renewable energy in the global energy mix. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. | Resource-use efficiency in industries. |
| SDG 11: Sustainable Cities and Communities | 11.6: Reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality and municipal and other waste management. | Air quality in cities, municipal and other waste management practices. |
| SDG 12: Responsible Consumption and Production | 12.2: By 2030, achieve the sustainable management and efficient use of natural resources. | Efficient use of natural resources. |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning. | Inclusion of climate change measures in national policies and planning. |
| SDG 15: Life on Land | 15.2: Promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and substantially increase afforestation and reforestation globally. | Extent of sustainable forest management and reforestation efforts. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: financialexpress.com
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