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The Zero-Waste Concept

ESG Briefings by Lodha & Co LLP

ESG Research and Knowledge sharing Platform

发布日期: 2023年6月7日

Introduction

The Zero Waste movement is gaining momentum globally, and for a good reason. According to the World Bank, the world generates 2.01 billion tonnes of municipal solid waste annually, and this number is expected to increase to 3.4 billion tonnes by 2050. The waste sector contributes significantly to the triple planetary crisis of climate change, biodiversity and nature loss, and pollution. Humanity generates an estimated 2.24 billion tons of municipal solid waste annually, of which only 55 per cent is managed in controlled facilities. Every year, around 931 million tons of food is lost or wasted and up to 14 million tons of plastic waste enters aquatic ecosystems.

The Concept

The concept of zero waste is simple: it is a holistic approach to waste management that aims to reduce, reuse, and recycle waste, with the ultimate goal of eliminating it completely. Zero waste means adopting sustainable practices that prioritize waste reduction, and it has become an increasingly popular concept in recent years due to the growing concern over climate change and environmental degradation.

Businesses have a significant responsibility to minimize waste and contribute to a circular economy. Not only does it benefit the environment, but it can also lead to cost savings and enhanced brand reputation.

To achieve a zero-waste goal, businesses need to implement sustainable practices across their entire value chain, from procurement and production to packaging and disposal in closed circular fashion. One effective strategy is to prioritize waste reduction and reuse in the design and development of products and services.

Furthermore, businesses can invest in innovative waste management systems, such as composting and recycling, to divert waste from landfills and incinerators. By adopting a circular economy model, companies can create new revenue streams and contribute to the overall sustainability of our planet.

Consumers can also play a pivotal role in enabling zero waste by changing habits and reusing and repairing products as much as possible before properly disposing of them.

However, it is not just about the bottom line. As a corporate citizen, businesses have a moral obligation to address the global waste crisis and take concrete action to promote sustainable development.

The importance of zero-waste initiatives is being increasingly acknowledged by governments, communities, industries, and other stakeholders. To support these efforts, financial and policy measures are being implemented to strengthen waste management and enhance recovery systems. The United Nations General Assembly, along with member states and other stakeholders, established the Global Strategy for Sustainable Consumption and Production to provide guidance for this transition. This strategy aims to promote sustainable consumption and production objectives across all sectors by 2030.

Disclaimer

This article, prepared by Lodha&Co (the company), is solely for information purpose and do not constitute any offer for services or a document for adverting or marketing the services, and does not formwork of solicitation of professional work, whatsoever. This information in this document is provided in confidence at the request of the receiving party and the receiving party may not disclose or forward to any third party or use for any other purpose without the express written permission of the company. Logos used in the documents are the property of the respective companies except for the logo of Lodha&Co. Due credit has been given to the respective organization/companies/research team wherever 3rd party content is used as reference material in this document and hence, there is no infringement of any kind of copyright in any manner.

About Lodha&Co

We are one of the oldest and largest Audit firms in India, present across India's major cities.

MUMBAI

40, Karim Chambers, A. Doshi

Marg, Fort, Mumbai-400001.

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