Global Carbon Council, World Sustainable Business Forum collaborate to promote circular economy

A new global collaboration agreement has been announced by Global Carbon Council (GCC), and the World Sustainable Business Forum (WSBF) including WSBF Foundation, on Friday, aimed at paving the way for a Global Circular Economy.

The collaboration secures cooperation between GCC and WSBF on an international programme of activities to build capacity of organizations, from governments to global brands, to adopt practices which support a circular economy.

The collaboration will focus on building capacity for the use of market instruments provided by GCC for WSBF Global Circular Economy stakeholders that lead to issuance of high-quality carbon credits and plastic credits enabling organisations to reduce their environmental impact and meet their climate obligations in line with the ambitions of the Paris Agreement.

Circular economy strategies

The United Nations Development Programme (UNDP) has revealed that material extraction and use amount to 70 percent of all global greenhouse gas (GHG) emissions. It is estimated that circular economy strategies can help reduce global GHG emissions by 40 to 50 percent by 2050.

Despite the urgent need to shift to a circular economy, material extraction is rising every year, with circularity declining – from 9.1 percent in 2018 to 7.2 percent in 2023. According to UNDP, studies show us that, through efficient and more circular use of materials in just four key industrial materials (cement, steel, plastics, and aluminium), circular economy strategies can help reduce global GHG emissions by 40 percent by 2050.

14 million tons of plastic in ocean every year

According to IUCN, at least 14 million tons of plastic end up in the ocean every year. Plastic debris is currently the most abundant type of litter in the ocean, making up 80% of all marine debris found from surface waters to deep-sea sediments.

According to Accenture, the Circular Economy could generate $4.5 trillion of additional economic output by 2030 and as much as $25 trillion by 2050. The GCC and WSBF collaboration aims at catalysing the international circular economy and supporting organisations to prioritise plastic pollution abatement, sustainability, and decarbonisation. Beyond the issuance of carbon and plastic credits, the new collaboration will also facilitate mutual research, joint policy advocacy and knowledge-sharing.

Drive environmental integrity

Dr. Yousef Alhorr, founding chairman of Global Carbon Council (GCC), said: "By collaborating with WSBF, we are combining our collective expertise, networks, and influence to build a collaboration that can support economic prosperity and drive environmental integrity. Together, the GCC and WSBF are embarking on a major collaboration to develop capacity of organisations to realise the positive potential of the circular economy.”

Merzi Sodawaterwala, founding chairman of World Sustainable Business Forum (WSBF) co-founder of WSBF Foundation and WSBF Climate Ltd, said: “As highlighted by UNDP, material consumption has risen by over 65 percent globally in the past two decades, reaching 95.1 billion metric tons in 2019. However, only 7.2 percent of used materials are cycled back into our economies after use. As we propel towards a Global Sustainable and Circular Carbon Economy, this global collaboration on the eve of COP28 in UAE is not just an economic vision, it is a moral imperative to Transform, Decarbonize and Future-Proof the New World Circular Economy.”

Reduce waste

The circular economy is defined as the model of production and consumption that utilises refurbishing and recycling of existing materials to reduce waste . The International Labour Organisation has estimated that by transitioning towards a circular economy, 6 million jobs can be created globally by 2030 .

Ranjit Baxi, co-founder of WSBF Foundation and WSBF Climate Ltd and founder of the Global Recycling Day, said: “Through the combined efforts of GCC and WSBF, we are championing a world future where waste is an antiquated concept, and resources are valued and utilized to their fullest extent. By supporting the vision of a $25 Trillion Global Circular Economy by 2050, we are empowering global sustainability, driving decarbonization efforts, and helping to set new standards for climate action."

Kishor Rajhansa, Chief Operating Officer of GCC, said: “Through this collaboration, we aim to empower organisations with the much needed practical and credible solutions that channel resources into impactful circular economy projects resulting in the issuance of valuable certified carbon credits and plastic credits.”

ALSO READ:

• UAE minister urges businesses to mainstream sustainability as a pathway for unlocking inclusive climate solutions

• From CEOs to students: Dubai adventurer calls on residents to row around UAE coastline in new COP28 challenge

• UAE initiative improves access to clean drinking water for 10,000 people in villages, schools of rural Vietnam

• Achieving Net Zero Emissions Is A Challenge, But It Is Possible

• COP 28