Global efforts to create a circular economy would have a greater effect in fighting global warming than the green agenda reduced to accelerated abandonment of fossil fuels, Boris Titov, the special representative of the Russian President for relations with international organizations for achieving sustainable development goals, said during COP29 in Baku, Report informs.
"The waste problem is perhaps even more acute than global warming. Over the past two decades, material consumption worldwide has increased by more than 65%. And only 7.2% of used materials return to the economy after use. Moreover, this figure has decreased – in 2018 it was 9.1%. If this trend continues, we will soon simply run out of space on our planet to bury the growing mountains of waste," said Titov.
He noted that a circular economy could make not only a huge contribution to resource conservation.
"It is also crucial for fighting climate change. 70% of global greenhouse gas emissions come from just three industries – cement, metals, and plastics production. Converting these industries to a circular cycle would reduce greenhouse gas emissions by 40% by 2050. If we add the implementation of a circular approach to the food system, the figure would be 49%," he said.
Titov believes that the circular economy addresses several UN Sustainable Development Goals (SDGs) at once.
He added that in the US, for example, calculations show that a complete transition to a circular economy reduces the country's need for raw materials and frees up to $1.5 trillion (7% of GDP).
"The circular economy opens up vast opportunities for the entire world and is an alternative to the difficult-to-implement abandonment of fossil fuels. Nevertheless, the topic of global financing for this agenda, similar to the 'green energy transition,' is not even being raised," emphasized the Russian President's Special Representative.
"The potential of the circular economy is enormous, and it's time to utilize it fully," added Titov.