New Delhi, Nov 22 Experts have delivered a sweeping prescription to governments, civil society and industry for a globally coordinated approach to the responsible sourcing of raw materials needed to achieve a circular green economy.
In a report, the four-year EU-funded RE-SOURCING project proposes adopting a global vision of a circular economy and reduced resource consumption by 2050 and outlines a series of interim milestones and targets for three key industrial sectors: renewable energy, mobility, and electric and electronic equipment.
The report, released on Wednesday, acknowledged that several firms and governments are showing leadership to address troubling global environmental, social and economic issues including biodiversity and habitat protection, land, air and water pollution, climate change and access to clean water, air and healthcare and gender equality.
At the same time, they underline that “the corporate behaviour that existed in the preceding century is no longer acceptable. More responsible and sustainable practices need to be undertaken and evidenced.”
The report added the underlying message from wide-ranging stakeholders is that “industry and its supply chains must incorporate and reflect societal values in their operations and business management” and “power imbalances, where they impede the ability of a group to affect the decisions that impact them, need to be addressed.”
Lead author Masuma Farooki said that achieving responsible sourcing begins with a universally accepted definition, as well as commonly agreed targets for 2050. They are a circular economy and decreased resource consumption, meeting the Paris Agreement climate goals and environmental sustainability, social sustainability and responsible production and responsible procurement.
International cooperation, the report notes, means helping companies, regions, and countries improve practices and achieve agreed standards. A level-playing field “is paramount for achieving all other targets.”
The report strongly underlines the need to address the power imbalance between local communities, workers and other affected stakeholders in decision-making, enabling their meaningful participation in decision-making.
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