Circular economy critical for green and sustainable growth

Friday, Sep 25, 2020 20:31

A bin for waste classification. Accelerating circular economy is important for a decade of green and sustainable growth. — Photo

Vietnamese businesses should employ circular economy models to work towards a decade of green and sustainable growth, Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has said.

Loc was speaking at an event on Thursday ahead of the Viet Nam Corporate Sustainability Forum (VCSF) in November.

He said the transition to a circular economy would help protect the source of raw materials, improve climate change adaptability, promote innovations, enhance competitiveness and create new jobs.

Encouraging Vietnamese businesses to apply circular economy models would be one of the priorities of the VCCI’s Viet Nam Business Council for Sustainable Development (VBCSD), Loc stressed.

In early 2018, the VBCSD launched an initiative to support businesses to implement the circular economy in Viet Nam, part of efforts to realise the National Action Plan to implement the 2030 agenda for sustainable development goals, he said.

Loc said that promoting the circular economy was critical for a decade of green and sustainable growth.

At the event, Phan Thu Hang, Chairwoman of the Vietnam Green Building Council, spoke about circular principles in green building and construction.

Hang said that in this industry, the circular economy meant extending product lifetime, reducing material losses, recirculating materials and products, preventing downcycling and substituting CO2-intensive materials with those of lower emissions.

“Circularity is a part of the solution for carbon emissions and biodiversity,” Hang said.

Hang added that there were business opportunities to be found in the transition from a linear to a circular economy, including recycling solutions and increasing recycled content, alternative raw materials and packaging.

According to Fausto Tazzi, Vice Chairman of Packaging Recycling Organisation Viet Nam (Pro), CEO of La Vie – Nestle Waters Vietnam, recycling is a game-changer.

“We need to come together and work hand in hand for a clean, green and beautiful Viet Nam," he said.

“Used packaging is not waste but a resource, - with habit change, technology and circular economy ecosystem, it can be put to new use," he added.

Also within the framework of VCSF, experts on Friday discussed the importance of corporate governance in a changing society.

The VCSF is one of the most important annual events by VBCSD to promote dialogue on sustainable development.

This year’s forum will focus on lessons leant from the COVID-19 pandemic as well as core issues which need to be addressed for inclusive and permanent social-economic growth. The key issues include sustainable corporate governance, accelerating circular economy and enhancing public-private partnership for sustainable growth. — VNS

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