A circular economy is a process of manufacturing products for reusing through recycling the existing materials. It is based on three principles i.e., eliminating pollution, circulating materials, and regenerating nature. In practice, it reduces waste to the lowest level. In the circular economy, when a product reaches the end of its life, its materials are kept for reusing which generates further value. Actually, the extraction of raw materials from nature has an impact on the environment where a circular economy provides maximum economic and social benefits by ensuring minimum and recoverable consumption of resources.

In 2020, the European Commission approved an action plan for establishing the circular economy for achieving the climate neutrality target by 2050 and stopping biodiversity loss. The action plan has emphasised the circularity in production processes through the renovation of industries towards climate-friendliness. On the other hand, the United Nations Conference on Trade and Development (UNCTAD) is working on the circular economy by promoting sustainable business models and raising awareness about behavioral changes regarding the sustainable use of natural resources. Likewise, the World Circular Economy Forum (WCEF) is working on the circular economy around the world for achieving the United Nations Sustainable Development Goals and it has already acknowledged new business models for scaling up the transition.

Furthermore, the Save Our Seas 2.0 Act of the United States emphasises on building an economy that uses restorative or regenerative economic activities that authorises the sustainable use of resources and reduces the use of new materials. In the same way, Canada, France, Germany, and Korea have already developed the Circular Economy Framework for establishing a circular economy model for ensuring social and environmental benefits. Scotland has recently adopted an economic strategy for shifting towards circular economy that reflects the reuse of existing materials and enables the sustainable use of natural resources to effectuate climate emergency response.

COP26, the most important climate event held in Glasgow, highlights the commitment to Net Zero by 2050 for reducing carbon emissions by replacing the existing linear economy with a circular economy. To avoid the climate crisis, the World Economic Forum (WEF) has called on the trailblazers to innovate and collaborate on circular economy solutions that can lead to global carbon emissions reduction. Actually, using renewable energy as well as recycling and remanufacturing raw materials is a significant approach within the circular economy. It is such an economic mechanism that can tackle climate change, prevent biodiversity loss, and recycle waste, and pollution.

Therefore, Article 11 of the Basel Convention has authorised its parties to ensure environmentally sound management of wastes through bilateral, multilateral, and regional agreements which paves the way for the circular economy. Similarly, Article 2 of the Kyoto Protocol has mentioned the promotion of sustainable systems of agriculture, energy, and environmentally sound technologies in light of climate change consideration. Also, the MARPOL Convention is enforced for the prevention of marine pollution. These international instruments are pertinent to the circular economy legislation.

Moreover, the G7 Berlin Roadmap on Resource Efficiency and Circular Economy (2022-2025) is intending to implement a collective method for promoting the sound management of products throughout the entire life cycle and it is working to formulate a set of principles for engaging public and private financial sectors in circular economy actions. India has already adopted the National Resource Efficiency Policy, 2019 for implementing the 6Rs (Reduce, Reuse, Recycle, Redesign, Re-Manufacture, and Refurbish) to establish a circular economy.

Undoubtedly, Bangladesh needs to adopt the circular economy model for achieving sustainable development goals, efficient use of natural resources, and nonstop supply of raw materials. Under article 18(A) of our Constitution, the government is authorised to protect and preserve the natural resources and bio-diversities for the citizens. So, following the global initiatives, international economic, trade, and environmental laws, Bangladesh needs to adopt an action plan for launching the circular economy to boost up a sustainable economic system.

In conclusion, the government can work with the trailblazers of the circular economy in the legislation, and policy formulation process and analyse the national, regional, and global approaches to support the circular economy transition.

The writer is a Specialist in International Economic Law.