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Sustainability isn't optional anymore. We've come to a stage where we cannot continue exploiting resources without making an active effort towards their restoration and regeneration. In other words, we can no longer abide by the linear economy that follows the take-make-waste model. Our only hope? To switch to a better alternative that will help us sustain ourselves and make our planet (our only home!) a better place to live.
Precisely, the answer is the circular economy that goes hand-in-hand with sustainability. At Runaya, we make conscious and highly focused efforts towards strengthening and following the circular economy model. As a startup that works with a purpose and responsibility that involves safeguarding the earth, we are doing everything possible to conserve it.
So let us discuss circularity, its relation with resource efficiency and our efforts towards achieving sustainability through the circular economy.
According to a venture capital fund Kalaari Capital report published in a Livemint article, India's circular economy could touch a whopping USD 45 billion by 2030. The report further stated that adopting circular economy practices can help generate savings worth USD 624 billion by 2050 across construction, food, agriculture and mobility.
A circular economy works on a closed-loop model, where resources are reused and kept in the production loop, thus generating more value. The circular economy also has various benefits across the manufacturing space. Let's look at some advantages of bolstering the circular economy and the corresponding efforts Runaya makes to promote it within its ecosystem.
Reduced carbon emissions
Greenhouse gas emissions for a long have been a critical concern. According to Our World in Data, the world collectively emits around 50 billion tonnes of CO2 every year. The number is considered 40 per cent higher than that in 1990. While the world continues to look for ways to curtail them, advocating and executing circular economy practices has emerged as an effective way. It helps minimise the emission of greenhouse gases, as the model revolves around sustainable material management.
At Runaya, we aim to become a carbon-neutral and net water-positive organisation. Additionally, we use eco-friendly, recyclable and biodegradable packaging for all our products. Besides that, we understand the power and sustainability impact of solar energy. Accordingly, at MRPL, while currently generating 66 per cent of our energy needs through solar power, we aim to be 100 per cent dependent on renewable resources. Being reliant on solar energy has helped us reduce our dependence on conventional energy resources, save energy costs and at the same time, contribute to the nation's sustainability endeavours.
Furthermore, our RRL plant uses 70 per cent of renewable (solar) energy. To augment the use of renewable energy, we are installing rooftop solar panels that will serve our site's 100 per cent requirement. Thus, our site would be able to generate about five lakh units of renewable energy annually and reduce 450 tonnes of CO2 every year!
Zero waste
Zero waste isn't merely a buzzword but crucial for organisations that want to contribute positively to sustainability. It refers to lesser discharge in landfills, rivers and seawater. Runaya is already a zero-waste and zero-discharge unit. As we promote the use of renewable and reusable resources, we've gradually reduced our waste to become a zero-waste startup eventually! We ensure lesser exploitation of finite resources and emphasise reusing materials to the largest extent possible.
To truly commit to the cause of zero waste, our sustainability and metal recovery project currently operating in Odisha ensures that 100% of aluminium dross is processed into value-add products while our recycling plant at Jharsuguda provides an end-to-end green solution for one of the biggest challenges facing the aluminium industry - handling, evacuation, processing and disposal of dross in a manner that doesn't harm the environment.
Cleaner and greener planet
This is the vision that the circular economy looks to achieve. Yet, it isn't a milestone but a process, considering there's always scope to help our planet be better and healthier.
One of Runaya's values and pillars is sustainability. We've been working towards the same since inception. Currently, we are developing processes to develop new products to enhance the value recovered from waste and endeavour to use the products developed for the metal industry, all the while focusing on the circular economy.
Besides, we've collaborated with IIT Kharagpur to develop raw materials for the metal industry from residues to reduce dependence on finite and depleting natural resources. We are positive that it will help us minimise the harmful waste, eventually dumped into landfills.
The circular economy is also about opening new business avenues and opportunities. A company's commitment towards sustainability indicates its responsibility towards society and the planet's betterment. Globally, enterprises look to partner with such responsible companies, regardless of whether they are startups, SMEs or MNCs.
At Runaya, we believe in embracing a circular economy and sustainability. We've made visible and tangible initiatives, which have not only enabled us to bring positive transformations at the organisational level but helped us emerge as a significant contributor in the field of sustainability. Of course, we know, we have miles to go. But our continued initiatives and efforts will enable us to drive valuable collaborations towards sustainability and tap into more business opportunities in the future!