The Association of International Chemical Manufacturers (AICM), a global industrial organization, unveiled its 2024 sustainable development report in Chengdu, Sichuan province, early this week to advance the concept of green growth.

The theme of this year's report is "focusing on circular economy". Through research, it analyzes the primary implementation pathways of circular economy among member companies, including the current status and initiatives in material innovation, green manufacturing, recycling and reuse, while discussing the challenges faced and potential opportunities.

The circular economy is an economic model focused on minimizing waste and making the most of resources. Unlike the traditional linear economy, which follows a "take-make-dispose" approach, the circular economy aims to keep products, materials and resources in use for as long as possible by creating closed-loop systems.

"We sincerely hope that the 2024 report will provide reference and insights into the sustainable development direction of the industry and the trends of regulations and policies, enabling all sectors of society to have a more comprehensive and objective understanding of the positive role of the chemical industry in promoting a harmonious society and driving green development," said AICM in a statement.

AICM believes that the effective implementation of a circular economy by enterprises is a crucial pathway for the sustainable development of the chemical industry. The 2024 report introduces the relationship between responsible care, sustainable development and the circular economy.

The report outlines and interprets policies related to the circular economy in the chemical industry, explores implementation pathways and measures taken by the industry and points out the challenges and opportunities faced in the transition to a circular economy.

Li Qunsheng, a professor at Beijing University of Chemical Technology, said in the chemical industry, the implementation of a circular economy cannot be separated from the support of processes and product innovation.

Li said that process and product innovation not only drives resource conservation and efficient utilization but also promotes waste reduction and recycling, reducing the impact of economic activities on natural resources and providing a powerful impetus for the development of a circular economy in the chemical industry.