Promoting a Circular Economy

A brief look at the Circular Economy and the advantages to be gained by implementing more sustainable business practices

The world is changing rapidly as a result of climate change. It is well understood that rising greenhouse gas emissions pose significant environmental, social and health risks. In this regard, scientists agree that greenhouse gas emissions must be reduced to net zero as soon as possible in order to slows its effects on health and the environment.

However, economists are now starting to voice their concerns about climate change as a significant economic risk to business. Without proper resource management, including energy and waste, and good sustainable business practices generally, costs to business, and consumers, will increase across the supply chain as climate change worsens.

It is clear that in order to be economically viable in the current economic climate, and going forward, business must embrace a net zero imperative. In this regard, business must begin implementing more circular economic models, instead of linear economic models, which are now unsustainable. The longer business waits to transition, the greater the impact.

Essentially, a circular economy is one that exchanges the typical cycle of make, use, dispose in favour of as much re-use and recycling as possible, to ensure that products are kept in use for as long as possible.

When products are no longer useable, they are broken back down into raw materials and are re-made, recycled and re-used in the supply chain. In this way, the value of the original raw materials is retained.

A circular economy is one that exchanges the typical cycle of make, use, dispose in favour of as much re-use and recycling as possible.

Through the circular economy model, a business can recoup funds that would traditionally be spent in dealing with waste. This not only saves the business money, but creates costs savings across the entire supply chain (including producers, manufacturers, distributors and customers).

In addition to reducing the burden on the environment through minimising waste, business models that sit within the circular economy also create new business opportunities and revenue streams through secondary markets (such as, providing repairs and selling replacement parts), by keeping the products in use for longer.

In addition to the economic advantages, there are distinct social advantages to implementing sustainable business practices and a circular economy business model. For instance, investors, other businesses and consumers themselves, have long been signalling a cultural change in dealing with “polluters” versus “non-polluters”. Sustainable and responsible business practices are also attractive to the next generation work force, who highly value businesses with serious sustainability credentials.

Digitisation is the enabler of the Circular Economy?

Digital sustainable technologies and solutions that leverage Internet of Things (IoT) provide businesses with accurate and real-time data, which provides transparency, accountability and the basis upon which to build better sustainable business practices.

In this regard, Planeteq’s Food Waste Digesters provide businesses with access to an IoT portal that provides real-time data and information about food wastage. Through this real-time data, guesswork is replaced by data-driven decision-making, and assists the business to change behaviours and improve sustainability practices.

For instance, the business can increase efficiencies by instigating better buying practices, minimise health and OHS risks to staff, save costs on waste removal (and lowering greenhouse gas emissions from trucks on the road), reduce costs across the food supply chain, and improve food security.

A further environmental, social and economic benefit of Planeteq’s Food Waste Digester, is that the food waste that is broken down into wastewater is transported through existing plumbing infrastructure to wastewater treatment plants and transformed into bioenergy, biosolids, recyclable water and other useful by-products.

If you would like further information, please contact Planeteq to understand how we can assist you with your sustainability “Towards Zero” goals.