The circular economy is an exciting proposition to the business world, not only because of its potential to reduce production costs but also because of its innovation potential. Eco Business, Asia Pacific’s sustainable business community, has recently launched a series of articles that focus on the ‘circular economy’. We are happy to introduce the first article below.
The circular economy is an approach to business that strives to eliminate waste through design that has been inspired by nature. It is praised to be a powerful movement in which early adopters are already disrupting their sectors and creating new value for consumers even as they boost their bottom line. In Asia two great examples of the movement are NetWorks, a project by Interface and ZSL that buys discarded fishing nets from rural coastal communities in Philippines to be recycled into fresh carpet tiles, and a tie-up between Singapore-based Omni United and US brand Timberland to launch tyres that are collected and made into shoe soles.
However, Eco Business states, that we’re only at the tip of the iceberg when it comes to discover the full potential of the circular economy. New regulations from the European Union, that are meant to be introduced by this year called; ‘Circular Economy package’, indicate that businesses will see further improvement in this direction. In Asia, such regulations are lagging behind but governments are making some headway and realising the benefits of circular business models. Besides, the ILF believes that collaboration and the readiness of organisations to push accustomed boundaries are equally important to incorporate circular economy into the production process.