The concept of a circular economy has been around since the 1960s. In recent years, it has been gathering momentum as a way for us to achieve our climate change goals and build a sustainable future.
Really, it’s nothing new–more like returning to the ways of old. When resources were scarce, this is how we lived because we couldn’t just go out and buy a replacement. In many poverty-stricken countries, this is still the norm. Every single thing you own is precious and utilised to the nth degree.
On average, we’re producing about 50 million tonnes of e-waste a year, which is the equivalent weight of about 5000 Eiffel Towers. Whatever you believe about climate change, it’s undeniable that our waste is making the planet sick.
What are the principles of a circular economy?
- Eliminate waste and pollution
- Circulate products and materials
- Regenerate nature
The circular economy is about moving away from a take, make and dispose way of living and instead recognise that everything we design, create and use ultimately finds a way back into the earth.
How can the tech industry become more circular?
While every industry has a responsibility to consider and implement circular economy principles, the tech industry needs to be doing this as an immediate priority given the amount of e-waste we’re generating.
As business owners, we can start by strategically embedding these principles into our organisations.
Let’s start:
- Designing products with the end goal of disassembly and regeneration from the outset.
- Reusing, repairing and refurbishing assets and devices, extending their lifecycle and keeping them in the loop for longer.
- Being more selective about who we partner with. Ask questions about how they are implementing circular economy principles and lifecycle management. Consider how they align with our company values, what transportation options are available and even what kind of packaging they use.
- Having a proper process for remanufacturing when those assets have reached the end of their useful life.
- Repurposing them into something new and reducing or removing the toxic waste that ends up in our landfills and soil.
Benefits for business
The fantastic thing about the circular economy is that it benefits more than the planet and people. There is untapped profit for businesses investing in the circular economy.
Greater cost efficiencies: Design or process changes can reduce material and energy consumption, emissions and wastes.
Better product or service design and value: Designing a product that consumes less energy, water or resources during its service life.
New business opportunities and markets: Lifecycle information will soon become a requirement to do business.
Improved market position and image: The shareholders of the future care more about sustainability than dividends.
Enhanced workplace culture: Showing you care about the planet by taking action is a growing priority for many employees, and that will only increase.
DEC became a triple bottom line company in 2020. I strongly advise all businesses to do the same because the rewards have been monumental, and it’s where you’re going to find future growth.
A circular economy will benefit you, your family, your business and the world we live in, and there’s no better time to start than now.
Contact us to find out how we can help you focus on the lifecycle management of the IT assets in your business.
Resources
https://www.epa.vic.gov.au/-/media/epa/files/publications/1110.pdf
https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview
