With the circular economy forecast to bring the world economic benefits to the tune of US$4.5 trillion (HK$35.16 trillion) by 2030, Hong Kong's enterprises and educators are stepping up their efforts to make the city a more sustainable place to dwell in.
The way forward, they believe, lies in better environmental and business practice and green finance, among others. The circular economy, in a nutshell, is based on the principles of reducing the use of materials and products and reusing and recycling them the fullest extent possible to cut down on waste. Hong Kong's independent public-policy think-tank Civic Exchange believes the circular economy can create new jobs and drive local industry toward a higher value-added direction by giving products no longer in use a second life.
Several major manufacturers across the US and Europe have already embraced the three Rs - reduce, reuse and recycle - of sustainability. Interface, world's biggest carpet maker, is a good example. It decreased waste by recycling old carpets from customers and producing new ones with upcycled materials, and achieved zero carbon emissions by focusing on three key areas of its business - its factories, products and supply chain.
It worked with suppliers to make changes to its raw materials and include recycled and bio-based materials, and instituted more sustainable manufacturing through the use of renewable energy and more efficient production processes. Interface's next mission, Climate Take Back, is to.