How cutting-edge tech is cleaning up the global waste value chain Sponsored by SAP
Those investments, however, can show a return quite quickly. According to Gartner, the circular economy is a model that separates the ability to achieve economic growth from the consumption of natural resources. Circular models encourage continuous reuse of materials to minimize waste and natural resource consumption. Many companies using this model are already profiting.
Such a transformation is not without challenges. Recycling used products is an opportunity to cycle the materials and the energy they contain back into the system, but commercial entities and the supply chain define and measure the materials in different ways. “It’s incumbent upon those of us who are involved in that world of analytics and data processing to really understand the underlying quality of the data, how it's being measured, why it's being measured in a certain way, and why those materials considered waste are being defined as such,” said Groves. “Only then can you figure out how to reuse it.” Groves concedes that defining data is unglamorous – you’re really digging away in the trenches – but it’s absolutely crucial.
Essentially, these regulations ensure that the manufacturer of a product is responsible for its ultimate recycling, reuse, or disposal. The solution also helps enterprises deal with the surge in plastic taxes, which impose a substantial charge on companies using materials that do not contain a certain amount of recyclable content, such as non-recyclable plastics.
With useful data available about what waste is where and in what quantity and quality, companies can then procure this waste much more effectively and bring the materials back into their production processes through platforms like Measures like these and a greater understanding of the data surrounding waste will surely help us work together to achieve global net-zero, protect communities and natural habitats, and mobilize finance – in other words, meet the goals of COP26.
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