Circular Economy: Navigating Through Resources

Temasek Polytechnic Final Year Project Client: SICC

More and more resources are being used up in the world by the second. With this

increasing number, it is important for business professionals in the rapidly growing

business industry to be aware of their actions and its repercussions.

Moving towards a more circular economy allows for more benefits. Reducing

pressure on the fragile environment, improving the security of the supply of raw

materials, stimulating innovation, boosting economic growth and possibly creating

more job opportunities are possibilities of this conscious effort.

Frequently associated with the latest updates and trends in the business industry, a

circular economy offers businesses the fortuity to grow and diversify alongside

sustainable economic growth. Curbing climate change and promoting circularity will

reduce carbon emissions and preserve valuable raw materials, achieving a zero-

waste industry.

The circular economy is more than just a buzz phrase. With the global population

predicted to approach 9 billion people by 2030, we are making use of more

resources than our planet can provide.

The future depends on reusing what we have in a sustainable way. Fortunately, one

resource that is unlimited is innovation, and many companies are now developing

ingenious ways to reduce, reuse and recycle.

“We need like-minded partners and stakeholders to work with us to champion

sustainability. Value chain players need to see both the good and not-so-good

practices to make a sound business decision. The more we share, the more

knowledge we gain and we can drive a greater positive impact,” said Paul Fong,

Country Manager, Singapore and Malaysia, Dow Chemical Pacific (Singapore) Pte

Ltd, a member of SICC’s Circular Economy Interest Group.

Through dialogue sessions, networking and more, SICC’s Circular Economy Interest

Group educates members on the importance of managing resources well in a

business. During meetings, members are provided with a platform to interact with

like-minded professionals. These meetings also facilitate future initiatives with

government agencies.

In Singapore, an increasing number of businesses are adopting a circular economy

approach, positioning themselves at the forefront. Together, collectively, this small

effort will become an initiative that we can all be a part of - a positive change for both

the business and the environment.