Circular economy initiatives that make countries in Asia global powerhouses
3 Apr 20235 min read
Summary
- Several Asian countries are advancing bold circular‑economy initiatives that redesign value chains around resource efficiency, reuse, recycling and regenerative business models.
- Governments are setting national roadmaps and policies (for example in waste‑reduction, extended producer responsibility and circular materials) to turn waste streams into economic opportunities and position themselves as global circular‑economy leaders.
- For companies operating in Asia the message is clear: integrating circular practices (such as design for reuse, remanufacturing or closed‑loop supply‑chains) is becoming a strategic differentiator and a key driver of competitive advantage.
The shift towards a more restorative and regenerative economy has made select countries in Asia strive to embrace a more attractive way of doing business, such as the circular model. Asian countries have become increasingly aware of the concept of circular economy and its benefits as the demand for goods increases.
A circular economy is a system that focuses on reducing waste and exploiting existing resources to reduce costs and minimize environmental damage. This system benefits all parties involved and can help countries in Asia become more competitive in the global market.
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“90% of the resources extracted and consumed do not return to the production cycles but become waste,” stated by the Economist Impact, an online platform tackling sustainability.
The shift into a circular economy
In recent years, countries in Asia have begun to recognize the potential of a sustainable economy. It has been especially evident in China and South Korea, which have all taken steps to build a circular economy.
As one of the largest economies in Asia, the Chinese government has been actively promoting a circular economy since 2009. The Chinese government has implemented various policies and initiatives to increase resource efficiency and encourage sustainable production and consumption.
Meanwhile, South Korea's commitment to sustainability has been evident for some time. The nation has made significant investments in renewable energy, green transportation, and energy efficiency.
Challenges in implementation
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