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Smart Growth Toward A Circular Economy and Benefits for Society

Source: Taiwantrade | Updated: 26 July 2018

Speaking at the 2017 World Congress on Information Technology (WCIT) in Taipei on Sept. 11, Covestro CEO Patrick Thomas indicated that Taiwan relies heavily on energy imports, so it is important for it to develop a circular economy and benefits for society, where materials are recycled, wastes are reduced, resources are better allocated, and carbon cycles are closed where possible.

 Thomas pointed out that IT tools can be very helpful when developing a circular economy new business model. He also recognized that the element of profit is necessary for solutions to prosper.

 For example, big data analysis can provide more precise monitoring of resource usage, while smart applications can help improve production efficiency and circular economy sustainability.

 Such efforts would lead to better energy efficiency while creating new circular economy business models, and ultimately close carbon cycles.

 Echoing Thomas' message, Taiwan's vice economic minister Wei-Fuu Yang pointed out that by continually promoting innovation and reform as circular economy solutions, the country's industrial waste recycle rate has reached 80% in 2016. This translated to the recycling of more than 14.18 million tons of industrial waste and the creation of a staggering US$2.5 billion in revenue for the recycling industry.

 Also present at the event was Solar Impulse Foundation chairman Bertrand Piccard, who, by powering an aircraft without one drop of fuel and flying it across the world, proved to the world that as long as people remain dedicated, they can use energy differently in terms of the circular economy sustainability.

 Source: WCIT 2017
 Photo Credit: WCIT 2017
 Blake Lin (blakelin@taitra.org.tw)
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