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Smart growth toward a circular economy

Source: Taiwantrade | Updated: 22 September 2017

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, 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. 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.

Such efforts would lead to better energy efficiency while creating new business, 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, 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.

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