Circular Economy - Challenges & Opportunities

The 2nd EFQM Middle East Summit, Abu Dhabi, provided me with a great opportunity to present the challenges and opportunities of transitioning from linear to circular economy.

Some of major challenges in implementing Circular economy principles are:

• Continued funding of projects practicing linear economy model;
• Accelerating demand for rare minerals and metals such as lithium, cobalt required for net zero transition - affecting their availability and affordability;
• Mindsets that materials and minerals are going to last forever
• Lack of ready availability of Digital Product Passports hampering the re-use of existing materials;
• Lack of policies and regulations for Extended Producer Responsibility of suppliers;

While Governments and organizations are tackling the challenges, Circular economy also provides huge opportunities for business such as:

• Adopting Product as a Service models;
• Developing ERP system required for creating Digital Product Passports;
• Starting new business in reverse logistics;
• Inspecting materials for purity for re-use etc.

Thank you Abu Dhabi Police and EFQM for organizing the summit with a very appropriate theme of “Shaping The Future Through Excellence, Agility & Sustainable Transformation”.

Thank you Marina Pugacheva for your valuable contribution in developing my speech.

Thank you Russell Longmuir , Isra'a Mobideen , Salman Viralipurath for the opportunity