Last April 22nd, we commemorated Earth Day 2023, and we believe it is critical to reflect on the strides we have made in protecting our planet and the work that still needs to be done. To achieve a more sustainable future, we must take a holistic approach to transition towards a circular economy.
The Frost & Sullivan’s System Thinking 6Ps Framework to Future of the Sustainability & Circular Economy Source: Frost & Sullivan
Policies play a crucial role in promoting sustainability, and recent legislation such as the Inflation Reduction Act and Bipartisan Infrastructure Law in the US are positive steps towards this goal. These laws focus on reducing carbon emissions, increasing energy efficiency, and investing in green infrastructure. Additionally, initiatives such as the Paris Climate Agreement, United Nations Sustainability Development Goals, and corporate sustainability reporting directives aim to hold businesses and governments accountable for their environmental impact.
In addition to recent sustainability legislation, there have been important developments in the Latin American region toward promoting sustainable practices. The launch and work of the Green Taxonomy in this region are building on the framework of the EU Green Taxonomy, providing a clear set of criteria for environmentally sustainable economic activities. Recently, Brazil launched its own Green Taxonomy which aims to define sustainable economic activities in the water and sanitation sector.
The taxonomy includes clear criteria for sustainable investments and projects, providing a framework for investors and companies to develop sustainable practices in this sector. The Green Taxonomy in Brazil is an important step towards achieving the country’s sustainability goals, particularly in addressing water scarcity and pollution issues. It also provides an opportunity for the private sector to contribute to sustainable development through investments that are aligned with the country’s environmental objectives.
Additionally, research on the plastic packaging recycling market has shown that Enhanced Producer Responsibility policies in the Latin American region have positively impacted reducing waste and increasing recycling rates. Several countries are progressing and incorporating more legislation regarding EPR. In 2013, Ecuador put rules in place regarding the management of waste and EPR, whereby companies must have a detailed plan for the recovery, collection, transportation, and delivery to handlers for treatment or final disposal of different waste, including plastics. Costa Rica has had legislation related to ERP since 2010, and Chile’s Law 20920 has been in effect since 2016, and it creates the framework for waste management, extends producer responsibility, and encourages recycling. By establishing EPR and other waste management tools this law aims to reduce waste generation and promote its reuse, recycling, and other types of recovery to safeguard both human and environmental health. These developments serve as important examples of how policies and initiatives can drive sustainability efforts in different regions of the world.
However, policies need to be focused on sustainable products, processes, and people. Sustainable products, including those made from recycled materials and those that have a low environmental impact, can help us reduce waste and conserve resources. Encouraging new circular schemes for our consumptions is a key element, including deposit return schemes.
Sustainable processes, such as mapping the key activities and workflows that influence the environment, can help us identify areas for improvement and reduce our carbon footprint. Engaging with sustainable people, including customers and employees, is essential in driving change toward a more sustainable future.
Partnerships are also critical in achieving sustainability. Collaboration between businesses, governments, and civil society organizations can help us identify innovative solutions and achieve sustainability goals. These partnerships can help us achieve a circular economy where we reduce waste, conserve resources, and regenerate natural systems. While we create the path towards a more sustainable future, the collaboration between different parties becomes a space of unique opportunities, such as for the generation of RNG as a conversion of methane generated in landfills, which can then be used to replace conventional fossil fuels for example in vehicle fleets.
Finally, platforms such as those for measuring, monitoring, reporting, verifying, and trading sustainability in a circular economy can help us track progress and incentivize sustainable practices. We need to make more with less to achieve a more sustainable future.
The recently published Frost & Sullivan market research on LATAM Circular Economy of Waste Management Market Outlook 2023 and our Growth Opportunities in the Circular Economy of Plastic Packaging Recycling in LATAM analyses growth opportunities for EPR schemes, emerging digital technologies supporting waste collection and separation. The market research on the United States and Canada Waste Management and Circular Economy Market Outlook 2023 focuses on the development of Circular business models that support the transition to a circular economy and resource efficiency, increase waste separation with the incorporation of smart bins and digital solutions, highlighting key growth opportunities for the development of the waste management market in North America.
