The concept of a circular economy has gained traction in recent years as industries and markets aim to reduce emissions and transition towards sustainability. Rasha Hasaneen, Chief Product and Sustainability Officer at AspenTech, believes that circular economy pathways should be intertwined with net zero emissions targets. Technologies exist to enhance circularity and make the world cleaner and greener, and collaboration is key to implementing these solutions. Industrial software vendors, like AspenTech, are re-purposing their process control software to support circularity, as seen in the conversion of cooking oil and plastics into bio-fuels and synthetic crude.
As the world moves towards a low-to-zero carbon future, the use of artificial intelligence, Industrial Internet of Things, predictive analytics, and big data will play a crucial role in optimizing processes for the circular economy. Hasaneen emphasizes the importance of ensuring that these processes are safe, reliable, repeatable, and innovative. However, it is essential to address energy poverty and digital disparities to ensure a just energy transition. Innovation can help overcome the energy trilemma of sustainability, security, and affordability, particularly in emerging and developing economies where there is an opportunity to leapfrog existing systems and implement greener solutions.
In many African markets, we have seen successful examples of leapfrogging technologies, such as with mobile telephony, without the need to follow traditional paths. This approach can also be applied to power grid solutions and renewable energy, providing a blueprint for sustainable development. Hasaneen highlights the importance of ensuring resource-rich emerging markets are not penalized for using their resources, as technology advancements can enable greener and more efficient extraction and utilization of natural resources. Developing economies can also set a precedent for low-carbon deployments in the developed world, promoting a just and inclusive transition to a sustainable future.
Overall, the integration of circular economy principles with sustainability goals is essential for driving innovation, reducing emissions, and promoting a just energy transition. Collaboration, technology, and a focus on inclusive development can help create a greener and more efficient economy for the future. As industries and markets continue to adopt circular economy practices, the potential for positive environmental and social impact is vast. With the right initiatives and partnerships in place, a sustainable and circular economy is within reach.
