The World Economic Forum (WEF) is creating new partnerships to harness the potential of technology innovation and smart policy to fast-track the global circular economy.Potential of technology innovation and smart policy could be harnessed through new partnerships putting the global circular economy on fast track, according to the World Economic Forum (WEF). 

The Switzerland-based WEF launched SCALE 360 initiative in Dubai to collaborate with government, business, civil society and entrepreneurs around the world to find bright new ideas that will help cut the waste in economies.

The first of these national partnerships was launched on Monday in the UAE. The next national partnership will be launched in Chile with a long-term goal of growing a global network of change makers.

The UAE has committed an initial investment of $1 million to tap into the Forum’s networks of experts, civil society, government and industry leaders towards achieving goals of circular economy.

A circular economy is a regenerative approach to production and consumption, in which products and materials are redesigned, recovered and reused to reduce environmental impacts. Research from WEF shows that this transition could generate $4.5 trillion in additional economic output by 2030.

The concept has caught the attention of businesses and governments but is far from being mainstream. Today, only nine per cent of extracted materials are re-used. Meanwhile, the extraction and processing of natural resources continues to add to half of global greenhouse gas emissions and is projected to more than double by 2050.

SCALE 360 is affiliated with the Platform for Accelerating the Circular Economy. It aims to create new markets for circular goods, services and revenue by surfacing, supporting and connecting entrepreneurs and innovations through nationally-led challenges and partnerships. The idea is to help them scale up solutions in partnership with government ministries, impact investors, experts, and companies. 

“This partnership aims to trigger a worldwide movement for radical change by identifying new technologies and business solutions that break our dependency on natural resource extraction while marrying targets for protecting the environment with ones for boosting economies,” said Dominic Waughray, Head head of the Centre for Global Public Goods, and Member member of the Managing managing Boardboard, World Economic ForumWEF.

The announcement came comes as innovations like Blockchainblockchain-enabled asset tracking, digital business models, new materials and recovery systems enabled by artificial intelligence emerge across the world.

“SCALE 360 will fast track our global efforts to achieve the UN’s Sustainable Development Goals. In addition to ensuring the conservation of our natural resources, a circular economy will step up our reliance on clean energy, enhance the consistent implementation of sustainable development standards, and generate greater opportunities for the youth in the region,” said Dr. Thani Ahmed Al Zeyoudi, Minister minister of Climate climate Change change & and Environment environment of the UAE.

Omar bin Sultan Al Olama, UAE’s Minister minister of State state for Artificial artificial Intelligence intelligence added that AI and advanced technologies have incredible potential to change “our relationship with natural resources by applying it in new ways”. This partnership provides an important opportunity to trigger new solutions and applications of these technologies, he said.

SCALE 360 builds on research developed by the WEF orld Economic Forum in collaboration with Accenture Strategy to explore the potential for Fourth Industrial Revolution technologies to accelerate the circular economy transition for plastics and electronics.

(Reporting by Atique Naqvi; Editing by Brinda Darasha)

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