Circular Economy: Aligning ASEAN Strategies

Y&S COO, Jeffrey Bahar, was invited to a roundtable discussion on the challenges and opportunities of transitioning to a circular economy in ASEAN.

The circular economy is an economic system designed to minimize waste and maximize the reuse and recycling of resources. The goal is to create a more sustainable and efficient economy that reduces environmental impact while fostering economic growth.

The ASEAN Framework for Circular Economy was adopted in October 2021 to assist member states achieve climate objectives and drive a sustainable post-pandemic recovery. The framework attempts to accelerate the transition to a low-carbon economy within the region and foster green growth and resilience. However, navigating the complexities of this transition presents unique challenges for the ASEAN region.

On 4 April 2024, stakeholders from the government, industry, academia, and civil society convened at the ASEAN Circular Economy Roundtable to share their insights, thoughts, and ideas on the challenges and opportunities presented by the shift to a circular economy in ASEAN.

YAMADA Consulting & Spire’s Chief Operating Officer, Jeffrey Bahar, was part of the panel of speakers at the roundtable discussion. He started his comments by stressing that the first step in increasing awareness of circular economy lies in identifying the key stakeholders for each of the five strategic priorities. And he believes that the low-hanging fruits on the list are the product and services related to the circular economy and financing and investment. By involving the private sector that focuses on commercially-viable businesses and addressing the main barrier of initial investment requirements through the green financing support of financial institutions, it will make them the first-movers among the key strategic priorities.

Jeffrey also introduced the concept of reverse logistics into the discussion. Reverse logistics can play a crucial role in the circular economy by facilitating the return, refurbishment, and redistribution of products and materials at the end of their life cycle.

He gave the example of returning packaging crates and pellets, and explained that reverse logistics can be applied to manufacturers, distributors, and retailers. He believes that it is a win-win combination when companies adopt reverse logistics as a brand principle and support it in the value chain. By integrating reverse logistics systems, businesses can recover valuable resources, reduce waste, and minimize environmental impact, thereby contributing to the circular economy’s goals of resource efficiency and sustainability.

Watch the full video.

For media enquiries, please contact:

Marie Teo
Manager, Group Marketing Communications
YAMADA Consulting & Spire
Phone: +65 6221 7727
E-mail: [email protected] 

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