Academics engaged to provide comment on Victoria’s draft Circular Economy Policy have warned that without industry input, the strategy’s success could be limited.
The Victorian Circular Economy Policy draft was opened to public comment earlier this year.
According to the official document, the policy aims to re-define growth by decoupling economic activity from the consumption of finite resources and design waste out of the system.
According to RMIT professors Usha Iyer-Raniga and Scott Valentine, the strategy needs to involve a rethinking of resource efficiency across the economy, and extend its focus beyond Victoria’s waste and recycling crisis.
Ms Iyer-Raniga said while environmental ministries have an important role in circular economy strategic development, business model innovation and corporate buy-ins are needed to foster results.
“As the Danish and Dutch experiences in circular economy planning show us, it is not only about diverting tins of soda away from landfills, it is about new innovations and new strategies for producing and consuming goods and services,” Ms Iyer-Raniga said.
Both Ms Iyer-Raniga and Mr Valentine are members of RMIT’s CE Hub, which helps businesses find profitable resource efficiency strategies.
“If implemented correctly, a circular economy strategy will enhance corporate profitability, reduce resource costs, make Australian industry more competitive and create new business and jobs,” Mr Valentine said.
“In short, the circular economy needs to be approached as an economic development strategy, and connections need to be made with research and development hubs like we have at RMIT. Failure to do so will discourage corporate buy-in and the initiative will underperform.”