Our built environment is an amazing interconnection of the systems that supports how we live, travel, connect and thrive. However, these delicate and complex systems are at risk of failure as the effects of climate change, social unrest and political turbulence become more prevalent.
We’ve reached a point where we need a complete reset of how we design, construct, operate and dismantle our systems. We can’t build new models for change on the back of a broken foundation. We need a new story that works for all.
Coreo is an award-winning company that advises and guides industry and government through their circular economy aspirations at both a strategic and operational level. Recognizing that the transition to a circular economy is systemic, we work on projects in all key sectors of the global economy including mining, agriculture, education, tourism, construction and property.
We’ve been fortunate enough to work with some of the world’s most recognizable organizations to operationalize the circular economy including Rio Tinto, BHP, Lendlease and the city of Sydney. Throughout all of these experiences, I can confirm wholeheartedly that catalyzing transformative change all starts with stories that inspires and excite.
Stories are of immense importance because they enable us to imagine things collectively and act collaboratively — two cornerstones in the transition to a circular economy.
But what is the circular economy and more important, what is it not?
Well, for starters, let’s clear up our current status quo: the linear economy.
A linear economy is structured to “take, make and waste.” Meaning that raw materials are collected, then transformed into products that are used until they are finally discarded as waste.
What experts and non-experts know for sure is that if the linear economic model is not replaced, the world will approach a tipping point where it will lose the capacity to sustain itself.
In contrast, the circular economy is about integration so as to enable feedback loops and synergies. It is an economic model designed to be restorative and regenerative.
The circular economy is built upon multiple schools of thought and theories and as such, it often can be quite a nebulous and contested concept. To help achieve some clarity, and to ensure that the stories we tell each other about the future we need are rooted in fact, let me dispel a few of the more common circular economy myths:
Myth 1: It’s all about better waste management
In a circular economy, waste is eliminated through better design, rather than developing novel ways to use waste that already has been created. It focuses on upstream innovation, not better waste management. There is a clear distinction between designing from waste and designing out waste.
Myth 2: It’s only about recycling more
The focus of a circular economy is on maintaining products, components and materials at their highest possible value for the longest possible time. This can be achieved through reuse, repair, refurbishment and remanufacturing strategies. Recycling is part of the circular economy, but it represents the “loop of last resort” when other options for products and materials are no longer available. Say it with me, folks: recycling is not the answer.
Myth 3: Efficiency is the answer
Traditional sustainability efforts have focused on efficiency tactics — reducing the amount of material and energy used in production processes and aiming to lower environmental impacts. A strategy focused on reducing the negative impacts of our activities — or making them more efficient — can go only so far. We need to ensure systems are effective, not just efficient. Remember, it’s not about doing less bad but rather more good.
History tells us that a values shift is triggered by the creation of a new story of how we want to live.
Myth 4: It’s just a fancy word for sustainability
The circular economy is a fundamentally different vision for the industrial economy in direct opposition to the incumbent take-make-waste linear model. It focuses on industry-led transformation and systems-level change, drawing inspiration from nature rather than individual action or guilt. It is about designing differently from the outset, rather than mitigating and reducing the impacts of something that already has been created. Key takeaway? Sustainability describes a state we are aiming to achieve, and circular economy gives us the tools to get there.
Myth 5: Waste-to-energy is part of the circular economy
In many countries, incineration — the burning of waste such as plastics to produce energy — is viewed as a valuable pathway. But let’s be clear: Mass incineration isn’t part of a well-designed system. For example, in the case of plastics, taking an energy source (oil), turning it into an important material using more energy, used for a very short period of time, only to use more energy to turn it back into another form of energy, is not an example of a high-value process. There’s also increasing evidence that waste-to-energy plants can lock cities, regions and even countries into needing a steady flow of waste to make these plants economically viable — essentially creating a demand for waste rather than designing it out.
History tells us that a values shift is triggered by the creation of a new story of how we want to live. We need to make sure we’re telling the whole story of the transition to a circular economy because the opportunities for transformative change are abundant if we’re brave enough to step into the circle.
This article was written using resources created by the Higher Education team at the Ellen MacArthur Foundation which Jaine Morris contributed to.
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
