Building a circular economy will need a collaborative approach. The time to act is now

WITH increased consumerism comes greater waste generation - but this issue has also bred a new consumption trend: Up to 55 per cent of consumers in Singapore are committed to socially responsible consumption, which is driving more organisations towards sustainable business, and the adoption of environment-friendly strategies and practices, leading to an increased emphasis on a circular-economy model.

In Singapore, the government has declared 2019 as the "Year Towards Zero Waste" to raise awareness on circular economy practices. Minister for the Environment and Water Resources Masagos Zulkifli has said: "Our vision is to turn our trash into treasure and reuse and recycle our resources for as long as possible."

The benefits of adopting the circular economy model are immense: Significant reduction in carbon emissions and over US$1 trillion in material cost savings can be expected by 2025 worldwide.