|The coronavirus pandemic is severely impacting the global economy. The World Economic Forum, Ellen McArthur Foundation and 50 global leaders recently joined forces in a joint statement about the circular economy as a solution to build back better. Committing to “accelerating the transition to a circular economy, creating solutions that combine economic opportunity with benefits to wider society and the environment.”
For the food sector this will include “redesign of products and supply chains to regenerate nature, eliminate the concept of waste, and connect local production and consumption where appropriate”.
In 2017, the Red Meat sector led the way with the Australian Beef Sustainability Framework launch, and Meat & Livestock Australia Carbon Neutral 2030 target. Signalling to the world that Australian industry is taking their social licence to operate seriously. In 2020, we are seeing a clear change in environmental, social and corporate governance decisions of large financial investment funds shifting towards renewable assets, and global companies pledging carbon neutrality or negative targets, such as Microsoft, Nestle, L’Oreal, and Ford.
CSIRO commissioned KPMG Economics to estimate the potential economic impact of implementing eight different circular economy opportunities in Australia. The report was released in May 2020 and estimates a future circular economy in Food, Transport and the Built Environment together representing a potential economic benefit of $23 billion in present value GDP by 2025. By 2047-48 it estimates a rise to a present value of $210 billion in GDP and an additional 17,000 full-time equivalent (FTE) jobs for Australia.
In June 2020 the 5 year strategic plans for Meat & Livestock Australia (MLA) and Australian Meat Processor Corporation (AMPC) were released. Together with the 2020 Australian Beef Sustainability Annual Update these documents set the agenda for the red meat and livestock sectors transformational change in the years to come.
Through collaborative projects like the Wastes to Profits we will drive the transition towards a circular economy and carbon neutrality. In this newsletter we highlight our activities between March – June 2020, including two researcher spotlight videos. We also ask you to express your interest in attending future webinars run by the Wastes to Profits team. We encourage you to watch the videos and stay in touch.
We welcome your interest, involvement and feedback throughout this four year project. Please make sure to visit the website, sign up to the newsletter and encourage your colleagues to do the same. If you need more information or want to become actively involved in the project, please do not hesitate to contact us.