This is a guest post by Penny Polson, Carmen McLeod, Sarah Hartley and Eleanor Hadley Kershaw *** Introduction to the Circular Economy The notion of a ‘circular economy’ has been gaining a lot of traction lately.
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The World Business Council for Sustainable Development (WBCSD) is stepping up its efforts to support the circular economy. At the World Economic Forum Annual Meeting in Davos, the WBCSD launched the Factor 10 initiative. Supported by 30 companies, with combined revenues of $1.3 trillion, it will strive to transform how ‘business produces, uses and disposes of the materials that make up global trade by moving away from the traditional take-make-dispose economic model to one that is regenerative by design’.
The shift to Industry 5.0 could lead to job losses if workers are not retooled and reskilled, the Asian Development Bank (ADB) has warned. In a special supplement titled, “Capturing the Digital Economy: A proposed measurement framework and its applications,” experts also said shifting to Industry 5.0 from Industry 4.0, however, would still lead to increased consumption and job opportunities if workers are able to adapt. “Data suggest that, while effects of technology improvements observably reduce labor demand as a result of substitution, positive job impacts coming from consumption and new labor requirements may compensate,” the ADB said.
