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The Circular Economy

Horizons SM

Horizons of growth in a challenging world

Image: Karsten Würth on Unsplash. “Over the longer term, the only way for the world to propel itself out of the low growth environment is through cooperation.” -Mirek Dusek The world is currently mired in a low growth environment, with the latest IMF forecasts projecting 2.8% global growth in 2023 and 3.0% in 2024 – rates which are well below the average experienced over the past decade. This is in the context of other ongoing fragilities including stubborn inflation, a global debt crisis, geo-economic rivalry, geopolitical conflict and vulnerabilities in the financial sector, among others. Despite this sobering outlook, or perhaps because of it, it is so crucial not to lose sight of avenues to relaunch growth and put us on a firm trajectory to new competitiveness and resilience. In this respect, I would like to point to three horizons of growth, for short-, medium- and long-term revitalization of the global economy: Reopened Asian economies Among the regions hardest-hit by the COVID-19 pandemic, Asia is emerging from a protracted period of muted economic activity and looks set to resume its role as the world’s growth engine. China’s economic opening up earlier this year has provided a much-needed boost to both the regional and global economy. The reopening of crucial Asian economies at large provides us with immediate growth markets which can serve to spur growth in the short-term, while also establishing a base from which to overcome the low growth environment moving forward. In comparison with other regions, Asia-Pacific is by far the brightest spot for economic growth at present, with the IMF’s latest estimates projecting the region to contribute 67.4% of all global growth in 2023, and with China alone contributing 34.9% of that total. The annual growth rate for the region is projected at 4.6% for 2023, representing […]

Carbon neutral PIC

Carbon-neutral manufacturing is possible

Amid a slow political process on climate change, businesses globally must step up their efforts to reduce carbon emissions. Engineering and manufacturing can make an essential contribution to achieving net zero, as manufacturing plants, machinery, and sophisticated production processes are at the heart of global value creation everywhere. The good news is that we can help to significantly limit global warming and reach net-zero emissions, using the technology and know-how we already have. Three key priorities that will propel us more quickly on this journey – if we embrace them consistently: Focus all our efforts on minimising greenhouse gas emissions. Use all available levers for improvement, from the thousands of incremental refinements that add up to significant efficiency gains over time, to fundamentally designing and adapting large industrial plants and processes with the goal of climate neutrality. We will need to question established routines and scrutinise every aspect: can we minimise the amount of stainless steel or other raw material and still get the same performance? How can we reuse more of the waste we produce in production processes, or – even better – avoid it? And this line of questioning doesn’t stop within our own operations; we must encourage, or even require, our suppliers to do the same. This is critical given that a significant amount of greenhouse gas emissions are generated in the supply chain. We must put energy efficiency front and centre. There is no doubt that energy efficiency improvements will have to play a crucial role in putting the world on a net-zero pathway. In particular, heating and cooling require our immediate focus, as they account for a large proportion of energy consumption in processing plants – often between 50 and 90%. By deploying state-of-the-art heat pump technology, manufacturers can capture their waste heat from refrigeration and then boost the temperature to […]