EDMONTON – Officials in Alberta are looking to push the province towards lower emissions with a $50 million boost to the Circular Economy Challenge.
Emissions Reduction Alberta (ERA) stated the investment from the Government of Alberta through ERA will be used to advance innovations that cut the impacts of material production, processing and disposal, and support economic diversification.
In a release, ERA stated waste has been identified as a global problem and the current economic system functions mainly in a linear fashion.
“Natural resources are extracted and processed into products that are used once before being discarded at end-of-life,” stated ERA. “A circular economy is designed to significantly reduce waste and pollution, keep products and materials in use, and regenerate natural systems. Product lifecycles are extended by reuse, recycling, upcycling, resource recovery, and low-impact design.”
ERA believes the circular economy is on the cusp of unlocking $4.5 trillion of economic growth by 2030, and as much as $25 trillion by 2050, according to research by Accenture Strategy.
Funding is sourced from the Government of Alberta’s Technology Innovation and Emissions Reduction fund. ERA launched the Circular Economy Challenge at the GLOBE Forum on March 30.
“Advancing technology solutions that extend the lifecycle of products makes good environmental and economic sense,” said Jason Nixon, minister of environment and parks, in the release. “Accelerating the circular economy keeps valuable materials out of landfills for longer, which drives investment, bolsters economic activity, cuts emissions and creates jobs. A rise in commodity prices, like nickel, has also renewed the urgency for a circular economy and maximizing the value of our existing resources and industries.”
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