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By Steve UMIDHA
Kenya’s transition towards a circular economy is being slowed down by human, financial and technical barriers.
But to make this model work locally, experts say stakeholders in the value chain will need to change how we think about resources and do this sustainably for the long term.
A circular economy is simply a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible with an aim to extend the life cycle of products. Companies also need to be able to do so profitably.
Therefore, business models need to be innovated, and device manufacturers need to unlock additional value beyond providing the pure product. That was the rallying call during this year’s KEPRO Annual Circular Packaging Conference 2024 in Nairobi.
Themed “Advancing Circularity: Innovating for Sustainable Packaging Solutions,” the forum brought together international, regional, and local thought leaders, academics, practitioners, policymakers, and stakeholders from various sectors to explore crucial conversations around sustainability, the circular economy, and ethical behavior
Similarly, experts believe that more blended financing options in form of green financing, could attract the much – needed investments into the sector.
Green finance is essentially a loan or investment that’s used to support environmentally-friendly activity and can help you to fund those changes, sometimes including incentives to do so.
So, it can help people and businesses make good purchasing and investment decisions for both themselves and the environment.
In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.
Indeed, Kenya has been working towards a sustainable, circular economy since 2021 (Sustainable Inclusive Organisation, 2021) to boost efficiency in resource use, cut down on waste, and open up new avenues for financial growth.
Strategies such as investing in circular business models and encouraging the use of renewable energy sources are part of the overall approach. The country has also launched a number of programmes and initiatives to encourage recycling and trash minimization.
The National Environment Management Authority (NEMA) for instance has issued legislation and standards for waste management to encourage ethical garbage disposal and recycling, for instance.
As a further measure, the country has banned single-use plastic bags, which have significantly cut down on litter. The Ellen MacArthur Foundation estimates that by 2030, Kenya may reap $3.4 billion in yearly economic benefits from establishing a circular economy.
However, there are still a number of obstacles that must be overcome, such as a lack of resources, poor waste management infrastructure, and limited knowledge about the circular economy.
Kenya Extended Producer Responsibility Organisation (KEPRO) said it will continue to partner with liked-minded organizations to shape the conversation on circular economy and to bring out the various solutions available towards the realization of circular approaches where reduction, re-use, recycle and elimination of waste are at the centre stage.
“A green circular economy is what our environment is yearning for today and KEPRO is front and center of delivering this ambition on time and in full,” Stephen Muli, the Board chair of KEPRO.
Financial Fortune is a digital financial news website and print business magazine published in Nairobi by Fortune & Transit Publishers Ltd and covers the financial services sector through news, views and extensive people coverage since 2018.
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