Did you know that the circular economy offers an annual market potential of $8 billion in Africa?Although Africa’s emission levels are comparatively low, the regionis acutely susceptible to theimpacts of climate change. Consequently, Africa is setting its sights on areas ripe for the application ofcircular economy principles, including organic fertilizer production from food waste, plastic recycling,e-waste collection, the use of mass timber in construction, and the commercial export of recycled textiles.
The recent Sankalp West Africa Summit 2023 carved out a special segment to delve into the region’s circular economy challenges and opportunities. It emerged that transitioning to a circular economy could usher in numerous advantages for West Africa. By harnessing local resources and integrating circular practices, innovative business models can be spawned, providing employment opportunities, and catalysing economic growth. Sectors like renewable energy, waste management, sustainable agriculture, and green manufacturing are brimming with potential for innovation and investment.”
In every decision we make henceforth regarding resource allocation, the principle of circularity willbe our guide,” said Oliver Boachie, underlining the commitment to this approach.
However, several obstacles stand in the way of circular economy principles becoming more widespread in West Africa. One primary hurdle is the gap between dialogueand action, with practical efforts often lagging discussions. Further, a lack of understanding about the circular economy among local communities hampers their ability to grasp the available opportunities. Additionally, the lack ofsuitable technology for circular processes presents a formidable roadblock to successful implementation.
In this paradigm shift towards a circular economy, businesses and industries have a critical part to play.They can initiate sustainable practices, maximize resource use, and stimulate innovation. Adopting circular business models allows companies to minimize waste, increase resource efficiency, and strengthen the resilience of the regional economy.
“No single organization, government, or city can overcome this challenge in isolation. Collaboration and co-creation are indispensable,” asserted Venkat Kotamaraju, emphasizing the collective effort required.
Key interventions are necessary to speed up West Africa’s transition to a circular economy:
- Encourage collaboration among stakeholders to prevent effort duplication and facilitate knowledge sharing
- Support capacity building and entrepreneurial growth to scale innovations
- Invest in appropriate technology and infrastructure to facilitate circular processes
