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Resource Managed By The Circular Economy

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ABSTRACT:

The main purpose of the report is to give all the crucial details on a professional research based project aimed to analyze the resource managed by using the process of circular economy of Australia which will be explained in the three identified research questions. The first question is about the valuable requirements and benefits of the valuable resource managed by the circular economy of the Australia. The second question is about analyzing the point of extent to which the circular economy of Australia helps in managing the resources effectively and efficiently. The third question is about the relationship between the circular economy and overall growth of the Australian economy.

Previous literature has successfully explained how linear economy used in the Australian economy in some years before. The concept of the circular economy has also been exemplifies with the help of the product stewardship act 2011 which is initiated by the federal government. It will further analyze how circular flow of economy helps in tackling the multiple recycling issues in the long run.

Data will be collected in the specifically company websites to evaluate the link between the circular economy and its related advantages which helps the company in the further growth and development. The positive outcomes have been expected from the research study which has important relationships with the Australian economy and resource utilization in the right direction. This study concludes that the circular economy helps in utilizing the resource in the long run which can also use in the further production and development.

The conclusion will be added in the end to find the findings of the fact.

Table Of Contents-

INTRODUCTION:

The given research paper highlights the valuable resource managed by the process of the circular economy.  This topic is about the circular economy which is a trend for the various organizations and assures the utilization of the valuable and efficient resources to the public.  At the first section of the research study will elaborate the background of the research study, research questions, research aim, and critical literature review. In the next part, methodology employed in the research project, findings of the research, along with this discussion and conclusion will be explained.

The conclusion will be added in the end to find the findings of the fact.

RESEARCH AIMS AND RESEARCH OBJECTIVES

The main aim of the research paper is to evaluate the resource managed with the help of the circular economy and more significantly to:

Research questions:     

  • To what extent does the circular economy of Australia helps in the managing the resources effectively?
  • Is there any relationship positive between the circular economy and overall growth of the Australian economy?

PROBLEM STATEMENT

In the previous years, Australian economy has faced excessive recession which highlights the importance of the circular economy to the optimum level. In the recession period, many people lose their job which reduces the consumer spending for the both basic and luxurious products so; it is highly crucial for the Australian companies to harvest wealth and resources from the waste products and recycled products which will help in reducing the overall pricing of the products and services. The SME’s in the Australian economy are now adopting the circular business economy model to follow the sustainable processes with the help of reducing the waste or utilizing the resources to used it again for the manufacturing purpose in the direct direction (Reuter, 2016). The waste products consequences include increasing the rate of pollution, dwindling resources, and rising prices of multiple products and resources. Due to the climate changes and natural resources depletion, the issue of sustainability is being connected to the multiple agendas of corporate strategist and policy makers. It is to be believed that the circular economy is highly transformative but also challenging at the same time. The main problem is that it depends upon the new innovations, new processes, and new ways of linking multiple parts if the supply and manufacturing chain.

It is to be believed that Australia is highly concerned about recycling the waste products in the further manufacturing process so that products and services in the low amount could be provided to the prospective and potential consumers. Waste management is a serious issue in the Australia export business and the demands has been continuously increasing to reduce the level of risk at all levels.

Hypothesis:

H1: It evaluates the benefits and requirements of the resource managed by the Australian circular economy.

H0: It does not evaluate the benefits and requirements of the resource managed by the Australian circular economy.

H1: To what extent does the circular economy of Australia helps in the managing the resources effectively?

H0: To what extent, the circular economy of Australia does not helps in the managing the resources effectively?

LITERATURE REVIEW:

What is circular economy?

According to the Martin & Jucker (2005), The circular economy is mainly described as the restorative, transformative, regenerative industrial and economic system that suggest the current generation to use the natural resources in the way that it could be saved for the future generations as well. There were no effective theories for utilizing the resources but now, organizations are highly aware of the new developmental change and trying to utilize the waste product to lowering the price of the product which helps in providing effective profit margins.

Drivers of the Circular economy

The underlying drivers of the circular economy which arise from the theory of the sustainable use of the valuable natural resources which helps in reducing the overall price of the products along with this also helps in reducing the environmental factor in the long run. The term circular economy introduces the process of cycle where the aim is to maintain as much as value as possible from materials and resources used. it is to be believed that term circular economy is gaining the limelight since the 1970’s by one of the prestigious global leader. The main issues is that how do we as a global leader manage our consumption and production to meet the current needs of the people as well as demands and needs of the future generation as well. The concept of circular economy mainly comes into the existence when the Chinese government banned the

Increasing environmental deterioration across various countries has resulted to the developmental of multiple policies for reducing the negative impact of the unethical way of producing or consuming the product on the environment. Australia is the forerunner in implementing the circular economy.

Circular economy is helping the Australian economy

Crane et al. (2014), finds that building circular economy as urgent and long term strategic job for Australia to develop an environmental friendly society. According to the Australian bureau of statistics, the amount of wastage generated increases 145% from 1978 and 2012 which is mainly transfer to the China. But,  after china has banned the import of the waste products which gives an idea to the Australian economy to use the concept of the circular economy to manage the waste resources.

In Australia, the concept of the circular economy is receiving good attention in business environmental, and political front. It is to be believed that current “Take-Make-Dispose” economy valuable resources are thrown away and only around half of the waste products o material has been recycled. It has been identified that in the circular economy, the waste material has been treated as the valuable resources and most of the products are designed to be reused and repaired along with this there material used in the further manufacturing process. Reuter (2016), says that if the waste material has been utilized to the optimum level and discarded to the landfill will create multiple environmental problems at all levels. To attain this, products needs to pass through the life cycle like how they are manufactured, how they are used and how they are disposed of. With the help of the digital technology, people are now highly connected than earlier and also allow new business models based on the collaboration and sharing. According to the Reuter (2016), circular economy is an alternative model that designs and anticipates for resources to be either back into the system where they could be used or reused or safely returned to the nature.

Circular economy-big change

The big change towards the circular economy is moving globally. The concept of the circular economy  will bring together community, industry, academic, and government leaders interested in how new innovation in the business, policy, and technology can helps in bringing new wealth from resources and also shapes the future for the circular economy in the Australian and other regions. For example, road construction companies can use diverting waste tyres from landfill by taking them in using for road building. According to the study in 2016, it is found that around 96% of the Australians agree that recycling of electronic waste is highly crucial for two reasons; firstly it helps in protecting the environment which harms from disposing the electronic material into the landfill, and secondly it will help the electronic companies by providing the enough useful material from the waste which will help in further manufacturing process. It is to be believed that around 49% of the people have given their waste products in the donation camp or in recycling camp. According to the Crane et al. (2014), finding a home for the waste material is a biggest challenge to maintain the circular economy. It is to be believed that there are demand side critics that consumers are not willing to purchase the re-used content due to the quality issues so it gets highly important for the marketers to build a demand for the recycled and reused products. This is a point of debate where consumer need to change their buying behavior about the re-use products and re-cycle products along with this organization need to involved more in attracting the consumers by providing numerous benefits like gifts vouchers, schemes, or discounts. According to the Reuter (2016), the new and attractive concept of the circular economy has the ability to generate more than 25,700 full time and part-time jobs by 2030 in areas like technology and design industries logistic services, recycling and reusing activities by reducing the greenhouse emissions in the South Australia in by around 27%. According to the Sen (1981), easy access to the recycling points, financial incentives, and valuable awareness is the three main drivers which motivate and encourage the potential people to recycle the as the personal financial rewards has been considered as the primary source of motivation. The government should take positive actions to motivate the use of waste resources by effective marketing and advertising. It is to be believed that women are highly inclined than men to take effective steps to reduce the household waste for any other productive purposes.  The SME’s in the Australian economy are now adopting the circular business economy model to follow the sustainable processes with the help of reducing the waste or utilizing the resources to used it again for the manufacturing purpose in the direct direction (Reuter, 2016).

METHODOLOGY:

3.1 Data collection:

The main aim of the research study is to determine the management of resources is affected by using the concept of the circular economy in the Australia. This is exploratory study which is based on the Secondary sources which are public documents consisting of the information collected by the other researcher or readily available on the official website as a public document. To be more precise it is the information of the international companies such as annual report, sustainability report and other documents related to the circular economy of the company website such as Renault, Toast Ale, Timber, Splosh, and bio bean etc.

The major data collection process will be initiated by searching the official reports in each company websites or other company sustainability reports. It is to be believed that some companies publish standalone reports and some companies provide these details in the annual report. It has been identified that single reports provide more information than the annual reports.

The companies have been using the concept of circular economy for managing their resources effectively are selected and data has been collected.  This study is going to use the better approach along with the secondary resources to collect the relevant and reliable data. the concept of the circular economy in the manufacturing process which has helped the multiple companies to rece overall cost of production. This happened because people are buying less products and services due to low income and high cost of product, hence using circular economy helps companies to reduce cost of production.  

4.1 Descriptive statistic

The descriptive statistic consists of data analysis which is the Quantitative analysis of data regarding the circular economy which will be analyzed through some descriptive study. The data which will be collected from the annual reports, financial reports, sustainability report and other documents of the international companies. It is decided to use suitable quantitative method for the research which measure the facts using the variables. The reliability is highly crucial along with this data could be analyzed in the effective manner. This is described with the help of the descriptive analysis in which the dependent variable is profits using the recycled technology and independent variable are circular economy. 

The first stage of this descriptive statics is to analyze which company can provide the crucial details regarding management of the resources with the help of the circular economy. There is correlation between the sustainability report and profitability of the company.

In the second stage, the analysis mainly consists of the whether the companies provide the reports have a better performance as shown in terms of the profitability and recovery with the resource managed. The study is managed through the recyclable technology resources are normally described in the percent ratio from the official reports of the companies.

The analysis is carried out using the five international companies which have employed the concept of the circular economy in the manufacturing process. All the five companies have their individual reports regarding the use of waste for the manufacturing process for last 6 years. It is to be believed that in the last 5 years, the companies who have released their sustainability report shows that it has increased significantly. The descriptive statistics also shows that approximately 50% profits have been maintained by the chosen companies with the help of the circular economy. The various companies like timber land , Renault , toast , big bean and splosh have used the methods of loop recycle technology for raw material and waste material to be recycles and found effect on cost of production. They reported very good percentage change. 

The Reynold and splosh has used circular economy resulting into reducing the cost of product as raw material and got many items in large percentage recoverable and recyclable.

In this work, the descriptive analysis of the done on some research paper which is mainly used to give significant view for the research topic. As per the descriptive strategy, it is to be understood that the remanufacturing activity is slightly slower in nature than the other methods. But the recycling is still viewed as the crucial variable by the valuable policymakers. It is noted that refuse and repurpose has not been part of this work and it shows that Australian economy is highly driven by the concept of the circular economy after the recession period.

Table 1 Descriptive statistic (indicator variable)

Variable

Variable description

  Number of company with 1

%

Number of company with 0

%

Information regarding resource management

The details of circular economy issues for each year (Yes=1) (No=0)

35

70%

22

44%

Industry

Company who are highly involved in managing resources by circular economy

45

90%

12

24%

The table 1 descriptive statistic shows that there are 35 -45 companies with 1 have percentages ranging from 70% to 90% and number of companies with 0 has 24 to 44% shows that the companies with 1 have more percentages. 

The number of publications and year of the research publication on the above topic as per Source: (Bing.com, 2019) found that the year wise information on the topic is high in the year of 2018. This shows that circular economy is being largely used.

After analyzing above information, it is to be understood that there are many Australian companies who have employed the concept of the circular economy which can helps in reducing the overall cost of the manufacturing process and increases the margin of the profit of the company.

Company

2005 (million)

2015 (million)

Annually (%)

Type of market

Tomra

0.19

0.47

20%

Collection

Caterpillar

45

70

9%

Remanufacturing

Remondis

4.38

7.02

10%

Recycling

Amazon

0.36

1.15

26%

Secondary

DISCUSSION:

This section will mainly compare the literature review and findings. The main purpose to conduct this study to examine if the chosen companies performance related to the circular economy could be measured by the descriptive analysis and statistical analysis. The report has used to the five top companies to analyze the given topic in detail along with it will also describe how many company has provided details regarding the circular economy in the annual report and vice-versa.

H1: The report evaluates the benefits and requirements of the resource managed by the Australian circular economy.

The above findings shows that the all the chosen five companies have successfully utilized the waste resources in their further manufacturing process in the last six years. Both analyses show the relationship between the circular economy and profitability of the company. The report regarding the sustainability is highly recommendable to the company or even due to the multiple stakeholders process which helps in attracting the investors in the long run.

H2: To what extent does the circular economy of Australia helps in the managing the resources effectively?

The findings confirm that these reports are highly related to the market perception which is measured by the correlation analysis. This helps the companies in lowering their cost of the manufacturing process along with this it also helps attracting the large number of investor to invest in the company which also mentions the society along with their profitability. These findings are also consistent with the results from the previous researchers conducted by Nemethy & Komives (2016). It also mentions the positive relationship exists between the sustainable information and profitability of the company.

LIMITATIONS

The budget provided for conducted the research study is limited. Many companies do not give permissions to their leader to participate in such kind of the research which can use their useful information for their personal benefit.

CONCLUSION AND RECOMMENDATIONS

The given paper is about how resources are managed by using the concept of the circular economy in Australia.

Addressing the main aim of the research project:

The underlying drivers of the circular economy which arise from the theory of the sustainable use of the valuable natural resources which helps in reducing the overall price of the products along with this also helps in reducing the environmental factor in the long run. The information will be extracted from the respective companies. Survey will be conducted to collect the primary data. To the further procedure, sampling technique will be used to select the 50 Australian companies. The waste products consequences include increasing the rate of pollution, dwindling resources, and rising prices of multiple products and resources.

The waste products consequences include increasing the rate of pollution, dwindling resources, and rising prices of multiple products and resources. Due to the climate changes and natural resources depletion, the issue of sustainability is being connected to the multiple agendas of corporate strategist and policy makers. It is to be believed that the circular economy is highly transformative but also challenging at the same time. easy access to the recycling points, financial incentives, and valuable awareness is the three main drivers which motivate and encourage the potential people to recycle the as the personal financial rewards has been considered as the primary source of motivation.

REFERENCES:

  • Lüdeke-Freund, F., & Bocken, N. (2018). A Review and Typology of Circular Economy Business Model Patterns. Journal Of Industrial Ecology, 7(9), 23-45. doi: 10.1111/jiec.12763
  • Nemethy, S., & Komives, T. (2016). On ecocycles and circular economy. Ecocycles, 2(1), 44-46. doi: 10.19040/ecocycles.v2i1.55
  • Reuter, M. (2016). Digitalizing the Circular Economy. Metallurgical And Materials Transactions B, 47(6), 3194-3220. doi: 10.1007/s11663-016-0735-5
  • Schroeder, P., Anggraeni, K., & Weber, U. (2018). The Relevance of Circular Economy Practices to the Sustainable Development Goals. Journal Of Industrial Ecology, 7(9), 45-67. doi: 10.1111/jiec.12732
  • Martin, S., & Jucker, R., (2005). “Educating Earth-literate Leaders”, Journal of Geography in Higher Education, 29(1), 19-29.
  • Dados, N., & Connell, R., (2012). “The Global South”, Contexts, 11(1), 12-13.
  • Sarracino, F., (2010). “Explaining Famines: A critical review of main approaches and further casual factors”, NAF International Working Paper Series, 10(02).
  • Sen, A. (1981). “Ingredients of Famine Analysis: Availability and Entitlements”, The Quarterly Journal of Economics, 96(3), 433.
  • Crane, A., Palazzo, G., Spence, L., & Matten, D., (2014). “Contesting the Value of “Creating Shared Value””, California Management Review, 56(2), 130-153.
  • Eco.nomia.pt. (2019). Retrieved from http://eco.nomia.pt/contents/documentacao/ellen-macarthur-foundation-towards-the-circular-economy-vol1.pdf

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