Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223519
Title: AN EVALUATION OF CIRCULAR BUSINESS MODEL IMPLEMENTATION IN THE ASIA-PACIFIC FROM A BUSINESS PERSPECTIVE
Authors: CHANG LEE MING
Keywords: Environmental Management
MEM
Master (Environmental Management)
Audrey Chia
2018/2019 EnvM
Issue Date: 22-Jan-2020
Citation: CHANG LEE MING (2020-01-22). AN EVALUATION OF CIRCULAR BUSINESS MODEL IMPLEMENTATION IN THE ASIA-PACIFIC FROM A BUSINESS PERSPECTIVE. ScholarBank@NUS Repository.
Abstract: The linear economy, which refers to the take-make-dispose consumption model in Asia Pacific region, is resource intensive and not sustainable in long run, in view of the population growth and rising middle-income consumer group in this region. As a result, the growth of material consumption and waste disposal in Asia Pacific has been tremendous. Circular economy, an economic model that aims to retain material flow in a closed loop system indefinitely, is recognized as the solution to improve resource efficiency in current economic system by keeping material in use indefinitely and designing out waste. Business plays a significant role to enable circular economy by adopting circular concept in operations and product or service offering to the consumers. This paper aims to review effectiveness, challenges and opportunity of circular business model implementation in Asia Pacific region from a business perspective. In the first part of this paper, the author reviewed the definition and concept of circular economy, business model and circular business model. Various circular business model types applicable across a product lifecycle has been discussed, acknowledging the fact that a switch towards an effective circular economy requires a system approach involving all stakeholders in the economy, including government, businesses and consumers. In this research, the author compiled and assessed 60 circular business model case studies in Asia Pacific in terms of business revenue, job creation and material circularity. Analysis of the result shows interesting landscape in this region, where dynamic and diverse circular business model activities were observed, as initiated by various stakeholders across different industries. Most of the case studies are operating on circular supplies, resource recovery and sharing platform model. High revenue circular business models in this region were observed to be large scale sharing platform and specialty recycling business. The author has identified, based on the case studies, motivation of circular business model implementation in Asia Pacific, including government policy and initiative, business value creation to reduce cost and capture new market, NGO initiative and close collaboration, as well as the technological advancement in this region. Meanwhile, challenge that hinders the business in Asia Pacific to adopt circular business model includes higher upfront cost, lack of business scale, regulatory constraint and consumer mindset as well as behavior. The author then proposed recommendations to business for a successful circular business model implementation in this region. Capacity building on circular business model would help business to identify the opportunities across value chain. The business is recommended to invest and take the lead in circular model innovation. Cross-industry collaboration, local scale engagement and creating change in consumer mindset and behavior were identified as other key enablers for successful circular business model implementation in Asia Pacific. In conclusion, business in this region should start investing in circular business model due to rising circular economy related policies and game-changing initiatives driven by business, signaling that a switch towards circular economy in near future is highly possible.
URI: https://scholarbank.nus.edu.sg/handle/10635/223519
Appears in Collections:Master's Theses (Restricted)

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