Embracing Circular Economy Principles for Societal Shifts

NZI Sustainability Q&A Series

Discussions with change-makers, leaders and experts making
a positive impact on society and planet

Radhika Kanaskar is the sustainability program lead at the Federal Reserve Bank of Boston. She is also pursuing a part-time master’s degree in sustainability at Harvard University Extension School to expand her understanding and subject matter expertise in this field. During her free time, she offers services for small businesses and individuals through Champions of the World. 

What major trend do you anticipate shaping your industry in 2024?

In 2024, a prominent trend in decarbonization lies in the widespread embrace of circular economy principles, acting as a cornerstone for transformative societal shifts. This concept champions waste reduction, resource efficiency, and material reuse, not only trimming waste but also nurturing energy efficiency and fostering innovation to significantly cut carbon emissions.

Consider the extensive journey of a product — starting from raw material extraction, manufacturing, transportation, and eventual disposal in a take-make-waste paradigm leading to landfills. This perspective underscores the urgent need for circular practices to reimagine this linear system, advocating for a sustainable cycle that minimizes waste and propels us towards a more environmentally conscious future.

By prioritizing reuse and recycling, the circular economy mitigates the need for new raw materials, minimizing the environmental impact of extraction processes with high carbon emissions. Additionally, emphasizing product durability and repairability extends their lifespans, while waste reduction strategies significantly mitigate emissions from incineration and landfill breakdown, culminating in a transformative industry-wide shift.

In addition to its focus on the technical loop for manmade materials, the adoption of circular economy principles also extends its reach to encompass the biological cycle, addressing organic materials such as food waste that emit methane, an even more potent greenhouse gas. Overall, this shift towards the circular economy showcases a comprehensive approach to mitigating emissions across diverse material cycles within the industry.

How will the sustainability and decarbonization landscape evolve over the next couple of years? 

I think we will continue to learn more about the inseparable link between biodiversity conservation and decarbonization efforts. I hope that initiatives integrating both biodiversity protection and decarbonization strategies will gain traction, acknowledging the crucial role of diverse ecosystems in combating the climate crisis. Given the increasing threats to biodiversity from habitat destruction, climate change, pollution and other human activities, focusing on its preservation in 2024 is crucial for the well-being of ecosystems, species, and humanity as a whole. 

How do you personally plan to positively impact the environment? 

I aim to spark a ripple effect in environmental stewardship by championing initiatives and advocating for larger-scale actions. I believe collective efforts create significant change, inspiring others to amplify positive impacts for the benefit of society.