Policymakers, businessesand consumers need to align interests in order to realise the circular economyto drive nation's growth

KUALALUMPUR, MALAYSIA - Media OutReach - 15th November 2018 -Implementing the circular economy is arguably the best chance Asia has inreversing the causes of climate change and achieving the environment-focusedsustainable development goals. Yet there are challenges to be met. Businessesand policymakers need to work together to adopt long-terms initiatives torealise the circular economy for the country's growth.

Leading the conversation, over 200 scientists,business leaders, entrepreneurs, policymakers, regulators, NGO representativesand academics across Asia gathered at SunwayCity, Kuala Lumpur for a stimulating discussion about the circular economy.

"Asian governments,companies, groups and others can use circular initiatives to benefit changingsocieties without sacrificing economic growth. From mass urbanisation toinnovation in agriculture, new ideas for sustainable initiatives matter to theregion and to The Economist. Bybringing global and regional experts to Kuala Lumpur we plan to debate how suchideas can be implemented effectively," said Miranda Johnson, South-East Asiacorrespondent at The Economist.

The full-day summit themed 'Going Full Circle' opened with a dialogueon policy framework for sustainable development goals adoption in Asia beforeoutlining the need to drive mainstream conversation among policymakers,businesses, as well as citizens to embrace long-term initiatives that will leadto positive effect in economic goals while leaving a better planet for futuregenerations.

Speaking to conference attendees, Sadhguru, thefounder of Isha Foundation had a very pragmatic, reconciliatory message gearedto galvanise positive action. "We need not destroy business, we need totransform businesses. We should strive to officiate the marriage betweenecology and economy."

Throughout the dialogue, delegates addressed theneed for public, private partnership to align interests and significantly stepup its development efforts across sectors to find multilateral solutions toovercome transboundary challenges.

"We are living in an age where technology istransforming the world. We can already see the effects of technology on theglobal economy, geopolitics and society. With the right innovation andinvention, I believe the circular economy is achievable in Asia. I trust thissummit will provide meaningful solutions to advance the sustainable developmentagenda in the region. We are delighted to partner with The Economist Eventsthrough the Jeffrey Sachs Center on Sustainable Development at SunwayUniversity for the second consecutive year," said Jeffrey Cheah, founderand chairman of Sunway Group and Chancellor of Sunway University.

Another key highlight, TheEconomist debate motioning that sustainability must be approached usingglobal free market principles saw a spirited exchange between Robert Kraybill ofImpact Investment Exchange and Chandran Nair of Global Institute for Tomorrow.The motion was defeated by Nair's advocacy that policymakers were crucial tocurb the free market's tendency to put profits and individualism before theplanet. Said Nair, "Rights and freedoms have to be redefined, rethinkgovernance (so that) collective welfare comes first. I urge the Malaysiangovernment to rethink that".

Finally, in the closing keynote, Yeo Bin Yee, minister of energy,science, technology, environment and climate change, Malaysia urges hergovernment to take action; it is not only important to reuse, reduce andrecycle, she urges everyone to replace; "We need tothink about the problems plastics create and replace them with bio-degradablealternatives."

Chaired by The Economisteditors, featured speakers included:

●     Yeo BeeYin, minister of energy, technology, science, climate change and environment, Malaysia

●     RichardKooloos, director, sustainable banking, ABNAMRO

●     VincentMortier, deputy chief investment officer, Amundi

●     AlokeLohia, founder and group chief executive, IndoramaVentures

●     LeekoMakoene, founder, Made With Rural

●     JeffreySachs, chairman, Jeffrey Sachs Center on Sustainable Development, Sunway University and director, United Nations Sustainable DevelopmentSolutions Network

●     StefanRanstrand, president and chief executive, TOMRASystems

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Toengage with The Sustainability Summit on social media, follow @EconomistEvents#EconSustainability.

SPONSOR

Founding supporter

The Jeffrey SachsCenter (JSC) is the hub of theUnited Nations Sustainable Development Solutions Network (UNSDSN) for researchand policy practice to advance achievement of the Sustainable Development Goals(SDGs) in the ASEAN region. JSC was established in Sunway University through agift of $10 million from the Jeffrey Cheah Foundation. It is chaired by ProfJeffrey Sachs, director of the UNSDSN and special advisor to the UNSecretary-General on the SDGs. 

The Center is located in Sunway City, a rehabilitated mining wasteland turnedwonderland, and Malaysia's first green integrated township listed in thecountry's Green Building Index. 

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