The circular economy has gained traction in various markets and sectors, with a focus on processing, production, and consumption models that prioritize sharing, leasing, reusing, repairing, and recycling materials and products. Sustainability expert Rasha Hasaneen, Chief Product and Sustainability Officer at AspenTech, emphasizes the importance of integrating circular economy practices into net zero emissions targets to address climate change, waste, biodiversity loss, and urban pollution. She believes that existing technologies can enhance circularity and contribute to a cleaner, greener world through collaboration and willpower.
AspenTech is re-purposing its process control software for circularity, with two major refiners using digital modelling and advanced processing solutions to convert cooking oil and plastics into biofuels and synthetic crude. Hasaneen highlights the flexibility of digital technologies to support sustainable practices and enhance circularity by improving energy efficiency and reducing carbon emissions across the economic value chain. This approach aligns with global goals to double energy and process efficiencies by 2030, as set out at COP28.
The circular economy relies on technologies such as artificial intelligence, Industrial Internet of Things, predictive analytics, and big data for process optimization and industrial use cases. AspenTech is committed to ensuring that these processes are safe, reliable, repeatable, and innovative as the world transitions towards a circular and low-to-zero carbon future. Hasaneen emphasizes the importance of a just energy transition, particularly in emerging and developing economies, to avoid energy poverty and digital divides while advancing sustainability, security, and affordability.
Innovation will be key to overcoming the energy trilemma and supporting sustainable development in emerging markets, allowing them to leapfrog and adopt greener solutions without being penalized for utilizing their natural resources. Hasaneen suggests that technology can facilitate the efficient extraction and utilization of resources in a more environmentally friendly manner, providing a blueprint for low-carbon deployments in developing economies. By building greener from the ground up, these markets can lead by example and contribute to a just and inclusive carbon transition globally.
By integrating circular economy principles into net zero emissions targets and sustainability strategies, industries can enhance efficiency, reduce waste, and lower carbon emissions, contributing to a cleaner, greener future. AspenTech and other industrial software vendors are leveraging digital technologies to support circularity and sustainability, demonstrating the potential for collaboration and innovation to drive meaningful change. As the world progresses towards a circular economy, the focus on a just energy transition and inclusive development will be crucial to ensuring equitable access to sustainable solutions for all.
