Transitioning to a circular economy has never been more critical.
With a strong focus on preserving the planet for generations to come, this notion has become imperative.
“If we keep our current consumption levels, we are gonna need 2.3 planets by 2050,” Lenovo ANZ’s Matt Codrington discussed on Ticker Insight. “Shifting to this economy, we can we can decouple growth from net new consumption.”
“Businesses are sitting on a goldmine of old technology, but there is a real gap of understanding how to maximise the value in that e-waste.
“Approximately 50 percent of businesses are aware there’s some sort of economy benefit.”
Codrington reveals that $56-57billion worth of materials is being lost to landfill and incinerators, through the likes of copper and other valuable materials and electronic components, but employees are left wanting more from their employers than just economics.
“When you talk to staff members in an organisation, especially Millennials, and Gen X’s, they’re much more likely to be loyal to the company, they’re much more likely to stay with the company with these sorts of responsible practices in place,” he adds.
“Employees (as well as customers) want their organisation to have a high priority around ESG (Environmental, Social and Governance) issues.
“This is a lot of opportunity to get better, more efficient and to get a better return – not just economically – for organisations.”
Codrington also revealed the initiatives in place at Lenovo, to help with this e-waste problem. The first one involves partnering with sustainable jewellery designer Holly Ryan, while another is the Asset Recovery Services for businesses with IT equipment.
“(Holly Ryan) creates unique offerings such as one-off designer rings,” he explains. “They’re made from materials retrieved from the Sea, such as gold, silver, sterling silver and platinum.
“We also have an Asset Recovery Service that help customers manage their IT equipment at the end of their life cycle. And we have seen a 40 percent increase on the number of customers utilising those services, delivering an efficiency and economic return.
“So we are putting our money where our mouth is, so to speak, and finding new ways to promote this,” concludes Codrington.
For more information on how you can get involved in recycling your IT equipment, go to Lenovo‘s website.