A Circular Economy and Equality

A circular economy means that instead of products that are produced, used and then end up in a landfill, a product that reaches the end of its primary use is then re-purposed for a second life. The benefits are immeasurable, including secondary markets with additional revenue opportunities, and an incredible boon to the health of the Earth. Organizations that are working toward being more ethical-minded can also demonstrate their ecological concern through policies that encourage such an economy.

Transparent. Traceable. Equitable.

In a recent LinkedIn blog post, BanQu Co-Founder and CEO Ashish Gadnis shared the good news that BanQu and our ecosystem partners hit a huge milestone in our quest for a global circular economy, celebrating “500,000 kilos and 500 informal waste pickers in South Africa.”

Because the entire supply chain is enabled by Blockchain, there is an assurance that each member of the chain is accountable and participating at established levels.

“At BanQu Inc. we are delivering real world #impact on this #earthday2021!!! Super happy to report that our The Coca-Cola Company rollout in #southafrica

continues to not only scale but also deliver measurable results,” Gadnis said. Which is of course, great news. But it’s what he said next that is really at the core of why we’re so thrilled to be an integral part of a circular economy: “Circular supply chains have to be #transparent, #traceable and most importantly #equitable.”

Do we mean all types of equity?

Yes, we do. Not only does the circular economy rely on every one of its parts to be equal partners in its supply chain, but using Blockchain, the process takes all the personality out — and reduces each partner to its core use in the chain: reliability, accuracy and action.

The circular economy also supports gender equality. Serbian architect Maja Lalic said that gender equality is important for the circular economy in a recent article in UN Women.

Lalic says:

“The circular economy is based on common sense, wisdom, care and inventiveness. These are things that millions of women across the world demonstrate daily in their struggle to support their families and communities. With small investments in awareness-raising and skills related to responsible patterns of production and consumption, women can be, as many of them already are, the engines and souls of the circular economy and circular culture.”

Kimberley Chan, global lead of circular economy at Netherlands-based nutrition company DSM, says that “gender equality is vital for sustainable development.”

“We can only call ourselves successful with the reaching of all of the sustainable development goals, which includes (Sustainable Development Goals) SDG 5 on gender equality, and SDG 12 on responsible consumption and production (which relates to the circular economy). The transition from a linear to a circular economy needs to be inclusive and collaborative in all its aspects and with the participation of both genders.”

We can’t achieve equity alone.

As Gadnis said in his LinkedIn post, global companies are using Blockchain to exceed their recycling and reuse goals, presenting a real-time case study for the value of not only the savings and accuracy, but Blockchain technology as a key component. Those partner companies include: Anheuser-Busch InBev, 100+ Accelerator, Coca-Cola Beverages South Africa (CCBSA), Islamic Development Bank (IsDB) Bavaria – Colombia, MTN airtel, OKO, Nomowaste, Zambia National Commercial Bank (Zanaco), PLC International Islamic Trade Finance Corporation and (ITFC) Grupo Modelo S.A. de C.V.

“This win is for the #smallholderfarmers, #artisanal miners, #recyclers who are no longer invisible or unbanked,” Gadnis said in his post.

What a circular economy economy has to do with equity conclusion

Gadnis calls this initiative Profit With Purpose and says that the voice of waste-pickers/recyclers in the circular economy has to be equal now more than ever.

“FMCGs wanting to meet their EPRO (Extended Producer Responsibility) goals have to ensure that their circular supply chains are traceable, transparent and equitable. At BanQu, we are delivering measurable results for global brands with our groundbreaking Profit With Purpose Blockchain supply chain platform,” he said.

At BanQu, we can help your company track the products and services you use with our supply chain software. Click here to chat with us and learn more!