330130-075-00-05 ABB commissioned Sapio Research to conduct the survey in October 2023, collecting responses from 3,304 industrial decision makers in 12 countries, including 400 respondents in China. The respondents come from a wide range of industries, including energy, metals, chemicals, oil and gas, Marine, mining and utilities.
Despite optimism about investing in the circular economy, the survey found some obstacles to action. For example, most respondents have yet to agree on a definition of the “circular economy.” In addition, only 4% of Chinese companies surveyed see the circular economy as a company-wide responsibility, with significant improvements in key cycle indicators such as energy consumption, recycled materials use and carbon emissions.
The survey also shows that Chinese industrial companies surveyed have a lot to do whe330130-075-00-05 n it comes to taking important steps to promote a circular economy, including partnering with waste management companies (40%), adopting energy-efficient technologies (45%), and promoting circular economy principles in their supply chains (36%). Encouragingly, 70% of Chinese companies surveyed use renewable materials to some extent to produce their products.
Industrial companies surveyed in China reported that their investments in the circular economy have brought significant benefits, including reduced waste (49%) and improved energy efficiency (50%). While some companies expressed concern about the upfront investment required, many saw significant improvements in process efficiency and cost control in the long run.
The majority of Chinese companies surveyed (90%) believe that the circular economy can promote innovation and improve their competitiveness. They support increased regulation and reporting requirements (89%), and want more government support to encourage circular economy initiatives (88%).
Mr Mehta, global president of ABB’s Motion Controls division, said: “The urgent need to transition to 330130-075-00-05 a circular economy has never been clearer. Our current lifestyle is consuming resources at an unsustainable rate, leading to increased emissions and climate change. Developing a circular economy will not only help protect the environment, but also significantly increase the resilience of businesses.”
