Industry leaders gather together to share insights on scaling up circularity through business model reinvention and innovative technologies. The industry urges government to keep pace and bolster joint efforts from large corporations and SMEs to drive disruptive changes in business ecosystems.

HONG KONG SAR - Media OutReach - 5 July 2023 - The circular economy is an uprising trend across the globe, not only is it a regenerative approach to production and consumption, but it also encourages creativity and cross-sector collaboration that, in the long run, would create new jobs and make business operations more sustainable and competitive. However, this transformation requires systemic changes from enterprises and the active participation of stakeholders across different value chains. The Centre for Civil Society and Governance ("CCSG") of The University of Hong Kong ("HKU") organized the fifth Knowledge Primer (KP5) yesterday, themed "Scaling Circularity Through Transformative Technologies and Business Model Innovation", to take a closer look into the driving forces needed by businesses, industries, and the Government to develop a scalable circular model in Hong Kong. The KP5 is part of the Centre's 4-year Partnership for Sustainability Leadership in Business ("PSLB") project supported by The Hongkong Bank Foundation. Today's event attracted 200 participants, both online and offline.Distinguished Speakers Offered Insights on Creating Disruptive Change in the Business Sector As one of three keynote speakers, Professor Llewelyn Hughes, Professor of Public Policy from Crawford School of Public Policy, Australian National University, delivered the essentials on "Global Value Chains Transformation and its Implications for Businesses in the TransitionTowards Circular Economy". He mentioned, "The restructuring of global value chains is reshaping the international production, trade, and investment landscape. It is important that companies and governments start to re-assess risks and opportunities with a view to creating a circular economy that supports climate resilience and global sustainability." Ms. Teresa Yang, Vice Chairman of Esquel Group, gave the second keynote speech, "Accelerating Circularity Through Transformative Technologies and Business Model Innovations". She remarked, "Our dedication to sustainability is not motivated by regulatory compliance. Rather, it is embedded in our corporate vision and represents our unwavering commitment to responsible business practices. We believe that by investing in new technology, the long-term benefits of circularity will be rewarding not just for us as a company, but also for the customers and wider society." Mr. Kim Siu, the Director of Business Innovation and Planning at Watsons Water, shared the company's circularity initiative in the keynote speech "Integrating Circularity into Long-term Business Strategies". He said, "We have learnt that to create a scalable circularity initiative, we cannot leave out the buy-in from top management and participation of customers. It won't be a successful engagement if we do not put ourselves in their shoes and think of a plan that fulfil their needs." Open Floor Moderated Session Reflected on the Factors that Might Contribute to Advancing Circular Economy Transformation in Hong Kong During the Open Floor Moderated Session hosted by Professor Wai-Fung Lam, Director of the Centre for Civil Society and Governance, HKU, the panelists discussed various aspects of progressing circular economy transformation in Hong Kong under the topic of "Building a Vibrant Ecosystem for Circular Economy". They took a deep dive into the key trends that influence the circularity transition, ranging from the reconfiguration of global value chains to the rise of sustainability-conscious consumers. They explored the opportunities the circular economy could bring to local businesses, sharing interesting business cases that demonstrated the roles of start-ups and technology in building ecosystems. The moderator, Professor Wai-Fung Lam, concluded the discussion, "We are extremely grateful for the sharing today by all our panelists, your experiences are inspirational for our audiences to go beyond...