‘Fast tech’ is unsustainable: The circular economy is the smart answer for growth
According to the United Nations, the world produces more than 50 million tons of electronic waste per year. Much like the fashion industry has had to come to terms with the dark side of so-called “fast fashion”- cheap, environmentally damaging clothing created quickly to mimic runway trends - the tech industry must reckon with the environmental implications of “fast tech.” Unlike the linear economy, in which companies mine natural resources to make products that are designed to be discarded, the circular economy closes the loop. Materials and products are designed to be more durable, reusable, repairable, and recyclable, thereby extending product life cycles and curbing waste. This approach can make a tremendous impact on the environment. A study published in Science found that plastic use can be reduced by nearly 80% in the next 20 years, in part, by adopting circular economy practices across the supply chain. Whether knowingly or unknowingly, some tech companies are feeding into the idea of planned obsolescence - creating less-durable products for the sake of introducing new ones on a regular basis. There is a better way, and it lies in the circular economy.