Infrastructure Victoria recently released its report, entitled Recycling and resource recovery infrastructure: Evidence base report. The report focuses on ways to inform the government on better policies and options for recycling and recovery of waste generated by Victorians.
There is nothing new about waste of course, but there are many challenges in the recycling and management of it. The report states, ‘Victoria’s waste challenges are well known. The amount of waste generated in Victoria is increasing…and we’re missing opportunities to get more out of our recycling and organic waste1'.
You might think that waste has nothing to do with asset management. How could recycling and recovering waste be understood as an asset? Obviously, the businesses outsourced to collect and transport waste and recycling products own and operate assets. Trucks and other forms of transport, recycling plants and processing facilities are valuable assets and play an important role. But if we allow ourselves to think more broadly, I think we can see there is an even more valuable connection.
And that connection is the phenomenon of the circular economy. It’s here, it’s impressive, and it’s a positive way forward for all of us.
The circular economy can impact asset management in profound ways, and can alleviate any number of challenges faced in asset management. Any physical asset has to be continually maintained and upgraded for the duration of its lifecycle. The embracing of circular economics would surely provide asset managers with cost-effective options, ensuring substantial savings for the business. When your business needs to acquire new assets, be certain to seek designs that include greater durability and energy efficient options and plans for superior predictive maintenance functions. Some new assets could be produced by using recycled, secondary materials2. Considering the circular economy in an asset management plans will further contribute to adding value in any business.
Infrastructure Victoria’s report does not specifically address asset management, but it does mention circular economy a matter of nine times, including a forthcoming Circular Economy Policy. It’s a clear link. The report provides a fresh understanding of the way forward for our community. It proposes outcomes in relation to the circular economy in recycling and recovery that will benefit government, businesses and the community. And by learning how to implement a circular economy mindset in this area, it provides a blueprint to include it in other aspects of asset management.
What are your thoughts on the circular economy and asset management? If you’re already including the circular economy in your asset management plans, then we definitely want to hear from you! You can get in touch by commenting or notifying us at email@example.com. Consider joining our Government Community of Practice Special Interest Group, to learn more about the key ways asset management is implemented in infrastructure and publicly owned assets.
1 Sourced: http://www.infrastructurevictoria.com.au/wp-content/uploads/2019/10/Infrastructure-Victoria-Recycling-and-resource-recovery-infrastructure-Evidence-base-report-October-2019-FINAL-REPORT.pdf. p.5