How Beijing’s circular economy policy is driving recycling in carbon-intensive sectors
- The combined recycled waste volume of 7,400 Chinese companies listed in Hong Kong, Shenzhen and Shanghai rose 46 per cent last year, Miotech says
- Increased recycling could be a long-term trend, despite a ‘short-term hiccup’ in 2022
A major policy push by Beijing to increase waste recycling in several energy and carbon emissions-intensive industries has helped lift materials recycling among listed Chinese firms, according to a sustainability data provider.
Based on disclosures by the around 7,400 Chinese companies listed in Hong Kong, Shenzhen and Shanghai, their combined recycled waste volume rose 46 per cent to 52.5 million tonnes last year from 2020, said Hong Kong-based environment, social and corporate governance (ESG) data provider Miotech.
Their average waste recycling rate – the ratio of recycled waste volume to total waste generated – improved significantly to 69.2 per cent last year from 60.5 per cent in 2020. It was higher than 57.3 per cent among Singapore-listed firms and 58.7 per cent among Taiwan-listed companies.
Success in raising waste recovery and repurposing is key to developing a so-called circular economy, which helps China meet its goals of peaking carbon emissions before 2030 and achieving net zero emissions by 2060 to fight climate change.