This article first appeared in my LinkedIn newsletter: The Sustainable Business. Join the conversation there!
Something happened last week in Chicago that went under the radar in a jam-packed month of seemingly endless food, drink, cultural, and musical events that continued through Memorial Day.
Chicago hosted GreenBiz’s Circularity24, a major sustainability event and the leading conference for professionals building the circular economy. The circular economy, if you’re unaware, is the hottest topic in the sustainability world, where the focus on achieving a sustainable economy hinges on a “circular” system for the things that become waste – a system, as defined by the Ellen MacArthur Foundation – where materials are used again and again, and never become waste in the first place. It’s been dubbed ‘the biggest business opportunity’ of our time by the World Economic Forum, and an opportunity to ‘save our world’ – so we can continue to enjoy endless food, drink, cultural and musical events.
Circularity24 is an annual event that offers thought-provoking keynotes, actionable breakouts and forums, a solutions-oriented expo, and unparalleled networking opportunities for leaders implementing circular design, reuse, remanufacturing, repair, and yes – as a last resort – recycling solutions.
Is the circular economy ready for its quantum leap?
For those who couldn’t make the event, I had the privilege of giving a Day 1 keynote and I want to share with you the reason behind my message. In short, the movement of circularity, which is heavy on commitments and short on action, can learn from a somewhat recent public-private partnership right here in Chicago: The Chicago Quantum Exchange.
Chicago, as you may know, is considered a central hub for quantum research and innovation in the U.S. But Chicago’s commitment to fostering both quantum innovation and networking among industry and researchers didn’t come easy at first. With world-class universities and two out of the five DOE Centers of Excellence in Argonne and Fermilab, Chicagoland is positioned to be ground zero for quantum research in the world. However, leading quantum researchers at institutions like Northwestern University and the University of Chicago were missing critical connections to top scientific facilities and industry partners.
So P33, a nonprofit with a mission to advance Chicago’s tech economy and drive inclusive economic growth for the Chicagoland region, along with World Business Chicago, spearheaded the creation of the Chicago Quantum Exchange (or CQE) an intellectual hub for advancing the science and engineering of quantum information between the community, across the Midwest, and around the globe.
Since the Exchange was created, quantum has had an unprecedented run here in Chicago. Chicago recently secured a designation as a U.S Economic Development Administration’s Tech Hub for quantum, with over 50 members and partners and $625M in investments. In the next decade, the team anticipates 30,000 quantum jobs, training for 50,000 workers, and support for 200 quantum companies – ultimately generating over $60B in economic impact for the region.
Additionally, Illinois governor JB Pritzker is considering a $20 billion Quantum Manhattan-like project to cap off this success. Here’s the question I posed to the Circularity audience: What if we applied the same approach to circularity?
What if the same type of public-private partnerships, investment, and cross-sector collaboration could be afforded to this movement for the climate crisis like the quantum movement? Let’s look at the built environment alone for a glimpse into what the impact could be on industry:
According to a recent decarbonization report by the Ellen MacArthur Foundation: The US typically uses 15% to 25% more construction materials than structurally needed, and 40% to 60% of construction materials used can be reused after their first life. And then there is the issue of the accumulation of vacant furniture and office supplies. Analysis from the report suggests that circular economy models within the US built environment can generate ~ $575 billion to $1.1 trillion in economic value and reduce GHG emissions up to 538 million tons of CO2e.
A week out of Circularity24, I can say that the momentum to build, collaborate, experiment, and scale impact in the working world has never been more prevalent. Now, we have to make it real; we have to take a leap together.
Keeping track of the City of Chicago’s commitment to circularity
During GreenBiz’s Circularity23 last year, Seattle Mayor Bruce Harrell took the keynote stage with a simple message: ”Green is in our name, the Emerald City. The circular economy is a unifying element amongst cultures.”
And therein lies the problem and Mayor Harrell’s point. Circularity will never work without all the players in the ecosystem taking part – without a unified front.
Despite Chicago being considered one of the world’s greenest large cities, it still has a massive waste issue. The Office of Inspector General at the City of Chicago indicates that 25% of the 4.1 million tons of waste generated by the City is C&D debris. A recent audit of the City’s C&D debris recycling program, which requires that contractors recycle 50% of C&D debris from demolition, shows that Chicago ‘does not meet its obligations to enforce or track C&D debris recycling’.
Moving forward, it’s going to take a Chicago Quantum Exchange kind of approach to accomplish Chicago’s ambitious goals set in the 2022 Climate Action Plan.
