In a bid to bolster sustainability efforts within offshore industries, the International Marine Contractors Association (IMCA) has unveiled its latest guidance on the circular economy, particularly targeting offshore wind operations.
The newly launched practical guide, titled IMCA ES003, aims to assist offshore businesses in embracing circularity principles, seen as crucial for advancing sustainability initiatives.
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According to insights from the World Economic Forum (WEF), only 9% of raw extracted materials are currently reused, while a staggering 62% of global Greenhouse Gasses are generated during their extraction process.
The circular economy framework seeks to overhaul our approach to product utilization, ensuring that they don't end up as waste but instead are kept in circulation through strategies such as reuse, repair, and remanufacture, with recycling or composting as a last resort.
This shift towards circularity not only addresses biodiversity loss, waste, and pollution but also yields tangible benefits for businesses. Successful implementation has been associated with limited depletion of finite resources, waste reduction, enhanced energy efficiency, and decreased carbon footprint, all contributing to improved financial performance.
The potential economic opportunities unlocked by widespread adoption of circular practices are substantial, estimated at around $4.5 trillion globally.
IMCA ES003 provides both theoretical grounding and practical assistance for organizations to integrate circularity into their manufacturing and operational frameworks while fostering positive engagement with their supply chains.
Mary Ntamark, Technical Adviser – Environmental Sustainability at IMCA, expressed optimism about the guidance, stating, “The document will encourage organizations to jump-start their Circular Economy journey…through the sharing of tried and tested approaches.”
Furthermore, Ntamark highlighted the transformative potential of transitioning from traditional linear models to circularity, emphasizing the benefits of streamlined operations, waste reduction, emissions mitigation, and positive environmental and financial outcomes.
The guidance incorporates valuable insights from industry players like TechnipFMC, Deme, and SBM Offshore, who have shared their experiences and lessons learned from their own circularity initiatives.
IMCA ES003 complements IMCA's forthcoming update to its Code of Practice for Environmental Sustainability, which will include a dedicated section on circularity in waste management and end-of-life assets. This additional support aims to further assist members in reducing their environmental footprint.
