The Chung-Hua Institution for Economic Research (CIER) launched a report supported by the Industrial Development Bureau (IDB) to analyze the next wave of circular economy business models in Taiwan.
From recycling fishing nets to reclaiming banana waste, Taiwanese companies are innovating new ways to use waste as a resource. You may not have heard of Taiwan's largest plastics recycler, but you might be wearing clothing made from their FENC® TopGreen® rPET (recycled PET).
Far Eastern New Century Corporation (FENC) has helped turn Taiwan's struggling recycling system into one of the best in the world. The global average for PET bottle collection rates hovers around 55% by Year 2017, for Taiwan it is 95%, with FENC processing half of the island's PET bottles.
Earlier this year FENC received the Link and Loop Award from Taiwan's Industrial Development Bureau (IDB) for their achievements on ocean waste.
"Using plastic is not wrong, but you need to recycle, to separate, and find the processors and give it another life," said Eric Huang, Senior Vice President Filament Division/Polyester Industry.
Finding these fibers isn't hard, just look at the jerseys from the recent World Cup, leading teams wore jerseys from FENC. You cans also find them in NBA basketball uniform collections and even Japan Nippon Professional Baseball uniform for Sapporo based Nippon Ham.
The jerseys go beyond standard fabrics. Besides coming from ocean waste, they have special heat reflecting properties to keep athletes cool and a unique weave that lets heat and moisture out.
The textile division succeeded because they identified the right key partners, developed innovative technology, and provided a strong value proposition to their clients.
"FENC is demonstrating how adapting its business model as well as collaborating with customers and value chain partners can lead to increased circularity as well as commercial success," said Aleyn Smith-Gillespie, Associate Director at Carbon Trust and contributor of circular innovation methods used in the report.
FENC's innovative processing and weaving took a low value commodity like old fishing nets and transformed them into high performance fabrics. This high-level value proposition guaranteed value for consumers. These three attributes together helped create a strong business case for the circular economy.
Rachel Shen (email@example.com)