Ola Tech's CEO Shares Thoughts on Circular Economy at Chow Tai Fook
Peter Lam, founder and CEO of Ola Tech, was the main speaker at Chow Tai Fook Jewellery Group's 91st Annual Supplier Conference. There, he gave a presentation about how we can incorporate sustainability goals in our business values.
By: Ola Tech
A circular economy refers to an economic system that challenges the traditional 'make, use, dispose of' method. Instead, the lives of products are spread over a longer period by being passed from one use to another, sometimes in different forms. Peter gave an example of how this creates a unique link between the tech and jewelry industry.
1000 smartphones contain approximately 25g of gold. This means that instead of harming the environment while extracting gold from ores, it can be retrieved from old smartphones. This gold can then be used to make jewelry. This is just one of many examples where the environment can be protected while simultaneously reducing e-waste by facilitating a circular economy.
According to Peter, over time, more companies have started to appreciate the importance of sustainable development. This gave rise to the triple bottom line framework, which consists of people, planet, and profit. All of these jointly measure business success. Peter concluded the talk by talking about how companies can link their missions around UN Sustainable Development Goals to be more eco-friendly.
Post the talk, Ola Tech collaborated with Chow Tai Fook's corporate IT team and received 170 units of decommissioned tablets for their first corporate donation program. They donated $20 to their charity, Chow Tai Fook Charity Foundation, for each unit. Going forward, they will aid Chow Tai Fook Jewellery in achieving its sustainability and carbon reduction goals through staff donations. To support Ola Tech in its mission to give electronics second lives and facilitate a circular economy, visit https://ola.tech now!
Founder and COO at Ola Tech