Jean Olemou: Circular economy is the next frontier
This week, the TTI Interview Series covers our member Jean Olemou. Jean is the co-founder of GreenDev Inc, an impact investment firm focused on the Global South. Jean previously worked in sustainable infrastructure and financial services in North America, Europe, Africa and South America. He's a community-minded leader with a track record of serving on boards and advisory committees to advance sustainable development goals in Canada and globally.
In this interview, Jean talks about the circular economy and decarbonizing many industries across the world. He also looks at the Paris Agreement goals in relation to reducing waste, CO2 emissions and our dependence on natural resource extraction.
The circular economy provides the way forward
Jean, how does your work intersect with the impact space?
I am currently championing investments in groundbreaking solutions to reduce waste, C02 emissions, and our dependence on natural resource extraction and I’m doing this by advancing the circular economy agenda.
In my view, the circular economy is the next frontier for economic, societal, and political innovation. We need to look beyond the energy transition as our sole climate change solution. If we are to achieve the decarbonization goals set out in the Paris agreement, we will need to accelerate our shift to new methods of production and consumption - the circular economy provides the way forward. We need to link climate action with the circular economy - if we don’t, we’re not just neglecting half of the problem, we’re also neglecting half of the solution.
My work at GreenDev and in the circular economy is directly focused on achieving sustainable development goal number 12 - ensuring sustainable production and consumption patterns. I contribute to this work by leading a technology-enabled start-up as well as working upstream through advocacy and public policy.
Equity is at the core of impact
What is your own definition of “impact”?
My definition of impact is the ability to adequately meet the needs of all stakeholders’ when embarking on an initiative, especially those at the margins. The needs of stakeholders must be addressed when considering business, civic, environmental and societal decisions. Equity is at the core of impact investing - we need to ask not if everyone is getting the same but rather is everyone getting what they need to maximize potential.
Living in an era of technological change
Jean, what do you personally believe is the most important issue we need to address in the next 10 years?
Over the next decade, we will have many important challenges to address, including some that were heightened or made more clear during the COVID-19 global pandemic. A significant global issue that was illuminated is the need to decarbonize our manufacturing, energy and transportation sectors. They represent up to 75% of the global GHG emissions. These sectors may also be primed for the green job revolution whereby we not only modernize our economy but also create millions of jobs along the way to transition workers from sectors that are not returning in the same way post-COVID.
Furthermore, we are living in an era of technological change. This will further accelerate our efforts to pursue sustainability. Technological innovation will disrupt the status quo and enable our transition to a greener future, supporting people, planet and profit.
Enabling innovation within the circular economy
In your view, what are the biggest challenges that stand on the way of providing impactful solutions?
There are many challenges in the circular economy - such as investing in and scaling innovation, as well as determining the right circulatory economy policy solutions to advance the sector.
Shifting from a make-use-dispose economy
Would you tell us about the long-term vision for you and your work, and how do you measure your impact?
I believe we are on the precipice of a paradigm shift - one where the circular economy will align with the 4th industrial revolution. We will shift from a make-use-dispose economy to one that is centered on environmental sustainability. In our lifetimes, we will see a decarbonization of the manufacturing, energy and transportation sectors. This will enable value creation for marginalized communities, environmental protection for the planet and economic empowerment. As a society, our ability to measure and quantify our impact will be done by seeing how far we come in advancing the Sustainable Development Goals, which are set to expire in 2030. Our impact will also be quantified by the number of and effectiveness of cross-sectoral partnerships. No one sector will be able to make this transition to a circular economy on its own. We need to see partners in academic, civil society, labour, politics and the private sector coming together to advance systemic change in all aspects of society.
Impact and circularity do not exclude the ability to make a profit
What are the misconceptions regarding impact, based on your experience?
One of the largest misconceptions is that focusing on impact means forfeiting any profits. That is not the case. Companies can and must make a positive impact alongside yielding commercial returns. Impact does not exclude the ability to make a profit. In fact, many of the most profitable vehicles to watch your investments grow will also make a positive net impact on the world such as environmental investments and more.
