SINGAPORE – Media OutReach Newswire – December 14, 2023 – Carousell Group, Greater Southeast Asia’s leading multi-category pre-owned platform, has released its first report
Circular economy impact report on December 8, 2023, demonstrating that buying and selling second-hand items is a better choice for the planet than the traditional retail business of buying new items. The report, the first of its kind for e-commerce and recommerce marketplaces in Southeast Asia, quantifies the carbon emissions avoided through users’ purchase of second-hand items on three of the Group marketplaces, instead of a new item.
Mr. Tharman Shanmugaratnam, President of the Republic of Singapore, attended the Carousell Group Circular Economy Impact Report launch event at the Carousell Campus. (L to R: Mr. Gaurav Bhasin, Chief Strategy Officer, Carousell Group; Marcus Tan, Co-Founder, Carousell Group; Mr. Tharman Shanmugaratnam, President of the Republic of Singapore; Quek Siu Rui, Co-Founder and CEO , Carousell Group; Lucas Ngoo, co-founder, Carousell Group)
The launch event was officiated by Mr. Tharman Shanmugaratnam, President of the Republic of Singapore, on December 8 at Carousell Campus, the Group’s regional headquarters. The launch event also invited various industry partners and investors during which Carousell Group Chief Strategy Officer Mr. Gaurav Bhasin made a keynote presentation on the key findings of the report.
Key findings from the impact on the circular economy include:
-
Carousell Group user community avoided
116,577 tonnes of carbon emissions in four categories of goods (Fashion and luxury, Electronics, Furniture and interior decoration and Leisure and toys) in 2022
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The equivalent of around 76% of Singapore’s total trees absorbing CO2 per year
-
Almost
56% purchases on the Carousell marketplace
moved the purchase of a new item
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On average across Carousell Marketplace’s six key markets,
55% of users surveyed
reported an increase in purchases and sales of second-hand items in 2022 compared to 2021
Mr. Gaurav Bhasin, Chief Strategy Officer, Carousell Group, said: “By facilitating second-hand transactions, Carousell Group plays a pivotal role in promoting the circular economy alongside our users in the Greater South East Asia. As a key enabler of the circular economy in our region, we have a responsibility to lead by example and measure the potential positive impact of choosing second-hand over new products in a reliable and transparent way. In addition to calculating avoided emissions, we also took the opportunity to calculate our Group’s carbon footprint. The robustness of the methodology we have chosen underlines our strong commitment to sustainable development and forms the foundation of our sustainability efforts.
To quantify our impact, Carousell partnered with Vaayu, a European climate technology company that leverages proprietary AI and machine learning technologies and uses its Life Cycle Assessment (LCA) database to further quantify our impact. of 600,000 product data points. As an initial phase of Carousell Group’s quantification journey, the scope of the report covers only the four product categories Carousell, Laku6 and REFASH. The Group is committed to gradually integrating all remaining categories and integrating the Group’s other brands Mudah.my, Chợ Tốt and OneShift into the scope in the coming years.
Ms Namrata Sandhu, Co-Founder and CEO of Vaayu, said: “Retail is responsible for 25% of global carbon emissions and with research continuing to show we are not on track to sustain global warming climate below 1.5°C, we are at a critical turning point. inflection point. Circular business models, like recommerce, offer a clear path to reducing the impact of retail on our planet, which is why we are so proud to partner with Carousell Group to quantify its climate impact and strengthen communications with its users.
In addition to quantifying avoided emissions, the report also highlights the importance of each individual transaction in contributing to the overall impact of the circular economy. For example, buying a second-hand sofa on Carousell can, on average, save up to 300 pounds of Co.2e, the equivalent of nearly six trees absorbing Co2 per year.
As part of the Carousell Group’s objective to accelerate the future of second-hand through recommerce, the group’s marketplaces have been
deploy a variety of recommerce programs and features on multiple platforms and markets this year. Mr. Quek Siu Rui, Co-Founder and CEO of Carousell Group, said: “Our mission is to make second-hand the first choice for everyone. We have remained true to this mission over the past 11 years and remain committed to making selling and buying used even simpler, more reliable and more convenient. With the release of the report, we hope that more people will realize how easy it is to adopt second-hand as a way of life and contribute to a greener world, without compromising the things they value.
Visit
https://press.carousell.com/impactreport/ to download the full report.
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