Abstract:
Industrial symbiosis (IS) is an ideal initiative for co-located industries to gain a competitive advantage through physical exchange of materials, energy, water, and by-products within a closed loop industrial system. IS has been created a considerable impact on the environmental and economic development through water savings, reduction of raw material extraction and carbon emissions reductions. As many developing countries are suffering from the environmental degradation due to industrial operations, initiating IS networks is vital to improve the business and environmental performance of industries. Since it is a novel concept, it is important to examine the insights from global IS projects to foresee the future challenges. Thus, in this study, PESTEL framework is employed to examine the impact of political, economic, social, technological, environmental and legal external factors on global IS projects. The secondary data collected from nine global IS projects were analysed using PESTEL analysis. The analysis clearly describes the several facets that could influence on industries deploying the IS networks, such as the pressure made by government, external parties, collective cost and environmental benefits, infrastructure sharing, social benefits, and influence made by laws and regulations. Accordingly, a PESTEL framework is developed, which provides a firm base to foresee the possible future changes, challenges and opportunities that can be effectively considered in strategic business decisions for deploying IS networks in Sri Lanka.
