Technology has advanced to such a stage that we are no longer limited by our ability, but by the environment's ability to cope with our advancement, Amory B. Lovins, Rocky Mountain Institute's vice president, told the audience at the Chamber-Business Coalition on the Environment luncheon on July 25.

"Our progress is not now being limited by boats and nets, but by the fish in the sea. Our forest harvest is limited more by trees than by chainsaws. Our crop growth is limited more by fertile crop soils than by ploughs. Our pumping of groundwater is limited more by aquifers than by pumps," he said.

In short, we are running out of renewable resources. But why not design the so-called non-renewable resources completely out of the picture by reinventing products, designs and production processes?

Dr Lovins argues that huge profits await businesses that redesign products and production processes which eliminate the whole concept of waste.

Better harvesting of natural resources, improved product designs, more efficient production techniques, and recycling of products present countless opportunities, the likes of which haven't been seen since the industrial revolution, he said.

As an example, Mr Lovins said the U.S. company Interface is likely to revolutionise the carpet industry not by selling carpets, but by selling "floor covering services."

It uses a new flooring product called Selenium, which needs a third less material per square yard and lasts four times as long as conventional carpet. Also, it can be completely remanufactured into an identical new product without down-cycling, he said.

Other companies which are switching from selling to leasing services include elevator services, air conditioning services, and solvent services, to name a few. Consumers often prefer to lease these services because they aren't burdened with ownership which involves buying, servicing, maintaining, disposing of, etc. Users can also get a tax deduction for leased services.

"It's gonna be pretty hard to compete with business models like that. I think that's a very interesting direction for a great many industries to go in," he said.

In a world where the majority of the largest economic forces are now companies and not nations, and companies have uniquely a combination of assets that allow them to tackle large problems quickly, businesses have an opportunity to solve a lot of problems at a profit, he said.