Why is adopting a circular economy so important? What does a circular economy look like in practice? How does the circular economy apply to business? Which organisations are most suited to going circular? What are the business benefits of going circular? This new explains guide answers all these questions and more.
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A circular economy seeks to optimise the resources we use and keep them in productive loops for as long as possible. In practice, a circular economy replaces traditional linear ‘take, make, dispose’ models of production and consumption. To meet society’s future consumption needs, businesses will need to engage in greater resource productivity, and a circular economy offers a practical way to achieve this.
Companies using circular economy models like refill, resale and repair generate have seen sharper revenue upticks than their traditional competitors, new market research has found. Analysis of 150 companies globally in sectors including consumer-facing and B2B retail found that 51 were classed as circular economy “leaders”, meaning that either their core business model is non-linear, or that they have recently significantly expanded offerings in this space.
In this group, 32% of respondents reported revenue increases since either launching or scaling up circular economy offerings. This was partly due to an uptick in customer loyalty and brand recognition. Moreover, 38% reported cost-savings benefits.
Green groups have repeatedly warned that linear business models come with long-term risks in terms of climate change, biodiversity loss and resource scarcity. On the latter, research from Circle Economy concluded that just 9% of the 100 billion tonnes of virgin materials extracted annually are reused or recycled.
As such, the circular economy is a crucial business driver.
But what does this look like in practice? Which organisations are most suited to going circular? And what are the business benefits of doing so? This latest edie explains guide answers all of these questions and more to help sustainability and resource professionals understand exactly how they can accelerate the circular economy transition.
This free guide, produced in association with Reconomy, explains everything you need to know about creating a circular economy.
edie staff