This week I am facilitating a discussion with business leaders on what action they can take to become part of the circular economy.
I am looking forward to the event: the science behind a circular approach for business – looking at recent research conducted by the University of Sussex Business School. The evening event is being held at Plus X, Brighton, and hosted by Brighton & Hove Chamber of Commerce.
The circular economy is an economic model that aims to eliminate waste and promote sustainability by keeping resources in use for as long as possible, minimising the generation of waste, and the consumption of new resources. It is based on the idea of closing the loop of the traditional linear economy, which involves extracting raw materials, producing goods, and disposing of waste.
In a circular economy, products are designed to be reused, repaired, or recycled, and materials are kept in circulation through various strategies, such as product redesign, reuse, repair, remanufacturing, and recycling. This creates a closed-loop system where waste is minimised, resources are conserved, and environmental impacts are reduced.
The circular economy also encompasses a shift towards a more service-oriented economy, where access to goods and services replaces ownership, and new business models emerge based on sharing, leasing, and subscription services.
Here are 7 ways businesses can play their part:
- Design for circularity: Businesses can design products that are made to be reused, repaired, or recycled, which will help reduce waste and extend the life of materials.
- Embrace sharing: Businesses can explore new business models based on sharing, leasing, or subscription services. This can help reduce the number of resources needed and increase resource efficiency.
- Adopt closed-loop systems: By adopting closed-loop systems, businesses can keep materials in use for longer, minimise waste, and reduce their environmental impact. This could include using recycled materials in production, reusing or remanufacturing products, or recycling waste materials.
- Implement sustainable supply chains: Businesses can work with their suppliers to ensure that materials are sourced sustainably and that there is transparency and traceability in their supply chain.
- Reduce energy use: Businesses can work to reduce their energy use by implementing energy-efficient technologies, using renewable energy, and improving their operational efficiency.
- Engage with customers: Businesses can educate their customers about the circular economy, encourage sustainable behaviours, and offer services to repair or refurbish products.
- Implement circular waste management: Businesses can work to minimise their waste generation and adopt circular waste management strategies, such as composting or recycling, to reduce their environmental impact.
Businesses can play a key role in creating a more circular economy by implementing circular economy principles in their operations and supply chains, and by collaborating with other stakeholders to drive systemic change.
I look forward to seeing what else the hive minds of dozens of business leaders will come up with when discussing ideas and actions this Thursday 20th April.