Keeping on top of your organisation’s sustainability goals means being in the loop when it comes to the emerging trends of the sector. As our most utilised resources start becoming scarce and current consumer preferences highlight the demand for transparency, there is a sense of urgency to dramatically alter the ways in which we produce and consume.
The term Circular Economy discusses a system that is regenerative in nature, shifting away from the traditional product cycle of ‘Take, Make Dispose,’ to a more environmental and economically beneficial model. Essentially, this model represents the changing perceptions around waste and, if done right, has the potential to provide endless resources.
The World Bank has estimated that municipal waste will rise at an alarming rate over the next 7 years, increasing from 1.3 to 2.2 billion tonnes annually. There are a variety of models in use currently that companies can consider to assist with their sustainability agendas, while generating revenue and increasing customer satisfaction. These span circular supplies, resource recovery, product life extension, sharing platforms and using products as a service.
Whether it’s turning waste into Biofuels or creating sharing platforms to decrease the need for personal ownership of common goods, these new approaches to consumption are helping companies to not only maintain a market advantage but protect our precious resources.