Circular Solutions to Build Back Better
As we are recovering from COVID-19, companies have the chance to adopt principles of circular economy to improve the resilience of their business models. Where to start with this transformation? By discovering and implementing the latest best-practices available under the umbrella of the European Pact for Sustainable Industry. Make sure to register to the upcoming webinar “Extending the Lifetime of Products” on June 25 to learn more.
The COVID-19 pandemic has exposed the vulnerability of the current economic system. Our linear model of production and consumption, based on the sourcing of over 100 billion tons of raw materials per year, was unable to cope effectively against the supply-chain disruption brought about the coronavirus.
A comprehensive solution to improve vulnerable business models comes from circular economy. Circular economy allows companies to move away from linear patterns of consumption where goods are “produced – used – disposed”, to focus instead on a model based on “reduce, repair, reuse and recycle”. When companies develop closed-loop value chains, they can transform waste into resources, reducing biodiversity loss, pollution, and the depletion of natural resources. However, re-thinking and re-designing business models to shape a more resilient, just, and safe economy is challenging.
To support companies and industry federations in this undertaking, CSR Europe has developed the European Pact for Sustainable Industry, setting the basis for a pan-European movement aimed at invigorating leadership and engagement towards a Sustainable Europe 2030.
Under the umbrella of the Pact, companies and industry federations can engage in sector and cross-sector collaboration to scale-up circularity. How? By benefiting from the experience of their value-chain peers, competitors, customers, and experienced stakeholders, with whom they can build collective intelligence and methodologies to tackle circularity at industry level.
At the same time, companies and industry federations that engage in the Pact will be able to play an active role in shaping the dialogue on policy initiatives, such as the EU Green Deal and Industrial Strategy, to reach the Sustainable Development Goals (SDGs), and especially: “Clean Water and Sanitation” (SDG 6); “Decent Work and Economic Growth” (SDG 8); “Industry, Innovation and Infrastructure (SDG 9); “Responsible Consumption and Production” (SDG 12); “Life Below Water (SDG 14); and “Life on Land” (SDG 15).
Companies and industry federations who join the Pact will have the opportunity to benefit from the consolidated experience of our business network in developing and implementing circular business models. At the next webinar on “Extending the Lifetime of Products”, on June 25, our members will gain deeper insights on how to reuse, repair, refurbish, and/or selling a service rather than a product.