Half of total greenhouse gas emissions and 90% of biodiversity loss result from resource extraction and processing of materials, food and fuel. And yet, the global use of raw materials is set to double by 20601. It’s therefore essential for businesses to adopt practices that minimise waste as much as is possible. A key part of doing so is embracing the circular economy.
According to the Ellen Macarthur Foundation, a circular economy is “based on the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.”
Businesses sit at the heart of the transition from a linear to a circular economy. By embedding principles of circularity into the heart of corporate decision-making, such as through the adoption of sustainable procurement principles, organisations can both save on costs and honour commitments to social responsibility.