According to new studies by GreenBiz and UPS, the business world is increasingly aware that the circular economy will not only stay here but will continue to gain strength in the coming years. However, the need for an acceptable business case is the biggest obstacle that stands in the way.
In the Growth of the Circular Economy report, members of the GreenBiz Intelligence Panel were interviewed to better understand the key aspects and concepts of the circular economy and to identify trends that determine the success of this strategy. System.
For the uninformed, the round market is an choice to the traditional “waste” model. In a circular model, www.upsers.com resources are kept in operation as long as possible, extracting the maximum value during use, restoring it at the end of the product’s useful life, and using it as material for the next generation of products.
Population growth, resource shortages, the effects of climate change, and a series of regulations addressing issues ranging from toxic substances to zero-waste initiatives are putting pressure on companies to move away from an industrialized economic model. Willingness to adopt a more circular strategy.
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To be successful, this model requires a thorough review of commercial products, materials, and systems.
According to research, the concept of the circular economy should be more important in the coming years and double its importance compared to two years ago. 47% of companies said the principles of the circular economy are important to them, compared to 86% who think it will be important in two years.
This suggests that the concept of the circular economy should continue to strengthen in the coming years among managers and decision-makers dealing with sustainability.
“This growing importance suggests that companies value a lifecycle approach to understanding the full impact of their products and processes across their value chain,” said Ed Rogers, senior director of global sustainability at GreenBiz UPS. Macro-global trends like population growth, resource scarcity, climate change, future regulations, and zero waste initiatives should drive this increase in concentration.
While 90% of respondents believed they had a clear definition of the circular economy, only half (52%) could easily define the term and provide examples, and 38% said they knew what the term meant. However, you are not sure what it covers. This separation between the perception of understanding and the real knowledge of the circular economy can be problematic if it is not addressed.
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Although the concept of a circular economy is better known in European markets, it has only grown in importance in the United States in recent years, said Rogers.
However, much of the underlying concept, including the three Rs for reduction, reuse, and recycling, has been funded for decades and provides a basis for this development in product design, production, and recovery.