In the ongoing fight against climate change and resource scarcity, a Newsweek report found large-scale support for the idea of the circular economy. This report, “Going Circular: How Global Business is Embracing the Circular Economy”, found nearly a third of its 317 surveyed executives adopting circular economy practices already, with 95% of respondents agreeing that a transition towards a circular economy would benefit them.
A ‘circular economy’ seeks to keep materials and goods in use by consumers for as long as possible. This lowers waste, pollution, and resource extraction, while relying on key strategies like product redesigns that use less energy and materials. Finite materials are substituted for renewable ones, and the recovery of waste and by-products are equally important.
“A challenge is that certain aspects are still costly today—virgin plastics, for example, are often cheaper than recycled ones, and the cost of recovering products or materials can be a barrier,” said Katy Shields, the report’s author, in a press statement. “This is why companies we spoke with stressed the need to adopt a wide lens, looking beyond their specific industry for opportunities and working with different partners to achieve the necessary scale.”
Read: The 2019 Circulars Award Winners Announced by Accenture, Strengthens Global Sustainability
Although many see the benefits, the transition to circular economies will not be immediate. It needs deep collaboration among peers and different parts of the supply chain, as well as a rethinking of existing business models and products to ensure incentives are aligned. Those surveyed expect a greater role from the finance and scientific communities to assist their efforts to scale and develop the necessary new technologies, bolster collaboration and investing into circular networks and startups, and to incentivize governments to act supportively.
