Why your Business should be Circular
It’s true: the world’s linear economy, typified by 19th and 20th century industrialisation, brought prosperity to billions of people. This economic system has lifted much of the world’s population out of poverty yet the ‘take, make, waste’ approach of the linear economy is no longer viable.
According to leading circularity think-tank, the Ellen MacArthur Foundation, each year USD $80-120billion of packaging material value is lost to the economy through this ‘take, make, waste’ approach. The economic gain of circularity from materials savings alone, is estimated at more than a trillion USD each year. How? Because circularity requires systems-level transformational change, creating industry partnerships right ‘around’ the value circle – resulting in a new wave of occupations. Recent estimates suggest that circular industry practices will increase household incomes by 18% in developing economies.(Emf.org, 2021)
Circularity is innovation
Fortunately, industries right around the world are disrupting the linear economy and moving towards more circular practices, otherwise called circularity. Right across the globe we are seeing emerging technologies enabling hundreds of businesses to innovate in a more ‘closed loop’ manner.
Circularity is more than recycling.
With 73% of fast fashion ending up in landfill or incinerated, there is huge potential for textile and apparel brands to stand out and lead their industry as they commence a circular journey.
Even our own views of ‘ownership’ will likely change in the future – from clothing to utilities to kitchenware products – as we begin to transition to a new, more circular economy.
Circular brands
Let’s celebrate the circular good that these companies are doing and learn more from their examples of designing out waste, keeping materials in use for longer, and regenerating our natural systems.
For more information about circularity and how to enable circular thinking at your business, contact our team today.
Q Social Impact is a member of the Ellen MacArthur Foundation Community.
