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And with the middle class expected to double their purchasing power to $64 trillion by 2030, and a forecast world population of 2 billion by 2030 - there is an urgent need to transition to more sustainable practices, such as circular business models.
So what is a circular economy? According to @WasteDive, it is a production model that decouples from virgin resource use. Strategies that promote this decoupling are servicing & repairs, re-manufacturing to extend product utilisation, recycling and re-circulating materials once products have reached their useful lives.
A key policy consideration for manufacturers is the 'extended producer responsibility' or EPR. Under this concept, manufacturers are responsible for the collection, disposal and processing of their product or packaging. And what is encouraging is that some manufacturers view EPR as a strategic asset.
If you know a business that has embedded circularity or EPR into their business model, we'd love to speak with them: hello@givvable.com!
