Waste Not, Want Not
Our throw-away culture persists: less than 20% of our waste is recycled.
But understanding of the environmental and social impacts of waste is gradually changing consumer perceptions. Movement towards a circular economy brings an opportunity to embed economic value creation as part of a sustainable future.
The circular economy presents an opportunity for businesses and is already being harnessed by some big names.
Jaguar Land Rover received a £1.3m investment from Innovate UK as part of the REALCAR project to develop closed loop production, working in symbiosis with their supplier. Not only were they able to reduce waste, but by utilising higher proportions of recycled aluminium, reduced the energy requirements for production. Utilising recycled aluminium reduces energy requirements by as much as 95%. Recycling also helps mitigate risks associated with sourcing finite materials, enabling companies to hold onto precious materials and reduce exposure to volatile pricing.
Or consider the beverage industry as one of the largest contributors to plastic waste, with 50% of consumer plastic being single use. But the plastic bag charges introduced in the UK in 2005 have demonstrated the role businesses have in influencing consumer behaviour. The introduction of plastic bag charges in supermarkets has resulted in a 97% reduction in plastic bag consumption in main retailers since 2015. A further increase in the charge from 5p to 10p and the roll out of legislation to all businesses led to a further 20% reduction.
Developing a circular economy may be challenging but major benefits include the preservation of finite resources, reducing landfill and enhancing the quality of design and production so materials circulate for longer
Recycling is just one aspect of the circular economy, it is equally important to prolong the life of products and encourage reuse and refurbishment. Working to zero waste goals is essential for our delivery of all 17 of the UN Sustainable Development Goals, so embedding the circular economy into company strategy is putting sustainability at the heart of business.
You don’t have to take the journey alone. At the core of the circular economy is collaboration and partnership. Your waste may be another business’ resource.