Circularity refers to the circular economy model, which considers the entire life cycle of materials and challenges the traditional linear take-make-waste economy. In circularity, the goal is to maximize resource efficiency and minimise waste.
Renewable raw materials are able to regenerate, whereas non-renewable materials will inevitably become depleted. Products and materials that can be recycled or repurposed can be used multiple times, preventing them from ending up as landfill or being incinerated.
There are a number of ways to create value through increased circularity: for consumers, circular innovation can deliver products with a reduced carbon footprint, smaller biodiversity impact, more thoughtful design, and often even cost savings. For stakeholders, value can be found in material and waste reduction, increased operational efficiency, enhanced brand reputation and loyalty, and new market opportunities.
These benefits, along with knowledge and expertise-sharing, can also create value across company’s entire supply chain.