The World Business Council for Sustainable Development (WBCSD) published 8 Business Cases for the Circular Economy, illustrating how companies can accelerate growth, enhance competitiveness and mitigate risk through circular solutions.
The macro-opportunities associated with implementing the circular economy are clear. Now, companies need to know how circularity will impact their business as well as specific industry or sector opportunities.
Summarizing the results of over 100 interviews and survey responses, WBCSD identified eight business cases managers can use to justify circular economy practices across the board:
- Gener8: create additional revenue from existing products and processes
- Innov8: spur innovation of new products and services
- Moder8: reduce operating costs
- Captiv8: engage customers and employees
- Differenti8: distinguish from competition
- Integr8: align with corporate strategy or mission
- Acclim8: adapt business models and value chain relationships
- Insul8: mitigate linear risk exposure
These arguments for implementing circularity are designed to be used for companies of all sizes and geographies.
Thirteen WBCSD member companies contributed to the 16 examples found in the report, including: Canon, Copersucar, Dow, DSM, Enel, Michelin, Novelis (Aditya Birla Group), Philips, Renault-Nissan, Stora Enso, Suez, Tata Group and Veolia. Lyft, TerraCycle and mjunction (Tata joint venture) also provided examples as non-member contributors.
Over the next six months WBCSD will develop industry-specific deep dives on the circular economy, kick-off its project of circular metrics, begin the next phase of Roadmap for Reducing Ocean Waste (ROW) program and consolidate member company policy asks for accelerating the circular transition.