The Imperative for Organisations to Migrate Towards a Circular Economy Approach.

Written by: Geoff Carter, EFQM Advisor, Thrive35

Disposable consumerism and the cost of waste.

There is an ever-increasing global spotlight on the downside of a society locked onto disposable consumerism and the enormous cost of waste. This spotlight includes investors who are looking at Economic, Environmental, Social & Governance (EESG) metrics more closely than ever before.

Disposable consumerism and the enormous cost of waste, pollution, and carbon emissions must all become things of the past if our planet is to continue being able to support life on earth, including our own continued development as human beings.

Responsible organisations, be they multinational, public sector or SME, understand the need to play their part in tackling the global challenges that we are facing. They also know that by collaborating with partners, suppliers, and customers, they can fulfil this responsibility more effectively.

Tackling challenges through an Economic, Environmental, Social and Governance (EESG) strategy Having a clear Economic, Environmental, Social and Governance (EESG) strategy, based on the principle of Sustainable Development, is a key component in tackling these challenges and it helps to demonstrate to others an organisation’s commitment to making a positive difference.

Sustainable Development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs: Our Common Future (Brundtland Report) Report of the World Commission on Environment and Development 1987

It is about building a better system that works for organisations, the environment, and the society. A key component of this transition to a better way of doing things is to replace the current “take, make, use and dispose” approach of the traditional, linear economy way of working and replace it with a series of more regenerative approaches to Create Sustainable Value, i.e., the Circular Economy.

Circular Economy principles The three core principles of the Circular Economy are:

1) To design out waste and pollution
2) To keep products and materials in use for as long as possible
3) To regenerate natural systems

So, a business model that is built around Circular Economy principles is becoming increasingly important and developing a Circular Economy plan can support any organisation’s Sustainable Development objectives and demonstrate real commitment to its EESG strategy.

3) All three of these Lenses can help your organisation by making their use a part of your EESG strategy