As manufacturing CEOs grapple with today’s demands, such as reducing waste, circular economy initiatives present an attractive option for leaders to meet their sustainability and financial goals. Several companies, such as Apple, H&M and Patagonia, have demonstrated how sustainable supply chain practices not only reduce waste, but also drive fiscal performance and corporate responsibility.
Apple’s recent update to its Self Service Repair programme grants iPhone users access to genuine used parts. This initiative not only offers owners more repair options and increases device longevity but also reduces Apple’s environmental impact. Meanwhile, Patagonia addresses the textile waste crisis (less than 1% of clothing material is recycled into new clothing!) by ensuring over 80 per cent of their polyester fabrics are recycled. As for H&M, they reward their eco-conscious customers with vouchers when they participate in their Garment Collecting programme, turning their old clothes into new sustainable fabrics. These initiatives underscore that businesses can remain profitable but still work towards reducing their environmental footprint.
What is a circular economy?
The United Nations defines the circular economy as the shift from traditional “take, make, dispose” of practices to promoting a paradigm that embraces “long-lasting design, maintenance, repair, reuse, remanufacturing, refurbishing, and recycling” over utilising new materials.
Given that manufacturers produce a significant amount of global waste, with industrial waste as the most hazardous, addressing the sector’s waste management is critical. According to Zion Market Research, manufacturing accounts for roughly 50 per cent of the world’s generated waste.
Waste not, want not: how to promote a circular economy with proven sustainable practices
Could embracing a circular economy be the key to solving manufacturers’ waste problems, presenting a profitable and sustainable approach that benefits both the environment and the bottom line
According to the experts, yes, it can. The World Economic Forum asserts that the circular economy model can activate widespread change for manufacturers and help manufacturers cut waste to meet the United Nations’ Sustainable Development Goals successfully. Here is how:
