The circular economy and how it can benefit your business
The circular economy is defined as a way of designing, making, and creating value that benefits the business, society, and the environment. It is based on three principles:
Design out waste and pollution – Economic activity can cause damage to human health and natural systems, including the release of hazardous substances like greenhouse gases and air and land pollution – but what if waste and pollution were not created in the first place?
Keeping products and materials in use – Making sure that businesses design their products for durability, reuse and recycling.
Regenerating natural systems – Businesses should try to avoid using non-renewable resources eg renewable energy rather than fossil fuels.
What are the benefits of a circular economy for your business?
- Economic growth – it increases efficiency and creates added value when materials are used several times, instead of just once. And this in turn….
- Reduces material costs
- Innovation – improved materials, higher rates of technological development, and energy efficiency all offer more profit opportunities.
Tips for your business
- Offer a repair service
- Adopt a return and renew service – This can reduce the amount of damaged goods being thrown away. Instead, these products can be taken apart and regenerated.
- Leasing – Businesses can lease items from other companies or lease their own products out to customers to increase a product’s lifetime.
- Second hand market – Products and materials can be used and re-purposed multiple times and redistributed to new users via platforms such as Facebook Marketplace, Ebay and Gumtree.
- Food based businesses can aim to design out waste – consider locally sourced food and reducing food waste and sustainable packaging.
How to get started
If you are interested in implementing a circular business model, there are some great resources available on the OxfordshireGreentech Circular Economy Special Interest Group page.
OxLEP Business offers a one-stop-shop for Oxfordshire SMEs on their net zero journey – whatever size of business you are, sector you are in, or stage you are at. Visit the OxLEP Business website for full details.
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