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To maintain a long term value of the products, materials and resources in the economy, a company needs to acknowledge the importance of keeping its environmental impact as low as possible. This is the starting point to join a circular economy plan. What needs, however, to be done in order to fully implement it?
Here are five key steps that could help your organization adopt a circular economy model:
1.Efficiency Improvement
Get more value from your investments by improving your operational efficiency. Moreover, an efficient use of resources could also contribute to a material security while also improve environmental and economic outcomes.
2. Make good use of resources
Incorporating recycled and reused materials into end-of-life products is a big challenge, but that could have a positive impact to a company as it can better recognize the existing resources. Challenge your engineers to identify new ways to process the materials or design new models.
3.Utilization of new tools and techniques
There is a constant improvement on tools and techniques that a company can identify and implement. These tools can measure your success and move your operations towards a circular model.
4.Communicate the business value
Consumers are in favor of products that use sustainable materials. Trust needs to be built with both the consumers and the stakeholders. Show them your efforts.
5.Integrated business vision
Incorporate an integrated business vision not only to the product’s lifecycle, but also to the supply chain. Take into account the product’s end-of-life and collect data from the entire supply chain so as to reduce energy and materials.
Circular economy is not a choice any more. Companies should mainstream the new policies and bring them to scale.
CSE is one of the leading ESG Consulting and Training firms specializing in maximizing social, economic and environmental impact. CSE helps FORTUNE 500 and other organizations around the globe improve their ESG Ratings and maximize their impacts.
CSE is global provider of Sustainability (ESG) Training programs that help professionals advance their careers through certified on-site, online and group training services since 2004 while it offers integrated consulting services on Sustainability (ESG) with a sector-based approach.
