Sustainability tools for a circular economy
By Barbara Nebel and Caroline Noordijk, thinkstep-anz The business value of sustainability is well-known today, but the value of a circular economy is perhaps still less known and certainly less understood. Businesses can build resiliency against the volatility of raw material prices, supply chain risks, and changing legislation by creating circular products and services and moving towards a circular business model. The aim of the game is to move away from a linear economy to a circular one that ‘designs out’ waste and pollution — keeping materials in a continuous flow. A circular economy is designed to be restorative and regenerative. Following the strategic framework for a circular economy forces you to consider not just the impact of the product itself, but also the service it provides, the supply chain that enables that service, and even the broader economic, environmental, and social impacts of the whole system. Transforming the concept of circular economy into action can be achieved with help of circularity tools such as the Material Circularity Indicator (MCI), and complementary life cycle based approaches, including: Life Cycle Assessments (LCA) Cradle to Cradle (C2C) Environmental Product Declarations (EPDs). There are many tools and many approaches to assess the sustainability of your products — it can be overwhelming to know where to start. The good news is that many of the methods and tools out there are related and often inform each other. Fit for purpose — strategy first Before you engage with any of these methods or tools, it’s important to set out your objectives and have a sustainability strategy in place. Understanding what is important to your business and to your stakeholders is critical. You also need to think about what sustainability issues might affect your business and what your greatest risks are. This will help you build […]