A documentary exploring the concept of the circular economy and outlining the ‘significant business potential’ available for firms that adopt circular business models, has been released by publishing company The Business Debate.
The film, ‘Circularity: Preparing for the new economy’, provides a broad overview of what the circular economy is and contains commentary from a number of industry analysts. It asks how we can sustain economic growth in a world of finite natural resources and a growing population.
According to the 18-minute documentary, adopting a circular approach to business can create competitive advantage and increase financial performance by up to 30-40 per cent. It also represents a ‘global opportunity’ estimated to be worth $4.5 trillion (£3.1 trillion) by 2030.
‘Doing well and doing good’
According to Peter Lacy, Managing Director of Accenture Strategy Sustainability Services (ASSS), looking at “almost any major indicator of environmental social governance metrics” will show that we’re not going in the right direction.
He states that until now only small, incremental changes have been made towards a more circular economy but that business has not reached what he describes as “true north” – embedding the principles of the circular economy into business strategies and models.
The video stresses the possibility of “doing well and doing good”, meaning sustainable businesses adopting a circular approach can be profitable.
Outgoing CEO of the Waste & Resources Action Programme (WRAP), Dr Liz Goodwin claims that a circular economy can help us have a lifestyle full of services and products while at the same time making better use of the resources available to us.
In the documentary, companies such as Caterpillar, Apple and Michelin are praised for promoting remanufacturing, longer product life times and refurbishment and are used to illustrate the need for change in product design and a move to a system-based approach rather than one focused on the product.
Lacy said: “The idea of a true north version of capitalism, a version of capitalism that provides the economic development, the prosperity, the positive growth that we want but does that in a way that is socially just, does that in a way that is environmentally sustainable, is the key challenge that we face as a generation, not just of business leaders, of governments, citizens around the world.”
Industry figures featured in the film include:
- Stewart Wallis, former Executive Director of the New Economics Foundation;
- Professor Peter Head CBE, CEO of The Ecological Sequestration Trust;
- Werner Fuhrmann, a member of the management board of Azko Nobel N.V;
- Peter Lacy, Managing Director of ASSS;
- Leonie Schreve, Global Head of Sustainable Lending at ING Bank;
- Professor Julia Stegemann, Professor of environmental engineering at University College London;
- Dr Liz Goodwin, CEO of WRAP;
- Dustin Benton, Head of Energy and Resources at Green Alliance; and
- Sophie Thomas, Founder of The Great Recovery Programme.
The full video can be found at the Business Debate’s YouTube page.
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