Recently, the push for governments, civil societies, the private sector among other stakeholders to adopt circular business models to reduce climate change, encourage sustainable consumption that allows for regeneration of the natural ecosystem, build an economy that eliminates waste and pollution has gained traction. We can attest to this through the different efforts deployed by different stakeholders to build back better not just for businesses but for the planet and society.
But how do we make the shift in these changing times?
Businesses need to adopt and embed circular economy in their climate strategies. It’s no longer business as usual but to have a shift on how to conduct activities. Businesses’ objectives should be based on building a more resilient, thriving, and a circular economy. Re-designing long-lasting products to enable re-use, refurbishing, and recycling back into the economy. The service ownership model should be adopted by businesses where customers have no ownership of a product but the service it provides. The producer then remains the sole owner of a product and is responsible for its collection for re-use, repair, remanufacture, and recycling or sustainable incineration at the end of its lifespan.
As the government implements enabling policies that are evidence-based, it has to ensure the establishment of the necessary infrastructure, to create a level playfield for everyone and in turn eliminating joy riders and making it straightforward for businesses to transition. Read more