Navigating 2024: Quick Wins in Circular Economy, and Corporate Priorities in Sustainable Practices
As we step into a new year, the echoes of weather extremes and disasters from the past year linger, urging us to take decisive action. In 2023, the world experienced scorching heatwaves, devastating floods, and a clarion call from our planet to address climate change. However, amid these challenges, there emerged significant strides towards a more sustainable future.
World leaders gathered at the United Nations climate summit, committed to historic transitions away from oil and gas. President Joe Biden’s groundbreaking climate legislation, the Inflation Reduction Act, has initiated the flow of funds and incentives to propel sustainable practices across various sectors. The surge in electric vehicle sales and enthusiastic enrollment in the American Climate Corps underscore a growing momentum for positive change. Moreover, corporations are making substantial commitments, allocating billions to remove harmful chemicals from drinking water supplies.
Photo by Ryan Rahman/Pacific Press/LightRocket via Getty Images
Now, standing at the threshold of 2024, the call to action reverberates louder than ever. In this article, we’ll delve into practical steps—quick wins—in the Circular Economy. These are simple measures you can take to contribute to the positive change we all need. Let’s embark on 2024 with a collective commitment to a more sustainable and resilient future.
Understanding the Concept of Quick Wins in Circular Economy
Quick wins are catalysts for immediate change, offering impactful solutions with minimal effort. They’re akin to finding low-hanging fruit—simple actions that can make a substantial difference.
If you’re wondering where to find quick wins, consider the following:
Energy Efficiency Check: Assess your business space for energy usage. Identify areas where lights or equipment can be turned off when not in use. These small changes reduce energy consumption and lead to cost savings.
Supply Chain Tweaks: Examine your supply chain for local or sustainable options. Small changes here can have a ripple effect on your products’ overall sustainability.
Waste Audit: Review your waste disposal practices. Can you reduce, reuse, or recycle more? Cutting down on waste benefits the planet and yields cost savings.
Partnership: Partnering with external entities, consultancies, or startups exposes businesses to cutting-edge technologies and novel approaches that can drive sustainability and efficiency gains.
Employee Engagement: Foster a sustainability culture among employees. Educate them about energy conservation and waste reduction. Read our Vitra study case and learn how we implemented this concept.
Avoid Silos: Circularity, a multifaceted domain, demands expertise across various sectors, from understanding value chain intricacies to devising innovative solutions for decarbonization. Going through this journey alone, whether as an individual company or a sustainability leader, can lead to operational blind spots and the potential oversight of critical aspects and industry best practices. Collaborating with circular experts and industry peers becomes crucial to ensure a comprehensive and operationally effective circularity strategy.
Green Web Hosting: Choose environmentally friendly web hosting services for your company’s website, with many providers now offering options powered by renewable energy sources.
Reduce paper use: Digitize your documents for a greener and more efficient way to manage your company’s information.
Now that potential quick wins have been identified, focus on those that are easy to implement and have a noticeable impact. Starting small allows for building momentum towards more significant changes later.
Circular Economy Dynamics to Watch in 2024
The circular economy, a model that emphasizes resource efficiency, waste reduction, and continuous product lifecycles, is gaining traction as a sustainable solution. In 2024, we can expect to see several key trends shaping the circular economy landscape.
Among the leading advanced recycling technologies, circular design principles and collaborative partnerships are reshaping industries and laying the foundation for a more sustainable and enduring approach to commerce. Besides that, businesses increasingly recognize the financial and environmental benefits of adopting sustainable practices. This trend will drive innovation and encourage broader adoption of circular economy principles.
On top of that, we have mandatory reporting laws starting this year, forcing companies to disclose their impact on climate, biodiversity, water and marine resources, pollution, and circular economy, and it is as mandatory as financial reporting. This all needs to be included in the annual report, starting with large companies, and after that, midsize and small companies will have to do the same. To get more insights, read our article about EU Policy.
In the realm of innovation, the plastic problem is receiving attention. Scientists are exploring alternatives to oxo-degradable plastics, with companies like Change Plastic for Good Ltd developing organic additives that attract microbes, facilitating the breakdown of plastic in landfills and waterways. This innovation represents a significant step towards mitigating the environmental impact of plastic waste. Simultaneously, consumer behavior is influencing the landscape, as individuals increasingly favor brands aligning with circularity, compelling companies to integrate circular economy principles into their ethos to meet rising consumer demands.
Furthermore, the global challenge of reducing emissions is being tackled innovatively. China’s carbon-inclusion incentive plan leverages the masses, accessing personal data to generate carbon coins based on factors like step counts, transport use, and energy-efficient appliance purchases. This approach aims to mobilize society towards carbon neutrality, a goal echoed by other countries like Finland. With personal carbon trading (PCT) schemes gaining traction, questions arise about the balance between public responsibility and industrial accountability in achieving emission reduction targets. As more companies seek to offset their carbon footprint, the emergence of PCT schemes signifies a potential paradigm shift in environmental accountability.
The growing importance of the Right to Repair is another dynamic to watch, focusing on sustaining performance and minimizing environmental impact. It signifies a more profound, long-term shift towards responsible and eco-conscious consumer choices, exerting pressure on brands to assume greater responsibility post-sale. Emphasizing the critical role of prolonging product lifecycles, reducing electronic waste, and promoting a circular approach to consumption, consumers are demanding the right to repair and maintain product performance. In response, businesses face increasing pressure to adopt practices aligning with these sustainable imperatives.
Recap of Key Points
Quick Wins Matter: Quick wins act as powerful catalysts for change, providing immediate and impactful solutions. By identifying and implementing easy, practical steps, both individuals and businesses can contribute significantly to a more sustainable future.
Circular Economy Dynamics: Advanced recycling technologies, circular design principles, regulation, and collaborative partnerships are reshaping industries and setting the stage for enduring and eco-friendly commerce.
Innovations Driving Change: Innovations, from alternatives to oxo-degradable plastics to personal carbon trading schemes, are pushing the boundaries of sustainability. Companies and individuals embracing these innovations are reducing their environmental impact and setting the stage for a more accountable and better future.
Final Thoughts
As we stand on the threshold of 2024, the urgency to embrace sustainable practices has never been more critical. The weather signals and disasters of the past year are a stark reminder that collective action is imperative.
We truly believe this year will bring impact and success for industry players committed to sustainability excellence.
Larissa Scherrer de Quadros
Marketing
