How redefining the circular economy could reshape a sustainable planet

Driven largely by resource scarcity, growing economies and the ever-increasing rise in e-commerce, the concept of a circular economy has emerged as part of the solution for a more sustainable planet. But do organizations understand the concept, and are they equipped to leverage the potential benefits of a circular economy?

In this episode of the EY Sustainability Matters podcast, Chris Hagler meets with Antonis Mavropoulos, author of “Industry 4.0 and the Circular Economy” and CEO of D-Waste, along with Mark Weick, Managing Director of Climate Change and Sustainability Services (CCaSS) for Ernst & Young LLP, to find out more about the circular economy, and how its union with Industry 4.0 could revolutionize waste management and help contribute to a more sustainable planet.

Most organizations recognize the need to create a more circular economy, but do they truly understand the concept? Are they willing to change their business model to leverage the opportunities? And do they have the leadership and teams required to meet the challenge?

There’s also much to think about outside of the environmental challenges that most organizations consider to be the definition of a circular economy. Some subject-matter experts suggest it can be better thought of as the transformation of the whole supply chain, and the inclusion of societal and governance issues. The integration of these aspects could help make businesses more resilient and less wasteful.

For Antonis and Mark, this is a chance to reshape thinking on how to tackle climate change. And that shape, is circular.

Key takeaways include:

• The circular economy is about the transformation of whole supply chains and the integration of environmental, social and governance (ESG) issues.
  
• Pursuing a circular economy may potentially yield up to US$4.5t in economic benefit between 2015 and 2030.¹
• Thought leaders believe a circular economy could play a central role in contributing toward the 2015 United Nations Paris Climate Change Conference (Paris Agreement) goals for 2050.
• Involving waste management in the design phase can help close the loop and contribute toward a more sustainable planet.