The FUSION Observatory recently completed a survey of 286 companies in the UK, France and Belgium to hear their views on the circular economy, revealing that only 10 percent of senior executives are thinking about it in the context of their business.
Data was collected from companies spanning a wide range of sectors, with a predominance from manufacturing and construction but with a strong representation from renewable energy.
Around than 50 percent of those questioned had heard of the term “circular economy”, and less than 10 percent were thinking about it in the context of their business.
When asked what does the circular economy mean to you?
- 48.5 percent had not heard of the term
- 25.3 percent were not sure what it meant
- 17 percent had some understanding
- 9.2 percent understood
All of the companies questioned had shown a previous interest or are involved in the green economy and the majority of them are SMEs.
“Businesses surveyed suggested that incentives would encourage them to adopt circular economy practices, and nearly a quarter called for more research into designing out waste”
The survey sets out to highlight how the perceived complexity of the circular economy could mean many businesses are missing out on potential savings.
The UK government estimates businesses could save up to £23bn a year through low cost or no cost improvements in resource efficiency.
When business leaders were questioned about the “circular economy” and asked to think about it in terms of their business, some started to see potential gains, not just in waste management but also in material efficiency, such as rare earth metals that are used in many electronic goods.
Businesses surveyed suggested that incentives would encourage them to adopt circular economy practices, and nearly a quarter called for more research into designing out waste.
When asked what can be done to help you embed circular economy thinking in your business?, the most popular responses were:
- getting rid of the jargon would be useful
- being able to work with experts and get mentoring
- getting support from waste contractors
- templates on re-use and recycling
For the full report CLICK HERE