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illuminem summarizes for you the essential news of the day. Read the full piece on Circular Online or enjoy below:
🗞️ Driving the news: Peter Taylor-Whiffen highlights five circular business models that merge profitability with environmental sustainability
• These models—circular inputs, sharing economy, product as a service, product use extension, and resource recovery—are innovative strategies aiming to extend the lifecycle of products and reduce waste
🔭 The context: The concept of a circular economy, which emphasizes reducing waste and reusing resources, has become increasingly relevant
• This approach represents a significant shift from traditional make-use-dispose models, focusing on sustainability and efficient resource utilization
🌍 Why it matters for the planet: Adopting these circular business models is crucial for environmental sustainability
• They offer a path to reduce pollution, conserve resources, and mitigate the impacts of climate change, aligning economic activities with ecological preservation
⏭️ What's next: The growing adoption of these models indicates a transformative shift in business and environmental policies
• As more companies integrate these sustainable practices, we can expect a reduction in waste generation and an increase in resource efficiency, contributing to a healthier planet
💬 One quote: "The key is making component and material recovery easy," (Zoi Kontomidou, chair of the Chartered Quality Institute’s Sustainability Special Interest Group)
📈 One stat: UK businesses have £59bn worth of capital tied up in equipment that they don’t use, demonstrating a significant opportunity for the sharing economy model
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