Whereas there may be optimism about investing in circularity, the survey recognized obstacles to instant progress. For instance, no single definition of “circularity” was accepted by the vast majority of respondents. Additionally, solely 14% noticed circularity as a company-wide accountability, however this group skilled the very best degree of enhancements throughout key circularity metrics, resembling power consumption, use of recycled supplies, and carbon emissions.
The survey additionally revealed that restricted adoption of many essential round practices with the U.S., together with partnering with waste administration firms (41%), incorporating energy-efficient applied sciences (37%), and selling round ideas within the provide chain (36%). Encouragingly, 81% are utilizing recycled supplies of their merchandise to some extent.
Investing in circularity has already led to measurable advantages, together with waste discount (44%) and power effectivity enhancements (49%). Though some companies categorical concern concerning the upfront funding required, many anticipate long-term enhancements in course of effectivity and price management.
Most respondents (84%) agree that the round economic system encourages innovation and drives competitiveness. In addition they help elevated regulation and reporting necessities (80%) and need extra authorities help for adopting round enterprise practices (82%).
Tarak Mehta, President of ABB Movement, commented: “The urgent must transition to a round economic system has by no means been clearer. Our present lifestyle is depleting sources at an unsustainable fee, contributing to emissions and local weather change. Embracing circularity shouldn’t be solely important for safeguarding the environment but additionally for enhancing enterprise resilience.”
“This survey highlights the significance of taking a holistic method, instilling accountability in any respect ranges of the group, and embracing new applied sciences and collaborations. Whereas there are challenges to beat, companies that totally embrace circularity see important advantages, from value management to improved repute. We should act now, to make circularity the norm in world industries. There isn’t a time to waste.”
To seek the advice of the total report: https://social.abb/circularity-report
go.abb/movement
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