Over 30 leading companies across 16 sectors joined forces to implement the circular economy through the initiative Factor10. Collectively the companies are responsible for USD $1.3 trillion in annual revenues. The initiative aims to persuade companies to adopt systems in which more waste is eliminated – or prevent the generation of garbage in the first place and to collaborate on solutions that go beyond business as usual.
The circular economy aims to reinvent the way that business produces, uses, and disposes of the materials that make up global trade. The goal is to move away from the traditional “take-make-dispose” economic model to one that is regenerative by design and to ultimately move to a system where waste is eliminated. According to Accenture, the circular economy represents a USD $4.5 trillion opportunity and will be critical for achieving the Sustainable Development Goals (SDGs).
This year, the initiative will focus on three priority areas:
- developing transformative cross-value chain solutions that unlock circular opportunities for business;
- generating circular economy knowledge to help business understand the landscape, best practices, and leading examples; and
- amplifying the business voice globally.
To date, companies involved include Accenture, Arcadis, ArcelorMittal, BASF, BCG, BMW Group, CRH, Dow, DSM, Enel, ExxonMobil, EY, Honda, IFF, KPMG, Michelin, Navigant, Novartis, Philips, PWC, Rabobank, Renault, SABIC, Saint-Gobain, Solvay, Stora Enso, Veolia, Yara, Yokogawa.
- World Business Council for Sustainable Development (WBCSD), Geneva, Switzerland