The global economy has fallen to just 7.2% circular, and the global situation gets worse year on year. We stand before a path that requires a fundamental transformation of economic activities, only achievable with collaboration across the private sector, public sector and society. For C-suite leaders, it is also important to remember that, as with any transformation, there is potential for market differentiation, product innovation, supply chain efficiency and cost efficiencies.
1.
The global situation is getting worse year on year driven by rising material extraction and use. Rising material extraction has shrunk global circularity to 7.2% in 2023, leaving a huge circularity gap.
2.
More than 90% of materials are either wasted, lost, or remain unavailable for reuse for years as they are locked into long-lasting stock such as buildings and machinery.
3.
Although evolving into a more circular society may seem difficult, there are things that C-suite leaders can do today to get their businesses on a circular track.
