If you knew that your business was forfeiting profits every day, wouldn't you try to do something about it? Every time one of your products is thrown away, valuable resources are wasted, too. Those who are CE savvy can recapture some of these resources. Not just the business, but the organisation as a whole can profit from a circular business model.
The linear economic model, which still dominates the industry today, is designed to use resources once and then discard them. However, in recent years there has been a growing recognition that the global demand for resources exceeds what the Earth itself can supply. The concept of sustainability and the principle of circularity will become increasingly relevant going forward. This trend is being fuelled by regulatory developments.
The benefits of the circular economy are brought most to bear when companies develop a holistic concept and integrate it into their corporate strategy. The big challenge for most companies lies in the fact that transitioning to a circular economy often means transforming their existing business model. The transition to a circular business model generally begins with developing a robust and comprehensive strategy.
Optimising the use of renewable resources: renewable resources are prioritized in procurement and production.
Maximising product usage: changing the business models to offer products as a service, thus extending their life cycle.
Leveraging by-products and waste: reusing, reprocessing or recycling materials allows value to be recaptured that would otherwise be lost.
Our sustainability experts have devised a method to help companies develop and implement CE solutions – from developing a strategy to transforming the business model to reporting.
Integrating the CE strategy into the corporate and sustainability strategy
Assessing the starting point
CE readiness assessment
Defining circular products and services
Setting up a circular innovation process
Organisational design and implementation
Embedding circular economy ideas across the entire value chain
Managing tax and legal implications
Developing KPIs for CE steering
Support with establishing the necessary processes
Setting up a circular dashboard
Integrating CE systems into sustainability reporting
Partner | Sustainable Strategy, PwC Hungary
Partner | ESG Financial and Real Estate Advisory, PwC Hungary
Senior Manager | Net Zero Transformation, PwC Hungary