We’re at a critical point, as a nation and globally, to make meaningful change to save our planet. While Australia has set an ambitious – yet achievable – goal to reach net zero emissions by 2050, every sector of our economy needs to do its part and take proactive steps toward sustainability.
Business leaders, I’m looking at you.
Implementing circular business practices must become a priority at all stages of operations. This begins with circular design; design that creates durable and repairable products which are able to be disassembled easily to keep materials at high value.
Next is ensuring those materials are reused and recycled rather than disposed of to landfill, which means both ensuring the materials are reusable and recyclable and putting systems in place to be able to collect them effectively.
While moving to renewable energy sources can address approximately 55 per cent of global greenhouse gas emissions, to tackle the remaining 45 per cent we will need to radically change the way we make and use products, materials, and food. In other words, transitioning to a circular model is not a nice-to-have, it’s a need to have.
Environmental benefits aside – research shows that implementing circular practices is also great for business. According to a report by PwC, a circular economy in Australia could generate AUD $1,860 billion in direct economic benefits over 20 years and save 165 million tonnes of CO2 per year by 2040.
Plus, transitioning to a circular economy lends itself to better innovation by fostering creativity within organisations, highlighting supply chain efficiencies and generating new revenue streams.
Starting on this path may feel daunting for business leaders, but taking small, manageable steps toward circularity can create real change.
It won’t happen overnight. It’s a gradual process, but there are simple steps you can take today that will set your business on a better path for tomorrow.
Step 1: Deep dive into circularity
Knowledge is power.
First priority, above anything else, must be education. Start by immersing yourself and your team in the resources available.
Ellen MacArthur Foundation provides comprehensive guides, research, and case studies to help businesses understand the core principles and practices of circularity.
CSIRO, Australia’s national science agency, has also done extensive research on the circular economy and created an excellent resource page on their website outlining their findings. Their market opportunities report also provides encouraging insights.
The Australian Circular Economy (ACE) Knowledge Hub is also a valuable resource, offering up-to-date information and examples of how Australian businesses are successfully adopting circular practices.
The ACE Hub also showcases case studies on local organisations that have successfully integrated circular methods into their operations. These examples illustrate how circularity can work in local, real-world contexts, providing concrete strategies that your business can adapt and implement.
Taking the time to understand these resources can inspire new ideas and give you a practical framework to guide your journey.
Step 2: Connect with circular economy leaders
Once you have a foundational understanding of circularity, connecting with others in the circular economy community is invaluable. Networking with other business leaders who are on the same journey can provide insights, support, and inspiration.
The ACE Hub Portal is a dedicated community of circular economy practitioners and professionals and offers businesses a chance to engage with local government representatives, researchers, and other business leaders. This community fosters collaboration and shared learning, which are essential to advancing circularity on a broader scale. Connecting with businesses on the same path – whether they have already done the hard work or are starting from square one – will not only help keep you accountable, but allow you to keep learning from each other.
Keep an eye out for events that bring together leaders in the circular economy. Circularity 2024 is a two-day annual conference in November that brings together some of the brightest minds in the circular economy from APAC and across the globe. Likewise, the internationally successful CIRCO Circular Business Design Workshop will be coming to Geelong on the 3rd of December.
These experiences offer a chance to learn directly from experts, gain fresh ideas, and establish partnerships that may help you move forward, faster.
Step 3: Develop a realistic, achievable plan
Once inspired and equipped with resources, the next step is to create a practical roadmap tailored to your business.
An effective circular transition plan is both realistic and incremental, with short-term goals that eventually lead to longer-term success. The plan should include specific actions and measurable timelines. For example, think about how you can aim to reduce new product spend, cut back on natural resource consumption, or identify collaboration opportunities.
Check out Hunter Joint Organisation’s Hunter Circular roadmap or Monash University’s circular economy framework for inspiration on executing a well-thought out and highly detailed plan. Keep in mind, your plan should be achievable and align with both your operational goals and sustainability objectives.
By adopting circular practices, businesses can play a vital role in shaping a sustainable economy while blazing new avenues for their own growth.
The journey toward circularity may start with a single action – whether it’s reading a report, connecting with other leaders, or setting a goal to reduce the number of new products being purchased. Yet each of these actions, small as they may seem, are critical steps to building a better world for future generations.
