WRAP has published a video detailing the business potential of the circular economy and has become a ‘pioneer member’ of the new Circular Economy 100 (CE100) programme.
The UK’s Waste and Resources Action Programme (WRAP) has published a video detailing the business potential of the circular economy and is to become a ‘pioneer member’ of the new Circular Economy 100 (CE100) programme.
Launched by independent charity, Ellen MacArthur Foundation, the programme is a global platform bringing together 100 pioneering businesses engaged in accelerating the transition to a circular economy over a 1000 day period.
According to the foundation the CE100 programme will provide the opportunity for companies to stimulate circular economy innovation, foster collaboration, build capacity and unlock the economic opportunity. Members of the programme will have privileged access to an online library gathering circular economy best practices, benchmarks, case studies, frameworks and tools.
Among the companies and organisations to have signed up to the programme so far are Coca-Cola, Marks & Spencer, Ricoh, Vestas, WRAP and Renault – among others.
“I am delighted WRAP will be at the heart of this business-critical initiative. We will bring a combination of technical expertise combined with proven experience as a catalyst for change, to this important new learning collaboration,” commented Dr Liz Goodwin, CEO of WRAP.
WRAP said that it will continue to play, a significant role in the circular economy through its work in areas such as food waste prevention, resource efficiency in products, plastic packaging and textiles. WRAP’s work on resource efficiency and waste prevention make it ideally placed to make a key contribution to the group’s work.
To showcase the business potential of the circular economy, WRAP launched (see below) outlining the four stages of a circular economy: design, make and sell, reuse and recycling products.
WRAP sector specialist Gerrard Fisher explained the practical steps businesses can take, and outlined WRAP’s role in helping businesses achieve the move to a circular economy.
To coincide with the launch of the CE100, WRAP also unveiled a new report which highlights innovative new business models for the clothing sector which could help deliver the circular economy.
WRAP’s report – Evaluating the financial viability and resource implications for new business models in the clothing sector – examines the commercial viability of a number of alternatives to traditional make-buy-use-dispose business models.
According to the organisation the report takes into account realistic estimates of the required investment, operating costs and sales value. One option was found to offer great commercial benefits including payback in just over two years.
WRAP said that its models show how the life of clothes can be extended, helping to prevent them being prematurely discarded. The options range from large scale hiring of designer clothes to retailers offering re-sale of pre-owned garments.
The organisation added that each model was assessed on the opportunity to build turnover as well as deliver a commercially attractive margin and return on investment.
Out of five models reviewed, the report found that the most effective would see retailers offering resale of their own brand, pre-owned garments back to the consumer. With relatively low set up costs it provides the quickest payback period; capital invested is met in less than two and a half years (under specific modelling assumptions) and a good return on capital seen over five and ten years.
“To stay ahead in today’s competitive markets, companies need to reconsider the way they do business. The traditional consumption model of buy-use-dispose is rightly being challenged,” explained Goodwin.
“You can see why when you consider the significant commercial value that can be realised from used clothes, as well as the water and material resources used in their production,” she added.
In the video below Gerrard Fisher explains how businesses can towards a circular economy.
Discarded textiles and clothing are in strong demand from markets across the world for reuse and recycling. Widely viewed as a resource, these materials offer great potential for recycling and a real revenue generation opportunity for local authorities and waste management companies. WMW asked some of the industry’s key players for their views on the subject.
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