As supply chain disruptions continue to affect industries across the world, environmental, social and governance (ESG) concerns remain a business priority. Producers and consumers alike are being urged to consider whether their actions align with the sustainable principles of a circular economy – a model of production and consumption based on sharing, reusing, repairing, refurbishing and recycling existing materials for as long as possible, in order to extend the life-cycle of products and minimise waste.
Currently, only 8.6% of the world’s economy is successfully circular and there are still 91 billion tonnes of materials being wasted each year. Research undertaken by SAP and the World Economic Forum revealed that 4.9 billion people (61% of the world’s population) lack access to waste management or recycling infrastructure. It’s therefore more critical than ever for businesses to put sustainability at the top of their agendas.
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