📈 𝐍𝐨𝐫𝐝𝐢𝐜 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐀𝐫𝐞 𝐄𝐦𝐛𝐫𝐚𝐜𝐢𝐧𝐠 𝐂𝐢𝐫𝐜𝐮𝐥𝐚𝐫 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 📈
A new report, "Circular Economy Outlook 2024 Nordics," provides insightful data on the adoption of circular economy principles by publicly listed companies in Denmark, Finland, Norway, and Sweden12.
The report, a collaborative effort by Cradlenet and RISE Research Institutes of Sweden, is the first broad survey of its kind, examining the strategies, motivations, and needs of Nordic companies as they navigate the shift toward circularity.
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭
🌍 Circular economy is gaining significant traction
- 86% of the surveyed companies have integrated circular principles into their business strategies, marking a considerable increase from previous years. However, only 4 out of 10 companies have set specific circular goals and initiated implementation, highlighting a crucial gap between ambition and action.
💡 Business opportunities, reduced greenhouse gas emissions, and customer pressure drive the transition
- Companies recognize the economic and environmental benefits of circularity, with business opportunities being the primary motivator.
📈 Measurable targets are critical for success
- Companies that set measurable goals and track progress are significantly more likely to execute their circular strategies.
♻️ REDUCE and RECYCLE are the most popular strategies
- These strategies often require minimal changes to existing business models and are therefore more readily adopted.
💡 REGENERATE, REMAKE, and RETHINK are underutilized
- Despite offering significant opportunities for differentiation and financial gains, these strategies are less commonly implemented.
🌱 Circular procurement needs a boost
- While 70% of companies impose some form of circular requirements in their purchases, only 15% do so for most of their procurement.
𝐑𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬:
1) Set specific, measurable, achievable, relevant, and time-bound targets and systematically measure progress for circular initiatives.
2) Integrate circular requirements into procurement forms and sourcing policies to stimulate circularity throughout the value chain.
3) Explore servitization models like subscription, sharing, and performance agreements to align producer and customer incentives for circular value creation.
4) Invest in developing circular capabilities, especially in the technology and financial sectors, to gain a competitive edge as circularity becomes increasingly important.
By embracing circular principles, companies can unlock economic opportunities, mitigate environmental impact, and gain a competitive advantage in an evolving market.
Full report available at https://lnkd.in/dH9zHNvW
#circulareconomy #businessopportunity #competitiveadvantage, #profitability #redesign
