Circular economy - what does it mean for you

The webinar had a good turnout, welcoming eager businesses within the Tunbridge Wells region and framing a successful circular economy as one that takes as much care of our people and planet as it does the things that we use.

A poll at the beginning of the webinar revealed that there was a significant knowledge-action gap. The majority of respondents (41%) felt somewhat knowledgeable about circular economy practices, yet 29% felt unsure as to how to incorporate these into business activities.

Root are transforming the way that brands, producers and industry bodies think about circular economy and are helping them identify material impacts to measure and reduce. Their client list includes Craft Bakers Association, Flying Tiger and Costa.

Tracy explained that the Circular Economy is just one academic approach that exists and that it tends to focus primarily on how we use and circular resources. The core principles of the circular economy are

• Eliminating waste and pollution

• Circulating products and materials

• Regenerating nature

At a global level, adopting Circular Economy principles in business could reduce CO2 emissions by a huge 40%. In addition to recycling more and using less resources, Tracy encouraged attendees to engage with how these principles impact people and communities, with Circular Economy practices having the potential to improve equity in communities. 

Tracy then challenged the audience with the question - “Do you want to be part of the problem, or the solution?”

With the effects of climate change making raw materials harder to access through extreme weather and price hikes, Tracy emphasised the importance of making incremental changes today. These could include using responsibly-sourced materials that are both recycled and recyclable, and sourcing and selling products that are designed for reuse and repair. Tracy encouraged attendees that we should always be seeking how we can do more with less.

There is a lot of misinformation surrounding where certain types of waste ends up in practice, and Tracy invited attendees to be curious and ask suppliers where specifically their material or product could be recycled, or is recycled in practice. While in the main most of our recycling does get collected and recycled, some items are labelled as recyclable or sustainable but actually end up in waste dumps in developing countries such as E-Waste City in Lagos or in the ocean, ending up in the Great Pacific Garbage Patch causing significant environmental, social and health problems. 

Food waste is a growing problem as well. On average 95kg is wasted per person per year in UK households and in hospitality, 1 in 6 meals are wasted. As we buy, use, and dispose of products, we need to be considering how we are giving back to the community through alleviating poverty and driving justice and driving equity as well as understanding where waste ends up when it is no longer needed.

In the webinar the speakers explored some ways in which businesses in different sectors  could explore Circular Economy practices:

Retail

• Recycling high volume single use items (this should be the minimum)

• Offering repair services

• Offering rental services e.g. fashion 

Professional services

• Buying refurbished electronics

• Volunteering with charities (circulating value back into the community)

Hospitality

• In room recycling can reduce hotel waste by 40%, alongside associated costs

• Removing single serve units and replacing with refillables. N.B. bamboo and biodegradable solutions are not recyclable and usually cost more.

Businesses were encouraged to consider whether they could donate empty office space for community use or charity events, including offering up their catering capacity for similar purposes. Some particularly helpful apps in the redistribution, borrowing, and lending space were highlighted, including the popular Too Good To Go, Olio (donating household items), and Peerby (donating but also lending items).

Tracy finished by outlining some key next steps for your business in getting started with embedding Circular Economy principles which are below:

Next Steps

For more information about Root head to their website or follow Tracy on LinkedIn.

We look forward to welcoming you as we continue our series. Make sure that you join us for our next webinar on Wednesday the 7th May, 9:30am to 10:30am on ‘Green returns: investing your pension confidently for the future’. Chris Bush from Hall & Gertski Wealth Management will be our guest speaker, taking us through ways in which we can confidently and responsibly invest our pensions to guarantee sustainable returns for ourselves and for the environment. Make sure that you register for tickets here.

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