Would more of us thrive in a circular economy? With Hege Sæbjørnsen and James Pennington
Jan 17, 2023
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Learn about the concept of a circular economy and how it can benefit our planet. Guests discuss the challenges and opportunities in transitioning to a circular economy, including examples from IKEA. The podcast also covers job creation, resource scarcity, and reconciling consumer demand in the circular economy. Explore the role of businesses in driving sustainability and the importance of collaboration across the value chain.
The circular economy focuses on designing out waste and pollution, extending product life, and regenerating materials, with companies like IKEA leading the way and embracing circular capabilities and repair services.
Several driving factors towards a circular economy include consumer demand for sustainable products, awareness about electronic waste, and the implementation of regulations and policies to promote circularity.
Deep dives
The Circular Economy and Its Impact on Businesses and Consumers
The circular economy is a shift away from the linear model of production and consumption, focusing on designing out waste and pollution, extending product life, and regenerating materials. IKEA is a prime example of a company embracing the circular economy, designing products with circular capabilities and offering repair services. Other businesses can follow suit by measuring their environmental impact, setting strategies, and piloting circular initiatives. Collaboration with value chains and ecosystems is crucial for success. Consumers can contribute by buying second-hand goods, repairing products, and advocating for unified recycling systems at the local level.
Driving Factors Behind the Circular Economy
Several driving factors are pushing towards a circular economy. Consumer awareness and demand for sustainable products and reduced waste are significant motivators. The problem of electronic waste and its environmental impact is also gaining attention. Furthermore, regulations and policies are being implemented to promote circularity, such as banning certain packaging types and promoting reusable packaging. Businesses like IKEA are leading the way in embracing the circular economy, prioritizing sustainable production and consumption practices.
Businesses and the Circular Economy
Businesses of all sizes can play a role in driving the circular economy. They can focus on sustainable production and consumption practices, optimize value chains, collaborate with ecosystems, and invest in circular start-ups. Providing services that promote repair, reusing, and sharing can create job opportunities and drive economic and environmental value. Businesses should also consider their own environmental impact and work towards measuring their resource consumption and finding ways to reduce waste.
Embracing the Circular Economy at an Individual Level
At an individual level, adopting circular practices can involve buying second-hand goods, repairing items, and advocating for sustainable consumption. Consumers should also support businesses that prioritize circularity and lobby for improved recycling infrastructure and unified systems. Recognizing the potential of repurposing, repairing, and reducing waste, individuals can actively participate in the circular economy and contribute to a more sustainable future for all.
We often say we’re going round in circles like it’s a bad thing. But it might just be the key to a better future for our planet – and the people on it. That’s the idea behind switching to a circular economy. But what would that new economy look like? And what can we do to make it happen?
Tune in to find out:
What a circular economy really looks like - and how we can build it
Why James believes it creates huge opportunities for business
How Hege is leading IKEA in rewiring its business model
Our guests’ favourite examples of the circular economy (hint - one hails from the 80s…)
Guests: Hege Sæbjørnsen, global circular strategy leader at Ingka Group, and James Pennington, circular economy lead at Deloitte UK Hosts: George Parrett & Ethan Worth Technical support: Deloitte Digital team and Creative Studio Original music: Ali Barrett
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