The circular transformation of industries is a crucial component in driving economic growth in a resource-constrained world. With the increasing pressure on the global economy, industrial companies must reevaluate their use of resources and the impact they have on the environment.
The circular transformation of industries has the potential to unlock productivity, innovation, and sustainability, but it requires a systemic change that transcends the boundaries of organisations and involves all stakeholders, including government, academia, and civil society.
To facilitate this paradigm shift, the World Economic Forum has launched a comprehensive initiative in collaboration with Bain & Company, the University of Cambridge, and INSEAD. The initiative aims to bring together leaders across all sectors to share best practices, lessons learned, and foster new partnerships to accelerate the circular transformation of industries. The purpose of this paper is to engage stakeholders and encourage them to focus on the following key areas to achieve robust and sustainable growth:
Circular transformation requires both operating and business-model changes. Companies must embrace new approaches that move beyond incremental changes and focus on the systemic change that will drive real impact.
The current state and limitations of existing approaches to circular transformation must be understood and addressed. By consolidating information from previous circularity initiatives, the initiative aims to bridge the gap and create peak maximisation of circularity in industries and economies today.
A system-wide approach to circularity is essential to unlocking its full potential. The circular transformation of industries requires the involvement of all stakeholders, and a collaborative effort between companies, governments, academia, and civil society is essential to achieve success.
Bold ambitions have been set to drive productivity, innovation, and growth, reach net zero, and reduce waste. However, success can only be achieved through systemic change, and the participation of all stakeholders is critical to accelerating the circular transformation of industries. The World Economic Forum Annual Meeting 2023 will serve as an important platform to continue the global discussion and drive progress towards a more sustainable future.
