transition to a circular economytransition to a circular economy

transition to a circular economy28 May transition to a circular economy

Delery, J.E. ; Waddock, S. Corporate responsibility and financial performance: The role of intangible resources. Getting real: Stakeholder theory, managerial practice, and the general irrelevance of fiduciary duties owed to shareholders. EIB at the WCEF2023: Scaling up financing for the circular economy and The directors recognised the value of collaboration between the MDBs on the circular economy, and agreed that their institutions should continue to work together, including via the Circularity Exchange Network (CEN) - a group initiated by Circle Economy and the Dutch Ministry of Infrastructure & Water Management that also consists of the Ellen MacArthur Foundation, UNEP-FI and the World . Creating a circular economy for five key sectors cement, aluminum, steel, plastics and food could cut CO2 emissions by 3.7 billion tons in 2050, equivalent to eliminating current emissions from all forms of transport. Rethinking the market economy. But the reward a world where people, nature and economies can all thrive will be worth the effort. Addressing rural water supply gaps with performance-based financing: lessons from Vietnam, Towards a circular economy: Addressing the waste management threat. Empower: stakeholders play a relevant role in shaping the organizations agendas; thus, engaging them is crucial to ensure good governance, strategy, and operations. These machines have high upfront costs and are made from very valuable materials, so many companies are successfully using circular models where they take the product back and refurbish it or repurpose the materials. The effect of stakeholder preferences, organizational structure and industry type on corporate community involvement. 2016. And while far too many people still go hungry, we waste a third of all the food produced. Indeed, a strong culture of sustainability implies the concurrent enhancement of economic, social, and environmental dimensions, which can be expressed by the companys decision to disclose these issues through specific sustainability indicators. Sustainability 2020, 12, 8641. We all need to come together governments, policymakers, civil society and communities to be better consumers. Consume Less The circular economy focuses on better use of natural resources, and the simple fact is that many of us consume far too much. Shareholder value, stakeholder management and social issues: Whats the bottom line? Recreating the University from Within: Sustainability and Transformation in Higher Education. Enis disclosure about stakeholder engagement and sustainability is assumed to be a key indicator of the topics importance, implying that the higher the disclosure, the stronger the stakeholder engagement and the sustainability culture. Transition to the circular economy: the story of four case companies But global change requires local action: cities are the future of the circular-economy transition. Consumer pressure is a crucial part of the picture in encouraging businesses to change their practices and governments to introduce favorable policies. Jean-Denis Curt - Circular Economy Manager. MDPI and/or Logsdon, J.M. Here's what's needed to build a circular economy. As well as JUST, we are introducing several innovations in the different phases of the procurement process: Stronger sustainability criteria when evaluating qualifications, Shared development plans to measure suppliers growth in relation to sustainability themes, The alignment of market intelligence tools with the co-design of technical specifications, focusing on social, economic, environmental and sustainable balance, The adoption of award mechanisms and sustainability bonuses for tenders, Thanks to a series of sharing and discussion tools, suppliers can contribute their ideas and put forward solutions to the technological challenges which we periodically launch, taking part in a joint effort towards the energy transition. [. To successfully transition to a more circular economy, companies must change how they design and create products, how they relate to their customers, and how they . ; Lee, J.H. PDF International Trade and the Transition to a Circular Economy - OECD Thus, it is possible to distinguish between different stakeholders: the engagement of one category of stakeholders assists the transition toward the circular economy by impacting key values, principles, and beliefs affecting behaviors. Engaging stakeholders in corporate accountability programmes: A cross-sectional analysis of UK and transnational experience. Boesso, G.; Kumar, K. Stakeholder prioritization and reporting: Evidence from Italy and the US. In. In fact, stakeholder engagement has helped draw consumers attention to the responsible use and disposal of products, thus promoting improvements not only in the environmental and social dimensions pertinent to communitys interests, but also the economic realm; stakeholder engagement can potentially lead to cost savings effected by recycling and material reuse processes. Remain passive: no active communication is required, as the engagement is primarily conducted via letters, the media, and websites; Monitor: one-way communication (stakeholder to organization) takes place through media and internet tracking and second-hand reports from other stakeholders (possibly via targeted interviews); Advocate: one-way communication (organization to stakeholder) occurs via pressure on regulatory bodies, lobbying efforts, and other advocacy efforts through social media; Inform: one-way communication (organization to stakeholder) occurs through bulletins and letters, brochures, reports and websites, speeches, conferences, and public presentations; Transact: limited two-way engagement is effected through publicprivate partnerships, private finance initiatives, grant provision, and cause-related marketing. There is a clear economic case for this model for large machines such as photocopiers, MRI scanners or agricultural equipment. Circular Economy | NIST Indeed, positive stakeholder relationships are necessary for long-term value creation; they enable a company to listen to and engage with relevant stakeholders as well as diffuse values and principles aimed at protecting all the dimensions (economic, social, and environmental). Adapting the pitching template to qualitative research. Some evidences from Italian listed companies. Frederick, W.C. Toward CSR3: Why ethical analysis in indispensable and unavoidable in corporate affairs. 20: 8641. https://doi.org/10.3390/su12208641, Salvioni, Daniela M., and Alex Almici. ; Harrison, J.S. UN Global Compact Network UK Members A-H, UN Global Compact Network UK Members I-Q, UN Global Compact Network UK Members R-Z, Climate and Human Rights: Building Resilience for Business, Climate & Human Rights: Investor Perspectives, Building Business Climate Resilience Webinar Series, Expectations and Reflections: COP26 Webinar Series, Transitioning to Net Zero Webinar Series, Business & Human Rights Summit 30 March Day 1, Business & Human Rights Summit 31 March Day 2, Inclusion and Occupational Safety & Health: New Approaches for Business, Social Mobility: Improving Business and Society, Re-Focusing Business Attention on Childrens Rights, RedCompass Labs RedFlag Accelerator: A tool to tackle modern slavery in the financial sector, Elimination of Child Labour Webinar Series, Partnership Against Child Exploitation (PACE) Consortium, All-Party Parliamentary Group on Sport, Modern Slavery, and Human Rights, Pride Plus: Building LGBTIQ+ Inclusive Business, Diversity, Equity, and Inclusion Working Group, SDG Innovation Accelerator for Young Professionals. Enis circularity is integrated into the strategy of all its business units. The website cannot function properly without these cookies. Most case-studies are inductive; this study started with documentary analysis, focusing on Enis 20152019 sustainability reports and other relevant Eni documents available on the web, including interviews with the Head of Bio Development, Sustainable Mobility, and Circular Economy about the companys transition to the circular economy model. This new perspective is clearly expressed in the principle introduced by Stahel: do not repair what is not broken, do not remanufacture something that can be repaired, do not recycle a product that can be remanufactured. Consider the fact that there is 100 times more gold in a ton of discarded mobile phones than there is in a ton of gold ore. Enis strategic goals include the implementation of the circular economy model according to a strategy aimed at sustaining the organizations energy transition toward low-carbon sources (i.e., its carbon neutrality strategy). The Circular Economy (CE) transition is emerging as one of the most popular societal responses to environmental problems and in general to the achievement of a more sustainable development worldwide (D'Amato, 2021; Corvellec et al., 2020; Winans et al., 2017; Ghisellini et al., 2016, Su et al., 2013).The academic research in the field of CE is growing fast as is showed by the . You can support our work by making a gift today or exploring other ways to give. License and Republishing. and future generations. 1 Altmetric Metrics Abstract The study briefly recalls the evolution and crisis of the theory and thought of John Maynard Keynes with the rise and progressive dominance of the neoliberalism paradigm. The relationship between stakeholder engagement and sustainability culture was examined using a qualitative approach in which Enis stakeholder engagement practices were investigated through an analysis aimed at underlying the most relevant companys statements, while also taking into consideration the stakeholder engagement indicators disclosed by Eni; Enis sustainability culture was appraised by considering Enis environmental, social, and economic sustainability indicators in relation to GRI guidelines. Altogether, more than 100 billion tons of resources flow into the economy every year, and more than 60% ends up as waste or greenhouse gas emissions. Lieder, M.; Rashid, A. They are all useful approaches but need to be revised according to an integrated perspective in order to address different topics closely intertwined. 5 circular economy business models for competitive advantage | World Unlocking finance for a circular and regenerative economy. It is one of the main building blocks of the European Green Deal, Europe's new agenda for sustainable growth. Ma, S.; Wen, Z.Z. https://doi.org/10.3390/su12208641, Subscribe to receive issue release notifications and newsletters from MDPI journals, You can make submissions to other journals. Survey of national and regional Consumers Associations representatives on circular economy, sustainability and energy transition. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, 17 innovations accelerating the transition to a circular economy, The Circulars Accelerator 2022: Meet the 17 start-ups leading innovation towards a circular economy, 21 circular economy solutions: changing how we eat, live and travel for a more sustainable world, Heres what's needed to build a circular economy. Tackling climate change can seem daunting. Salvioni, D.M. Read our Privacy and Cookies Policy here. Role of culture in low carbon supply chain capabilities. Transition from Linear to Circular Economy Authors: Sugam Upadhayay Westcliff University Omaima Alqassimi Westcliff University Abstract and Figures The contemporary model of economical production. Managing for stakeholders: The role of stakeholder-based management in project process. Our Common Future, General Assembly Document A/42/427. The relevant evidence was presented with a case-study on an Italian firm well known for best practice. The circular economy and net-zero | McKinsey Visit our dedicated information section to learn more about MDPI. Please note that many of the page functionalities won't work as expected without javascript enabled. In particular, the investor engagement process is relevant in cases where the ownership is highly fragmented (a significant gap exists between the shareholders and the management). Useful information for stakeholder engagement: A multivariate proposal of an industrial corporate social responsibility practices index. Territorial meeting with the regional Consumers Associations of the Italian National Council of Consumers and Users. In this context, there is an imperative need to move on from the traditional linear economic model (take-make-dispose) and adopt sustainable alternatives such as the waste hierarchy and circular economy approaches. Not sure where to find something? Transitioning Toward a Circular Economy: The Impact of Stakeholder Tolkamp, J.; Huijben, J.C.C.M. 17 innovations accelerating the transition to a circular economy. 16:00 - 17:30. Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in. Hopkinson, P.; Zils, M.; Hawkins, P.; Roper, S. Managing a complex global circular economy business model: Opportunities and challenges. Find support for a specific problem in the support section of our website. Enis disclosure about stakeholder engagement covers all the relevant issues, such as: the engaged stakeholders, the interactions established, and the selected approach in order to promote dialogue and decision-sharing. energy efficiency-driven practices to reduce environmental footprints and emissions; development of new skills and awareness to enable the transition toward a circular economy; establishment of effective communication among stakeholders; and. Dessein, J.; Battaglini, E.; Horlings, L. United Nations, World Commission on Environment and Development (WCED). In general, the circular economy principles underline the manner in which ecosystem integrity and community wellbeing can become widely compatible with the optimization of economic performance in the long term. During the 20th century, the world's use of raw materials grew at twice the rate of population growth. Manetti, G. The quality of stakeholder engagement in sustainability reporting: Empirical evidence and critical points. Circular economy action plan - Environment Similarly, the rearrangement of production processes, supply chains, and distribution channels without a deep rethinking of the traditional cultural linear economy model is likely to be either useless or even lead to losses due to inefficiencies, potential reputational damage, and less cautious investment choices. Strategic context and organizational climate. See further details. Indeed, none of these studies has analyzed the relationships between the circular economy, stakeholder engagement, and sustainability culture. Applying the filters below will filter all articles, data, insights and projects by the topic area you select. Salvioni, D.M. The circular economy: from enthusiasm to realism - The World Economic Forum Orientation of consumption behaviors toward responsible consumption and sustainability principles; Preferential use of sustainable and renewable resources; Adoption of measures lengthening product and service lifecycles; Introduction of laws (fiscal and non-fiscal) encouraging the conservation of the natural environment; Formulation of a specific set of laws aimed at promoting the circularity of products and services (e.g., disposal of spent batteries, packaging, and textiles products); Development of specific technical capabilities (green or environment-friendly skills) and specialized profiles to help establish and implement a circular economy (e.g., circular economy manager and waste manager) in order to adapt the organizational structure to the new strategic needs; and. Thomson, I.H. 1. Towards a circular economy: Key drivers - OECD iLibrary However, some aspects still need to be addressed, such as the reduction of downstream emissions caused by the burning of products. Eni. . The circular economy transition increasingly points to the need for a change in corporate culture, namely toward sustainability. The circularity transition: leaving no one behind - UNEP Why nursing workforce shortages are hindering progress towards the Sustainable Development Goals, Cities and local governments are key players for more than just SDG 11, Seventeen festive ways your business can support the SDGs. Rossignoli, F.; Lionzo, A. This inefficient model is pushing our planet to the brink, driving the climate crisis, and depleting the resources we need to support more equitable and thriving communities in the future. Thus, Eni successfully attempted the transformation of waste to energy by leveraging on proprietary technologies after realizing the potential for its chemicals business, namely using introducing new processes and products involved with transforming waste plastics into secondary raw material. ), engaging responsible suppliers, supporting the creation of experience and skills relevant to the circular economy field through the introduction of specific measures (joint research, economic incentives, cost sharing, etc. Available online: Eni. most exciting work published in the various research areas of the journal. In a world where people in the richest countries consume 10 times as much as the poorest, there is a need for many of us to consume less and many others to consume more. The differentiated nature of these sources is a key strength of this methodology, because it enables the integration and comparison of the collected data and information. ; Slocum, J.W. interesting to readers, or important in the respective research area. Moreno, M.; De los Rios, C.; Rowe, Z.; Charnley, F. A conceptual framework for circular design. In fact, circular economy culture can be perceived as a precautionary approach, given its emphasis on limiting resource use. This was demonstrated using a case-study methodology focused on a single company, identifying Italian best practice in transitioning toward the circular economy model. Sponsorship of Consumers Associations initiatives on sustainability and circular economy. Moreover, the topic can be analyzed with reference to more specific research areas, such as the role of corporate governance bodies in establishing circular business models and diffusing a coherent internal culture, the integration of circular models and internal control systems for effective engagement of an organizations members, the types of relationships established between companies and governance bodies in connection with circular economy issues, the role of the government in promoting sustainable behaviors, the relationship between the sustainability culture and competitive advantages, and the contribution of circular business models to reducing corporate reputational risk. Intangible assets and internal controls in global companies. In this research, a single case-study was used, rather than a multiple case study, because the single choice is better for a deep understanding of the research phenomenon [, In a case-study, the attention is generally focused on the analysis of a specific phenomenon rather than generalizing its results to a wider population. Greenwood, M. Stakeholder engagement: Beyond the myth of corporate responsibility. Manila, Philippines, 17 October 2022 - Representatives from both the public and private sectors convened last 17 October in a national forum to amplify the call for the Philippines to transition to circular economy, amid the country's efforts to recover from the compounded impacts of the pandemic and the recurring climate-related disasters. In order to verify this aspect, a content analysis was carried out with reference to Enis sustainability reports, interviews with the Head of Circular Economy, and other documents available on the web about Enis carbon neutrality strategy. ; The prevailing economic model is linear, in that resources are extracted, transformed into products, used, and finally discarded. Available online. Transitioning to a Circular Economy - UN Global Compact Gregson, N.; Crang, M.; Fuller, S.; Holmer, H. Interrogating the circular economy: The moral economy of resource recovery in the EU. This 6-part series took a deeper dive into the specific challenges and opportunities related to the transition to a circular economy for key issue areas including: the built environment; critical metals and minerals; electronics; packaging; food & agriculture; and fashion & textiles. Communication to the European Parliament, the Council, the European Economic and Social Committee of the Regions. Intangibles, global networks & corporate social responsibility. Supplier engagement should promote the sharing and alignment of values between suppliers and customers in order to ensure that procurement takes place according to the principles of circularity and sustainability (e.g., preferring renewable and low-impact socio-environmental resources). Managing stakeholder relations when developing sustainable business models: The case of Brazilian energy sector. How to finance the transition to a circular economy Search all of the site's content. 2020. Better stories, not better constructs, to generate better theory: A rejoinder to Eisenhardt. Stronger partnerships on circular economy with multilateral development banks and civil society organisations.

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