The global economy, as highlighted in the Circle Economy Foundation’s “Circularity Gap Report 2024,” is currently only 7.2 percent circular, indicating untapped economic potential in this transformative shift.
Sustainability to Transforming To A Circular
Economy: Unleashing Economic Potential
Transforming to a circular economy: Unleashing economic potential
The global economy, as highlighted in the Circle Economy Foundation’s “Circularity Gap Report 2024,” is currently only 7.2 percent circular, indicating untapped economic potential in this transformative shift.
The shift from fossil fuels to renewables is essential, and a parallel focus on circularity is equally vital.
The shift from fossil fuels to renewables is essential, and a parallel focus on circularity is equally vital. Managing materials sustainably reduces dependence on fragile supply chains, easing pressure on nature. The global economy, as highlighted in the Circle Economy Foundation’s “Circularity Gap Report 2024,” is currently only 7.2 percent circular, indicating untapped economic potential in this transformative shift.
Atte Jääskeläinen, president of the Finnish Innovation Fund Sitra, believes the next significant investment trend will be in circular solutions. Regulations play a crucial role in directing investments toward circularity for the sustainable development of societies, essential in combating overconsumption of natural resources.
The upcoming IRP report, “Global Resources Outlook 2024,” underscores the necessity of a circular economy. The use of new materials has grown by over 2.3 percent per year, and without urgent action, material resource extraction could rise by nearly 60 percent by 2060, from 100 to 160 billion tonnes.
Ivonne Bojoh, CEO of Circle Economy Foundation, emphasizes the room for wiser, circular solutions, especially in agrifood, mobility, and consumables, post-COP28 decisions. Reformation of finance and labor policies is crucial for lasting changes addressing the root causes of climate change and social inequity.
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