7121IBA Leadership for Sustainable Business Assignment

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The amount of resources currently exploited is four times more than it was half a century ago, according to the 2019 report of the United Nations Environment Programme (UNEP).   The bad news is that the amount of natural resources used is still increasing rapidly. The Global Footprint Network estimates that humans are currently using 60 per cent more resources than what the Earth can renew.

EIT Climate-KIC, EIT RawMaterials, EIT Digital, EIT Food, EIT Manufacturing and EIT Urban Mobility have created a Cross-Knowledge and Innovation Community (KIC) action aiming to strengthen the collaboration of their activities related to the circular economy.  A coordinated and efficient collaboration between the different KICs will help the EU achieve its Circular Economy Action Plan.   The initiative aims to establish discussions among the KICs to find ways to develop a joint offer around circular economy and improve coordination with the Commission on this issue. It will also strengthen collaboration with other relevant stakeholders, support the European Institute of Technology in discussions with the Directorate-General for the Environment of the European Commission and facilitate the access to markets for innovative solutions developed in participating KICs. 

We hear the term “circular economy” more and more these days. Can you explain what that means for those who might not be familiar? Why is it important?
In a traditional economy, we take, make, and dispose in a straight line. But the circular economy is all about how we can change that process into something more continuous, finding ways to be more intentional and keep resources within the cycle. It’s all about reducing waste, whether through packaging design or using more eco-friendly materials in general. Another huge element is asset recovery, finding ways to repair, refurbish, or reuse old products for our spare parts inventory. The circular economy is not only good for the environment, but it is good for the bottom line. There can be a lot of cost savings, because we don’t have to extract new natural resources each time. Instead we leverage existing resources in new and innovative ways.