The luxury sector too is moving slowly towards sustainability: business models like clothing rental and co-ownership are some of the recent luxury trends.
Our lives often follow a linear path. We buy something, throw it away when we’re done with it, and that’s where too many stories end. This pattern leads to a lot of waste. If we want to combat this wastefulness, it’s time to start living life in a circle. Completing the circle means taking the waste and turning it into something new. This circular approach to life is exactly what Circle by Norm is all about.
A recent workshop in Gdansk, Poland, as part of the BONUS RETURN project showcased technological innovations centred around nutrient recovery and reuse in the Baltic Sea region and discussed what’s needed to develop the sector. The phrase “reduce, reuse, recycle and recover” summarizes the idea behind the circular economy. Collaboration between companies or sectors aimed at symbiosis – where waste or waste by-products become a resource for something else – is central to business models that help build a circular economy.
While the real estate industry is no stranger to sustainability drives, an aspiration to join circular economy could represent its biggest challenge yet.
The United Nations Global Compact — in association with SAP, Accenture, and 3M — published the Sustainable Development Goals (SDG) Ambition Guides in September 2020 to mobilise industry around SDG Ambition and scale impact for the 17 SDGs. Collaboration is key to achieving the SDGs and with “Partnerships for the Goals” one of SAP’s key focus areas, its expanded collaboration with Accenture is the latest in a series of initiatives aimed at helping businesses capture value from sustainability.