In a survey
of 300 American executives in 2019, ING found that 62% plan to adopted a circular economy framework in their companies, and 16% have already done so. Nearly twice as many U.S. businesses say that they are embedding sustainability in strategic decision-making in 2019 compared to 2018.
However, most companies are still in the early stages of understanding what "circular economy" actually means. There is a misconception that it's simply about recycling or reducing waste. Many miss the circular economy principle of keeping products, components, and materials in circulation longer, thereby reducing resource extraction, supply chain risk, and climate pollution.
True circular economy is hard to achieve because it's easier for consumers to throw things away than to return them. And in many cases, it is cheaper to make something from raw materials than to reuse or recycle products. Companies have to figure out how to make the economics work.
Nevertheless, many companies are moving in that direction. Here are five companies that are helping to pave the way: