Deloitte and Circle Economy Consulting are collaborating to accelerate the impact of the global circular economy
Key Highlights:
- The 2024 Global Circularity Gap Report, a collaboration between Deloitte and the Circle Economy Foundation, finds that while discussion and debate around circularity has almost tripled in the last five years, this has not translated into a decline in use of new material.
- In the last six years, the world's population has consumed more than 500 billion tons of materials – almost as many materials as in the entire 20th century.
- Deloitte is investing in new initiatives to accelerate the adoption of circular practices in companies that reduce waste and keep materials in circulation, announcing an exclusive partnership with the newly formed Circle Economy Consulting, an impact consulting firm that is a spin-off of Circle Economy Foundation is.
- The circular economy aims to help reduce emissions by 40%, create almost 2 million jobs and become a circular economy $2-3 billion market in the coming years.
NEW YORK, January 24, 2024 /PRNewswire/ — Deloitte and the Circle Economy Foundation today released the 2024 Circularity Gap Report, finding that the vast majority of extracted materials entering the economy are virgin, with the share of secondary materials increasing since the start of the Circularity Gap Reports have steadily declined in 2018 The report identifies three main areas where reforms can help accelerate progress towards a circular economy: policy, finance and employment.
The decline in circularity continues, although the concept of a circular economy – which aims to reduce the consumption of virgin materials and keep materials in circulation – is becoming increasingly popular and the number of discussions, debates and articles on the topic has increased in the past has almost tripled in 5 years. The report describes how governments and industry leaders can move from obligation to action by introducing policies and frameworks that incentivize circular practices while penalizing harmful practices, and adjust tax policies and practices to help ensure real prices that take into account the social and environmental costs of a product or service. They fund circular solutions so that they can replace linear norms and help ensure that their workforce is skilled and trained to support a just transition. The report also focuses on transformative circular solutions across the food system, the built environment and industrial goods.
“By using the Circularity Gap Report, stakeholders can prioritize their circular roadmap based on data-driven analysis. Policymakers, industry leaders and financial institutions can agree on focus areas and work together on the systemic changes needed to stay within our planetary boundaries,” says Ivonne Bojoh, CEO of the Circle Economy Foundation. “To ensure that the transition to a circular economy is just and fair, circular solutions must be developed with the world’s most vulnerable populations in mind. Then, these solutions will reduce workforce inequalities and increase employment opportunities worldwide.”
Along with the report, Deloitte also announced an exclusive partnership with Circle Economy Consulting, an impact consulting firm that is a spinoff of the Circle Economy Foundation. Collaboration can help organizations realize circular economy opportunities, from strategy development to transformation implementation to measuring and reporting progress.
“Successfully piloting and scaling circularity requires close coordination between business functions and supply chains. Through our collaboration with Circle Economy Consulting and the Circle Economy Foundation, we will share insights from the Circularity Gap Reports directly with companies to create value. Combined with Deloitte’s end-to-service.” Our deep capabilities enable us to develop new solutions to help our clients drive circular transformation at the pace and with the ambition necessary to realize significant and sustainable commercial opportunities and enable resilient supply chains,” he says David RakowskiPartner at Deloitte UK leading Deloitte's global circular economy offering.
Collaboration can help companies tap into an emerging market they are likely to reach $2-3 billion by 2026 and help them reduce material extraction while increasing the resilience of their supply chains. Building on the end-to-end capabilities of Deloitte's sustainability and climate practices around the world, the collaboration can help companies analyze data and navigate regulatory complexity in shaping their strategy, through to organizational transformation that involves people and Digital is the focus, right down to measurement and reporting.
“The implementation and monitoring of the circular economy will become critical success factors for companies to both stay ahead and comply with expected regulations. By joining forces, Deloitte and Circle Economy Consulting will help realize the principles of the circular economy by empowering clients to take responsibility for their circular economy performance,” says Marc de Wit, Managing Director of Circle Economy Consulting. “We look forward to combining Circle Economy Consulting’s circular expertise with Deloitte’s extensive experience, cutting-edge technology, and subject matter, industry and transformation specialists to help companies achieve tangible and scalable results.”
“Prioritizing circular efforts today can help companies maintain a competitive advantage while accelerating progress toward their environmental goals. “We are proud to help companies around the world address their environmental footprint, adapt their value chains and shift to a circular approach,” says Jennifer Steinman, Deloitte Global Sustainability & Climate Practice Leader. “Together with Circle Economy Consulting, we will further advance market discussion and collaboration by bringing Deloitte’s technology and strategy capabilities to develop, pilot and ultimately scale circular solutions globally.”
To read the findings of the Circularity Gap Report 2024, visit: https://www.circularity-gap.world/2024 and to learn more about Deloitte's collaboration with Circle Economy Consulting, visit: https://www2 .deloitte.com/uk/en/pages/about-deloitte-uk/articles/circle-economy-and-deloitte-partnership.html.
About Deloitte
Deloitte provides industry-leading audit and assurance, tax and legal services, as well as advisory, financial advisory and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help strengthen public trust in capital markets, help clients transform and thrive, and pave the way to a stronger economy, a fairer society, and a sustainable world. Building on its more than 175-year history, Deloitte has a presence in more than 150 countries and territories. Learn how Deloitte's Approximately 457,000 people worldwide make a contribution that counts www.deloitte.com.
About the Circle Economy Foundation
The Circle Economy Foundation is a global impact organization with an international team of passionate experts based in Amsterdam. The organization supports industries, cities and nations with practical and scalable solutions to make the circular economy a reality. The foundation's vision is an economic system that ensures that the planet and all people can thrive. To prevent climate collapse, the goal is to double the global circular economy by 2032.
The Circle Economy Foundation is the owner of the Circularity Gap Report (CGRⓇ). Structured insights into circular strategies and their impacts – be it on the economy, the environment or society – are often not available to decision-makers. Instead, decision-making is based on linear data that does not sufficiently take into account the quality of life and well-being of people and the planet. The Circularity Gap Reporting Initiative aims to close these knowledge gaps.
About Circle Economy Consulting
Circle Economy Consulting is a dynamic, impactful consulting firm dedicated to helping forward-thinking leaders and companies identify, evaluate and implement circular solutions. To this end, the company follows a systematic and data-driven approach that delivers the practical steps while engaging, inspiring and engaging stakeholders and employees. The company has more than 10 years of experience and has completed more than 100 business projects in various industries and regions, working with industry leaders such as Philips, Action and others Rock wool. The consulting services are based on the expertise of an international team with more than 35 years of experience in the circular economy and are tailored to the specific needs of private sector clients. Find out more at www.circle-economy.consulting.
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SOURCE Deloitte Global
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