Herea are some benefits of circular economy in for business.

Every year, over 100 billion tons of resources are used by society but only 8.6% gets recycled which leads to a plight where the world faces a significant problem with resource consumption. If this continues further, it could double again by 2050 which will create a devastating effect on humans, wildlife, and the planet.

Since people are shifting to Circular Economy which will minimize waste and pollution curbing the aforementioned issues, it is also indispensable to ponder on the business opportunity it bestows. We need to keep products and materials in use for longer and regenerate natural systems turning them into businesses.

Also, read| Circular Economy And Its Four Main Concepts

To achieve this, businesses need to develop circular business models and strategies. This includes investing in recycling, repair, and remanufacturing, and encouraging sustainable consumption patterns. It’s also crucial to provide training and support for workers in new industries and ensure equitable distribution of economic benefits. Various companies can gain many benefits by switching from the old way of making and using things (where resources are used once and then thrown away) to a new way to generate revenue through the circular economy that highly benefits the business sphere.

Companies can benefit from a circular economy in three main ways:

1. New revenue streams: businesses can make more money and build stronger relationships with customers by leasing products, offering subscription services, and selling refurbished items.

2. Improved brand reputation: companies can increase customer loyalty, trust, and engagement when companies prioritise sustainability and transparency. This sets them apart from competitors and attracts environmentally conscious consumers.

For eg: people are more into natural products now, so they can market the company and build trust by spreading the sustainability theory shifting from artificial stuff to naturally made or recycled products. This growing consumer demand for sustainable and ethically produced products gives opportunities for businesses to make them stand unique in the market and demand premium prices for their sustainable and environment-friendly products.

Also, read| UNECE, OECD Guidelines For Measuring Circular Economy

3. Reduced risks and regulatory compliance: businesses can better navigate changing regulations, reduce risks, and ensure long-term success by adopting circular economy practices that make a huge impact on business. This includes managing supply chain risks, accessing new markets, and attracting investment

The opportunities of a circular economy are vast in business. It could create 6 million new jobs by 2030 and generate whopping revenue that reduces plastic waste and pollution. It can also increase resource productivity, and efficiency, and stimulate innovation and entrepreneurship.