Davos World Economic Forum: Veolia commits to the WBCSD Factor10 circular economy initiative
The 48th World Economic Forum (WEF) in Davos, Switzerland, opened this morning on the theme of "Creating a Shared Future in a Fractured World". The program began with the launch of the World Business Council for Sustainable Development (WBCSD) Factor10 initiative in which Veolia is participating alongside more than 30 large companies working in 16 business sectors.
The companies - including Veolia - joining the Factor10 initiative today collectively represent an annual turnover of 1,300 billion dollars. They are committed to reinventing how they produce and use natural resources, moving from the "take-make-dispose" model to a circular economy model. Factor10 companies will implement scalable solutions where resources will be used better and wasted less. Factor10 will focus on developing solutions that will transform value chains, and on producing and disseminating knowledge about the circular economy for businesses around the world.
According to Accenture, the circular economy represents a $4.5 trillion dollar opportunity to add value by 2030 and will be crucial to achieving the UN Sustainable Development Goals (SDG). However, only 9% of the 37 kg of raw materials we use per person every day is recycled.
"Factor10 embodies the private sector's commitment to implementing the global circular economy and shaping the transition towards a sustainable future. The circular economy will create competitive advantages for businesses by increasing resource recycling and reducing CO2 emissions," said Andrea Brown, Director Circular Economy at the WBCSD.
Antoine Frérot, Veolia Chairman and CEO, “The circular economyincreases the productivity of raw materials taken from nature. Through the circular economy, the Group's mission is to produce alternative resources that compensate for the scarcity of natural resources. Waste is transformed into valuable raw materials."
In relation to this initiative, a report published by the WBSCD and the Boston Consulting Group entitled "The new big cycle - how circular economy is already disrupting business models?” advocates three types of circular innovation and offers 10 recommendations for achieving it.
