The World Business Council for Sustainable Development (WBCSD) is stepping up its efforts to support the circular economy.
At last week’s World Economic Forum Annual Meeting in Davos, the WBCSD launched the Factor 10 initiative. Supported by 30 companies, with combined revenues of $1.3 trillion, it will strive to transform how ‘business produces, uses and disposes of the materials that make up global trade by moving away from the traditional take-make-dispose economic model to one that is regenerative by design’.
The BMW Group, Rabobank, Stora Enso, Veolia and Michelin are some of the corporates that have signed up.
“Factor10 represents the critical mass of private sector support needed to implement the circular economy at a global scale. We look forward to seeing the companies involved shape the transition to a sustainable future,” said Peter Bakker, President and CEO at WBCSD, in a news statement.
It is the latest WBCSD-led project designed to mainstream the circular economy. Last summer it launched a ‘practitioner guide to the circular economy‘ – as well as a CEO guide – to encourage the adoption of practices that can unlock the USD$ 4.5 trillion opportunity the circular economy represents.