A new report is calling on the electricals industry to cash in on the multi-billion pound opportunities offered by the circular economy.
In the UK the electricals sector is worth about £30 billion and the new report published today: Switched on to Value: Powering Business Change from WRAP, a not-for-profit’ based in the UK, says the adoption of circular business models would generate even bigger profits. It puts the financial gain – for the UK market – in such a shift at £4.4 billion; while the environmental benefits would include the prevention of a million tonnes of waste and a saving of 14 million tonnes in CO2 emissions.
WRAP is already making a significant impact through its electrical and electronic sustainability action plan (esap). The scheme inspired Amazon to launch its certified refurbished initiative and Argos to offer its Gadget trade in service.
Steve Creed, Director at WRAP, said: “esap provides a unique space for collaboration, innovation and action across the industry. Over the last three years it’s enabled us to work with the electricals sector to pioneer innovative business practices that promote a more circular economy. In doing so we have helped global brands and retailers create new value, generate new income streams, improve profitability and increase re-use of products. Our new report presents a snapshot of the evidence base we’ve built up and clearly demonstrates the case for business change – change that will not only generate significant financial returns but also helps realise environmental and customer goals.”