Circular IQ is partnering with WBCSD to scale up the circular economy uptake by business
We are very excited that the World Business Council for Sustainable Development (WBCSD) has decided to partner with Circular IQ to co-develop an online tool in support of the Circular Transition Indicators (CTI)-framework developed by WBCSD over the past year. This framework, which has been pilot tested by 15 leading companies, aims to help businesses calculate, measure and monitor their progress in the circular economy to scale up impact and improve strategic decision making.
The partnership comes at a time in which businesses are taking further action to move to the circular economy to deliver the solutions needed to build a sustainable world. Today the global economy is only 9% circular. This means that the pressure to accelerate the transition to a circular economy is growing. Successful circular initiatives will reduce dependence on dwindling natural resources and will create value for companies and their stakeholders.
Circular IQ helps businesses to act and measure results. The experience we have in collecting and digitizing existing data and using this data to improve decision-making has been a crucial element for this partnership to materialize. The partnership is to create a unique tool and support companies to identify their circular economy potential.
Brendan Edgerton, WBCSD’s Director for Circular Economy, sees Circular IQ as an emerging innovator in the field of circular economy data-collection and reporting. “The partnership will deliver a unique tool that will help many business measure and track progress on their circularity.”
Jeff Turner, VP Sustainability at DSM and the chair of the CTI development project in the WBCSD working group, explained that for DSM it is important that they can measure their circularity through a commonly agreed framework by the business community.
The tool would not only help companies individually in collecting data and performing the calculations, it would also ensure consistent outcomes for any company that chooses to use it and therefore increases the robustness of the CTI framework. – Jeff Turner (VP Sustainability at DSM)
Moving forward, consistent measurement metrics to assess circularity will be fundamental. Circular IQ, and WBCSD are strongly aligned on the belief that society faces major and global challenges regarding waste, pollution, resource depletion and global warming. Action and smart tooling are needed to effectively tackle these problems. The CTI-framework will help companies identify opportunities to improve their circularity and effectively address these challenges.
The online tool will officially be launched at the World Economic Forum in Davos, Switzerland in January 2020. We will keep you updated along the way.