Circular Economy Trends of 2020

The world is changing. It is changing so rapidly that if we do not take the chance to make the right decisions, the consequences will be dire

“The world is changing. It is changing so rapidly that if we do not take the chance to make the right decisions, the consequences will be dire.”

The past year has been a challenging year for all and despite that, the world could barely standstill. With a pandemic on our head, we already had our hands full with climate change and yet, businesses found a way to operate. During lockdown around the world, organizations discovered an unusual yet functional way of operating remotely with zero impact on their strategies to deploy a circular economy model.

Currently, we are facing climate change that is a direct threat to humanity. International cooperation committees have joined their hands in funding and devising solutions that can power climate action plans to promote a more sustainable life for the generations to come. There have been many solutions, many executed, and many still under process. Everyone’s efforts are going to create an impact to combat climate change and to make that conceivable and efficient, a circular economy model needs to be adopted by industry leaders to promote greener solutions.

Current Position

Many industry giants are onboard building green solutions and encouraging the practice in their respective sectors by supporting government policies. When the legislators are facilitating the businesses to opt for green solutions, the chances are that the business would follow through with anything that saves their costs without degrading their brand.

Another important observation is that people are individually willing to achieve zero waste with composting habits and buying recyclable or recycled goods. Given that individual interest has increased, the businesses are more than likely to align their goals and operations keeping the circular economy model in the center of it all. According to the Science-Based Initiative, over 1,000 companies have committed to set emissions reduction targets based on science, and more than 340 have committed to set net-zero targets across their operations and value chains. The net-zero targets align with limiting warming to 1.5 degrees C (2.7 degrees F).

The awareness amongst the stakeholders of all the industries has risen ever since the governments have aligned their goals for climate action. In 2020, a pandemic triggered a rapid global response which indicates that fighting climate change is only within the hands of companies like YFC and others that are operating with a purpose to reduce global emissions and stop the impact of climate change.

Let’s delve further into these significant trends in the Circular Economy sphere that were observed in 2020 in different industries!

Get detail info: Circular economy in Dubai