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Business sustainability and the circular economy

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Business sustainability and the circular economy

Inspire is delighted to have teamed up with Expat Life magazine to bring you more great content to do with Thailand

Business sustainability and the circular economy model go hand-in-hand to create a responsible way of doing business. In order to become truly sustainable corporations and governments must move away from the linear economy model and adopt the circular economy model so they can deal fairly and ethically with both our planet and the business community. In doing so, they will support the natural environment and reduce the impacts of the climate crisis and also support communities, invest in employees and generate long-term value. This approach also ties in well with the Triple Bottom Line concept which combines people, planet and profit as a way of operating a sustainable and responsible business.

Finland is at the forefront in adopting and promoting the circular economy model. In fact, Finland was the first country in the world to prepare a national road map to a circular economy in 2016 under the leadership of SITRA, the Finnish Innovation Fund, which is an independent public foundation which operates directly under the supervision of the Finnish Parliament. Finland has put in place an ambitions 2016–2025 circular economy strategy and Sitra is leading the way.

SITRA is the driving force behind the Finnish road map to a circular economy 2016–2025, describing concrete actions that can accelerate the transfer to a competitive circular economy. The road map highlights best practices and pilots that can be easily replicated and provide added value on a national scale. Starting from the food system, transport and logistics, forest-based and technical loops, the road map recognises the importance of a coordinated action if Finland is to achieve a systemic change. The difference between a linear economy model and the circular economy model is that we have to reduce, reuse and recycle instead of consuming a lot of natural resources to make more products and dispose of them at the end of their use, which is what we are doing today. This leads to a scarcity of resources and causes serious environmental problems which leads to the warming of our planet and the current climate crisis. The circular economy model is a closed-loop supply chain which makes sure materials come back into the value chain.

Companies, governments and organisations that adopt the circular model and strategy and take the leap towards true sustainability based on the UN SDG´s, will lead the shift to a responsible and sustainable world. By using a responsible approach and framework, private and public sector stakeholders can gain a sustainable and competitive advantage and apply responsible business practices with proper use of financial tools, communication and education.

Read more at https://expatlifeinthailand.com/health-and-beauty/business-sustainability-and-the-circular-economy/

Source: Expat Life Thailand

Inspire is delighted to have teamed up with Expat Life magazine to bring you more great content to do with Thailand

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