A Circular Economy can offer new ways to grow and diversify your business. More specifically:
- Develop new markets and gain new customers
- Build loyalty with your customer base
- Satisfy changing customer needs and expectations
- Increase the security and price stability of your supply chain
- Attract, retain, and engage your employees
- Build your brand and reputation as an innovative organisation
- Save your business, customers, and suppliers money
- Capture more value from your materials and resources
- Exceed government regulations and stay ahead of new requirements
As well as being beneficial to business, a Circular Economy brings a variety of benefits to the Scottish economy:
- Scotland wastes 1.4 million tonnes of food every year. By reducing food wastage in the home, that’s a saving of £1.1 billion.
- By using by-products from our food and drink sectors to create higher-value products, including bio-fuels or advanced proteins, we could generate an additional £500-800 million a year for Scotland.
- Remanufacturing is already contributing £1.1 billion per year to Scotland’s economy and has the potential to grow by a further £620 million by 2020, adding 5,700 new jobs.
- By 2050, a more circular economy could reduce carbon emissions by 11 million tonnes a year. (Source : Making Things Last – A Circular Economy Strategy for Scotland by the Scottish Government 2016 )