Sustainability has been a hot topic for a number of years, manufacturers have been working hard to build this into products, materials and supply chains to minimize negative environmental impacts while conserving energy and natural resources.
There is however another step to be taken; circular economics or joining the circular economy. In its most simple form, the circular economy is where manufacturers find ways to use materials and goods for much longer, creating more than one product lifecycle. This may mean a shift in business models to service-based rather than product-based. Instead of selling the processing and packaging equipment to the end-user, it is instead leased and could be returned for refurbishment or replaced and the old unit resold under a new service-based agreement.
So while sustainability has changed the way we use our planet’s resources, the circular economy has the power not only to increase sustainable practices but also create new business models that deliver increased profits. Find out how sustainability and the circular economy can impact your business at AUSPACK 2022.In the meantime see what’s happening in sustainability news below.