Adopting a circular economy could create £29 Billion (1.8%) of GDP in the UK
At Veolia, we know business is facing an enormous challenge. Demand for raw materials has seen exponential growth with a fast-expanding global population and rising standards of living. Yet the resources on which we all rely are depleting fast. It’s time for businesses to wake up to the reality of the throw-away economy and put more value on resources.
The circular economy is the industrial revolution for a new generation. A business model that enables the economy to grow, while minimising the amount of virgin resources that are extracted. But the focus is no longer just environmental, it’s all about the bottom line. The circular economy saves resources and saves money. A catalyst for ‘free growth’ that requires no Government or external funding, just a change of mindset.
The World Economic Forum has forecast that the circular economy will contribute $1 trillion per annum globally by 2025. But until now, there has been no specific analysis of the potential gains to be made in the UK.
This Imperial College London report, commissioned on our behalf, outlines the business case for adopting a circular economy. The results demonstrate that using resources in a closed loop system has the potential to contribute £29 billion (1.8%) of GDP and create 175,000 new jobs in the UK. The contribution to GDP, as a result of a transition to a circular economy, was calculated based on the following six strategies: