Despite a global momentum for the circular economy, companies across the plastics value chain are experiencing a lack of alignment among leaders, expressing the need to identify a comprehensive framework and levers-set that can accelerate their transition to circularity and facilitate system transformation and solutions scale-up.
To address this gap, many members expressed the opportunity of co-developing transition roadmaps to circularity by product use area. By including stakeholders along the value chain, we aim to address common pre-competitive challenges around circular design, collection, recycling, and align on collective action.
Currently, only 9% of total material extracted is cycled back into the economy, and this paradigm must quickly change to avoid the worse effects of climate change, biodiversity loss and resources exploitation. Each business plays a central role, but a proactive collaboration along the value chain is key to unlock potential and ensure change will happen at the speed and scale required.
The widescale adoption of circular business models presents a USD $4.5 trillion economic opportunity. It presents huge potential for global economic growth and will also accelerate society towards a sustainable future, being a crucial element to reach our 2050 net zero commitments and to enhance nature and people wellbeing.
We are building coalitions of members in different sectors – with a first pilot for the business-to-business (B2B) chemical sector – to define actionable, measurable and user-friendly transition roadmaps along the value chain per product use area, through the setting of global target and locally adaptable solutions.