Nature is made up of different cycles, whether it is the seasons, water, or even human life, and our responsibility as businesses on this earth is to take inspiration from the cyclical nature of the earth and use it in our manufacturing processes. A circular economy allows us to retain the value of material longer, ensure it is kept in circulation and increase the longevity of any product. In a circular economy, the damage to the environment is reduced, due to increased durability, reuse, reparability, remanufacturing and recycling of products and materials. Both products and materials ‘circulate’ in the economy far longer, rather than passing quickly through it, becoming garbage and pollution. What was waste once may now become feedstock and boost the productivity of the organisation. A circular economy fuels sustainability, and besides the environmental benefits, a sustainable approach can help any business to save costs, explore untapped opportunities for business, and even create employment. To ensure that the circular economy becomes a fully inclusive model of development, there is a need to make it accessible and implementable for all. This means actively creating pathways to success for small-to-medium entities and emerging economies. We can move from take, make, dump approach to a design, source, make, rent, repair/refurbish, Return, Recycle approach. The circular economy is a system of great potential for economic, social and environmental progress in inclusive and equitable models of strategy and development. But to start on the path to success, we need brave first movers to understand how circular economy expands the core business model — and take actions at decisive points in the system where their impact will be maximized.
|Tata Motors Ltd.|