30 Leading Companies with a Combined Revenue of USD $1.3 Trillion Join Forces to Implement the Circular Economy
DAVOS, Switzerland, January 23, 2018 /3BL Media/ -- Today at the World Economic Forum (WEF) in Davos, over 30 leading companies across 16 sectors joined forces to implement the circular economy through WBCSD’s newest initiative, Factor10. Collectively responsible for USD $1.3 trillion in annual revenues, the companies in Factor10 represent a powerful business effort scale up momentum for circular economy solutions.
Factor10 and the circular economy aim to reinvent the way that business produces, uses and disposes of the materials that make up global trade by moving away from the traditional “take-make-dispose” economic model to one that is regenerative by design.
The ultimate goal is to move to a system where waste is eliminated. According to Accenture, the circular economy represents a USD $4.5 trillion opportunity and will be critical for achieving the SDGs.
By collaborating on solutions that go beyond business as usual, Factor10 will work to capture these economic and sustainability benefits by implementing scalable solutions - where resources are used wisely, processes create the greatest possible value and nothing is wasted.
Peter Bakker, President and CEO at WBCSD said, “Factor10 represents the critical mass of private sector support needed to implement the circular economy at a global scale. We look forward to seeing the companies involved shape the transition to a sustainable future.”
Factor10 is unique because it goes beyond a company’s sustainability department and penetrates all operating functions, across sectors into full value-chains and beyond high-level principles into actionable business practice.
Companies are getting started right away. This year, the initiative will focus on three priority areas: developing transformative cross-value chain solutions that unlock circular opportunities for business; generating circular economy knowledge to help business understand the landscape, best practices and leading examples; and amplifying the business voice globally.
"We're moving beyond a niche approach,” said Andrea Brown, Director of Circular Economy at WBCSD. “Through Factor10, we can move circular economy beyond the group of early adopters, into the early majority of global supply chains - opening new ways for companies to collaborate on scalable business models to gain competitive advantage."
It’s clear that the companies in Factor10 recognize the opportunity and have the foresight and leadership skills to pursue it.
Andreas Fibig, Chairman and CEO of International Flavors & Fragrances Inc. and Chair of Program Board for Circular Economy and Energy at WBCSD also said, “I am thrilled to be collaborating with forward-thinking companies who are making a positive difference in the world. By leveraging our passion and combined expertise through the Factor 10 Initiative, we have even greater opportunities to transform our companies, our industries, and our communities."
In addition, Factor10 founding member, Noel Morrin, Executive Vice President, Sustainability, Stora Enso also said, “Stora Enso is a leading provider of renewable materials. Our products provide solutions that support economic growth from the use of renewable natural resources and help reduce fossil carbon emissions. For us Factor10 is an important global initiative to help leading businesses create enabling market and policy conditions to scale-up the use and development of renewable solutions and increase their recycling opportunities.”
To date, companies involved include:
Accenture, Arcadis, ArcelorMittal, BASF, BCG, BMW Group, CRH, Dow, DSM, Enel, ExxonMobil, EY, Honda, IFF, KPMG, Michelin, Navigant, Novartis, Philips, PWC, Rabobank, Renault, SABIC, Saint-Gobain, Solvay, Stora Enso, Veolia, Yara, Yokogawa
The launch of Factor10 builds off the following circular economy publications WBCSD released in 2017: