In 2007, sustainability wasn’t a household term or a must-have business strategy. Still, Greif saw a need and was committed to a philosophy to become a leader in sustainable innovations that boost the circular economy. The company rolled out an industry-leading sustainability report and has done so just about every year since.
Climate change has driven the conversation, and many of our customers have taken up the task of sustainability, circularity, and decarbonization.
Circularity is a crucial development in the process of sustainable innovation. Greif recently rolled out 2030 sustainability targets, and circularity plays a significant role in attaining the ambitious targets Greif’s leadership sets.
What is circularity?
Circularity refers to a systematic operating model that minimizes waste and promotes the continual use of resources. The circular economy, which aims to keep resources in use for as long as possible, is the driving force behind the concept. This means using what you have rather than extracting and using new resources for every product or service.
In a circular system, waste minimization and resource conservation are critical aspects in designing products and services that can be easily repaired, reused, remanufactured, or recycled. The result is a reduction in the environmental impacts of resource extraction, processing, and disposal. Moreover, the system can create economic benefits by increasing resource efficiency and reducing the need for raw materials.
Examples of circular systems include closed-loop supply chains, where materials are recovered and reused within the same supply chain, and sharing economy platforms, where products and services are shared rather than owned.