Cost Seen as Barrier to Sustainability, Poll Says

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by KnowESG
KnowESG_Cost Seen as Barrier to Sustainability, Poll Says
Image courtesy of Biffa

A new study has found that cost is the biggest barrier to businesses embracing the circular economy.

According to a study by the waste management company Biffa and the polling company YouGov, 60% of UK businesses understand how important it is to keep materials in use for as long as possible, but only 34% are actively participating in the circular economy.

The study also found that 36% of businesses rated cost as the greatest barrier to being more sustainable. This is likely because circular economy practices often require upfront investment, such as installing recycling infrastructure or developing new packaging materials.

However, Biffa's chief operating officer, Maxine Mayhew, argues that sustainable business practices can be a commercial opportunity. She says that businesses can start by setting small goals, such as reducing general waste or working with their supply chain to reduce packaging waste.

"Whatever the investment, it can potentially deliver a return," Mayhew says.

Roger Wright, Biffa's waste strategy and packaging manager, agrees. He says that businesses that are early adopters of sustainable packaging are seeing a clear commercial opportunity in meeting consumer demand for sustainable options.

The study's findings suggest that businesses need to be more aware of the potential benefits of the circular economy. By taking small steps to reduce their environmental impact, businesses can not only save money but also improve their reputation and attract new customers.

Some explanations and highlights of the report:

  • The circular economy is a system that aims to eliminate waste and pollution by keeping materials in use for as long as possible.

  • The circular economy is gaining momentum as businesses and consumers become more aware of the environmental impact of our current linear economy.

  • There are several barriers to businesses embracing the circular economy, including cost, lack of information, and complex supply chains.

  • There are several ways that businesses can overcome these barriers, such as by setting small goals, working with their supply chain, and investing in sustainable technologies.

  • The circular economy has the potential to deliver significant benefits for businesses, including cost savings, improved reputation, and new market opportunities.

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Source: MRW

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