The World Economic Forum has committed to harness the potential of technology innovation and smart policy to fast-track the circular economy through a new global partnership called SCALE 360.
The initiative aims to create new markets for circular goods, services and revenue by supporting entrepreneurs and innovations through nationally-led challenges and partnerships.
The Forum will catalyse the initiative in partnership with members of the Platform for Accelerating the Circular Economy (PACE), which includes corporates such as the Coca-Cola Company, IKEA, Royal Philips, and TriCiclos.
The Forum’s work will facilitate input from its networks of experts, civil society, government and industry leaders, PACE and the Centre for the Fourth Industrial Revolution Network. The first national chapter was launched in November 2019 in collaboration with the Government of the United Arab Emirates.
Currently only 9% of extracted materials are reused and 62% of global greenhouse gasses are emitted during extraction, processing and production of goods. There is a significant strain on the planet’s resources, which needs to be reduced.
Global use of materials has, however, more than tripled in the past 50 years and is set to double again by 2050, unless new approaches are adopted.
In the current context of spiralling prices and unmatched volatility it is increasingly important that value is created by adopting circular economy business models.
“This partnership aims to trigger a worldwide movement for radical change by identifying new technologies and business solutions that break our dependency on natural resource extraction while marrying targets for protecting the environment with ones for boosting economies,”
Through collaborations with government, business, civil society and entrepreneurs worldwide, SCALE 360 will advance circular economy solutions in economies – from new material solutions, business models, or approaches that reduce waste in economies.
The idea is to reduce the environmental impacts of fashion, food, plastics, electronics and other material value chains. The first challenge starts in the United Arab Emirates and will see a collaboration between the World Economic Forum and the Ministries of Artificial Intelligence and Environment and Climate Change. The vision is to create a global network of national challenge partners to support and connect bottom-up innovations from around the world.
A circular economy is a regenerative approach to production and consumption, in which products and materials are redesigned, recovered and reused to reduce environmental impacts. Research shows that the transition to a circular economy could generate $4.5 trillion in additional economic output by 2030.
This initiative is part of our Platform for Shaping the Future of Global Public Goods
We are inviting businesses to be part of this multistakeholder initiative, bringing their unique value and insights to SCALE360.
Partners will help drive circular innovations emerging around the world, through collaboration with national partners. Being part of SCALE360 means supporting innovators to scale – all the way from policy, capital, and accelerating the connection with global players. SCALE360 also connects innovators to a global network through the Forum’s new, emerging UpLink digital platform.
Through initiatives like SCALE360, businesses can join the Forum to make tangible impact on circular economy solutions globally, improving the state of the world.