Recently the baton of Millennium Development Goals (MDGs) will be passed on to Sustainable Development Goals (SDGs) at the UN’s Sustainable Development Summit. The work plans for the last 15 years (MDGs) has been successful to an extent with issues like eradication of poverty into half and other related things but in general the developments has been patchy to say the least. Now, with the arrival of the SDGs which are a set of 17 even more dynamic goals and with a work plan up to 2030 is certain to make a more lasting impact on not only the business world or the environment but also to the lives of the human being in general.
Circular economy: – The focus is to prevent the waste of raw materials primarily and to break the previous myth of take-make-waste patterns of production. If this style of business can be feasibly implemented this can bring across a radical transformation in the world of business. Circular business focuses on production, keeping in mind the re-cycling of the produced material. Like the product will be such which can be recycled immediately when not in use. This far we even used to waste a bit of raw materials while production but circular business even keeps an eye of production of by-products simultaneously to prevent the waste.
Impact: – The goal number- 12 of the Sustainable Development Goals which is ‘Ensure Sustainable Consumption and Production Patterns’ is supposed to have an everlasting impact on the society if successfully implemented. Primarily it would benefit the environment as it would go a long way in minimizing wastes not only while the production but also of a product which has completed its life span. With the minimization of wastes, sustainability increases. Apart from the environmental issues this goal, if turned into reality, is assumed to turn the global economy on its head.
Expectations: – Reports from around the globe projects that if the companies start focussing on the recycling and the minimization of waste as discussed earlier, then an amount of US$1 trillion might be generated for the global economy and around 100,000 jobs would be created by 2025. Apart from this, as per reports Europe alone could generate a net profit of 1.8 trillion Euros which means a hike in profit by nearly 1 trillion Euros by 2030 merely by adopting the circular economy.
Finally, we can conclude the discussion by saying that big houses like Dell, Adidas, Phillips to mention a few have already initiated some sort of activity even without much instigation from outside, it will be very interesting to see the response of the rest of the world regarding circular economy as one thing is for certain that the changes, if implemented properly, will be the most radical one in the history of the business itself. The study of Management says that any change is resisted. The same will certainly happen in case of such radical a change. As such, influential and proactive leadership will be needed from all quarters to ensure a better social, economic and prolonged life for the business, for the earth and for human being in general.