June 6, 2017
BASF among 13 others companies signed the WBCSD CEO Guide to the Circular Economy, which was presented at the World Circular Economy Forum in Helsinki in June. The objective is to support companies in getting into a joint circular mindset by showcasing various business models and technologies contributing to a circular economy.
The circular economy moves away from the traditional “take-make-dispose” economic model to one that is regenerative by design. It is a new way to look at the relationships between markets, customers and natural resources. The goal is to retain as much value as possible from resources, products, parts and materials to create a system that allows for long life, optimal reuse, refurbishment, remanufacturing and recycling.
According to the WBCSD Guide, unleashing a circular economy is a $4.5 trillion opportunity. It presents huge potential for global economic growth, will also accelerate society towards a sustainable future and will help fulfill the Paris Agreement and the UN Sustainable Development Goals.
BASF contributes to the Circular Economy for example with its biomass balance method, in which fossil resources in the current production Verbund are replaced by renewable resources such as bio-naphtha or biogas derived from organic waste or vegetable oils. In this process, renewable raw materials are used as feedstock at the beginning of production in the Verbund, and allocated to the respective sales products using a novel certification method. The formulation and quality of the products remain the same.
Read the WBCSD CEO Guide to the Circular Economy to get more information about Circular Economy and the examples of the companies.