Many governments have worked to create a circular economy across important industries by encouraging waste reduction and ethical use of natural resources as they set targets to meet their sustainability goals. The circular economy, according to the World Economic Forum, offers an option that might yield up to USD $4.5 trillion in economic benefits by 2030.
The circular economy, in general, aims to maximize the value of resources in order to keep them in use for as long as possible while reducing waste along the value chain. Product improvements to reduce the quantity of production resources or encourage consumers to fix rather than replace a broken product are two examples of these methods.
Recently, the TIC Council has assembled a panel of global experts, including Mr. Rakesh Vazirani, TÜV Rheinland's Global Head of Sustainability Services (Products), for a discussion on how standards plays a key role to avoid greenwashing during the implementation of a circular economy action plan. More often than not, some organizations have knowingly or unknowingly provided inaccurate information or created a false front about how their products and services are truly beneficial to our environment - in their zealous pursuit of sustainability KPIs.