The Business Standards Company, BSI has launched an official standard for the Circular Economy (BS 8001: 2017).

Called a “Framework for implementing the principles of the circular economy in organizations,” the standard warns that “over the next 30 to 40 years unprecedented volatility and uncertainty seems likely. The global population is estimated to increase to around 8 billion by 2030, probably to over 9 billion by 2050, with increases in average wealth further raising the demand for products and services.”

As a result, competition for land, water and energy could intensify while the effects of climate change are likely to become increasingly apparent, making the circular economy all the more important.

The ‘circular economy’ is a concept which challenges organisations to re-think how their resources are managed to create financial, environmental and social benefits. BS 8001 has been developed to meet these mutually beneficial goals, by providing guiding principles for organizations and individuals to consider and implement more sustainable practices. It is the first standard of its kind, both in the UK and globally.

One of the key aims of the circular economy is to keep products, components and materials at their highest utility and value at all times, in keeping with the mantra of the circular economy as being restorative and regenerative by design. BS 8001 outlines what the circular economy is and how an organization can transition from a linear to a circular, and more sustainable, day-to-day operation.

The move to a ‘circular economy’ is a significant opportunity for businesses and organizations; by contributing to a resource efficient and low-carbon economy, costs and supply chain risks are reduced. Further benefits for businesses which choose to implement BS 8001 include improved resilience, new revenue streams, and enhanced corporate sustainability credentials.

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