The Ellen MacArthur Foundation has launched a new tool to help businesses transition towards a circular economy.
The measurement tool, called Circulytics, allows assessment of a wide range of indicators available across a company’s entire operations. The assessment results conclude two separate grades, from A+ to E, for both inputs and outputs, which will show an overall score from the weighted indicators.
The Ellen MacArthur Foundation is an independent charity whose aim is to help accelerate the transition to a circular economy. As such, the measurement tool is completely free to use so the Foundation can use data submitted to identify areas that could be improved through enablers and outcomes.
Jimmy Dorrell, Head of Sustainable Business at Clarity Environmental, said:
“Moving towards a Circular Economy is now essential for businesses. One of the best ways to ensure these factors are being considered is to set out a sustainable business model or plan with quantitative goals. Tools such as those provided by The Ellen Macarthur Foundation can be a step in the right direction if you are feeling overwhelmed about where to start.”
Currently the service is only suitable for businesses, however the Foundation hopes to bridge the measurement gap to apply to governments and cities. Version 2 is expected to launch in October later this year, using the information from those that have utilised the tool to update the metrics included.
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It has already been estimated that 215 of the largest companies in the world risk collectively losing up to $1trn to climate impacts, with most of this risk set to hit within the next five years. To talk to a member of our team to see if you are prepared for rising costs and if we can help future proof your business, get in touch on 0845 129 7177 or visit our website for more information.