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Closing the Loop: A dive into the Circular Economy Gap Report 2023

Discover the state of our circular economy and a groundbreaking solution! Dive into the Circular Economy Gap Report 2023, unveiling the alarming 7.2% global circularity, and explore how EcoNation’s innovative platform can elevate your company’s circularity rate.

Table of Contents

The Circularity Gap Report: We Live in the Overshoot Era

The global pursuit of a circular economy faces a critical challenge as revealed by the Circularity Gap Report 2023. Currently, the global economy operates at a mere 7.2% circularity, a decline from 9.1% in 2018. This alarming trend signifies a widening Circularity Gap, emphasizing the urgent need for transformative actions to curb rising material extraction and consumption.

Material Extraction vs. Circularity Metrics

Understanding circularity involves measuring the portion of materials cycled back into the global economy after their useful life—known as secondary materials. The Circularity Metric, standing at 7.2%, unveils the stark reality: over 90% of materials are either wasted, lost, or locked away in long-lasting stock like buildings and machinery, exacerbating the global material extraction crisis.

Rising Material Extraction: An Environmental Predicament

Year by year, we exceed the planet’s environmental limits. The take-make-waste paradigm has led to the degradation of ecosystems, threatening biodiversity, and contributing to climate change. The Circularity Gap Report emphasizes that a circular economy could reverse this trend, reducing material extraction by one-third and creating a safer environment for both the planet and its inhabitants.

Closing the Gap: Circular Solutions for a Sustainable Tomorrow

Circular solutions across four key global systems—Agrifood, Mobility & Transport, Manufactured Goods & Consumables, and the Built Environment—hold the key to closing the Circularity Gap. By transforming these systems with circular practices, businesses and nations can simultaneously cut materials use, reduce environmental impacts, and maintain high living standards. EcoNation complements these efforts, creating a synergy between individual actions and systemic change.

EcoNation: A Solution for Improved Circularity

In the quest to bridge the Circularity Gap, innovative solutions are crucial. EcoNation is offering a mixed-reality app and gamified waste management tracking system. This platform not only quantifies, verifies, and certifies ESG impact activities for your report but also engages employees through challenges and rewards. By tracking cleanup efforts, EcoNation contributes to increased transparency within the Circular Economy.

This innovative platform gamifies waste management, engaging citizens while fostering transparency.

Users actively participate by digitizing waste management events – spotting disposal stations, tracking cleanups, and reporting landfills.

These actions earn users EcoCredits, translating their efforts into valuable goods and prizes via an exclusive marketplace.

EcoNation’s impact is twofold. Firstly, it spurs strategic cleanups, guided by real-time data insights for effective waste management. Secondly, it empowers citizens, cultivating a sense of environmental ownership and responsibility.

Conclusion

The Circularity Gap Report 2023 starkly illustrates the urgency of transitioning towards a circular economy. As we face environmental challenges, EcoNation stands out as a practical tool to increase your company’s circularity rate. By integrating EcoNation into your sustainability initiatives, you not only enhance your 2024 ESG Report but also foster a culture of engagement and responsibility among your teams.

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