Online tool helps companies understand and advance their circularity journey
PHOENIX, Oct. 2, 2024 /PRNewswire/ -- Circularity, the concept of maintaining the value and use of materials as long as possible to minimize waste and resource consumption, is critical for businesses to reduce their environmental impact and achieve sustainability goals. Republic Services, Inc. (NYSE: RSG), a leader in the environmental services industry, today launched the Circularity Index, a no-cost online tool to help businesses understand and optimize their circularity journey to positively impact the environment and their bottom lines.
According to the U.S. Environmental Protection Agency, more than 300 million tons of waste is generated each year in the U.S., and over 60% of it is either landfilled or incinerated. Companies can mitigate increasing environmental and consumer concerns by shifting from a linear "take-make-dispose" model to a circular approach, optimizing resource use and diversion opportunities to minimize waste generation and advance sustainability.
"Companies have set ambitious sustainability goals, but many need additional knowledge or tools to effectively achieve them," said Amanda Hodges, chief commercial officer at Republic Services. "We developed the Circularity Index to help companies assess their circularity initiatives and provide a roadmap to help them achieve their goals."
Republic Services, in partnership with The Harris Poll, asked 1,200 sustainability leaders at companies across 10 U.S. industries to rate their organization on 21 aspects of circularity. The research showed that 87% of companies plan to invest more in circular initiatives over the next two years, but most lack the needed expertise, tools and prioritization. Republic Services developed the Circularity Index to benchmark companies by industry on their circularity journey and help them accelerate their efforts.
The Circularity Index places companies on a five-point maturity curve, from Novice to Expert, to help them understand the maturity of their circular initiatives relative to peers across three categories:
- Commitment: to what extent are leadership, resources, goals and budget aligned with circularity-related initiatives
- Execution: how well an organization plans, implements and measures progress to achieve its circularity goals
- Recovery: the degree to which circularity programs are achieving waste minimization and diversion, and increasing material reuse and recycling
The research shows that many companies are still in the early phases of their circularity approach and initiatives: 45% of all companies fall into the lower Novice and Emerging categories. On the high end, only 12% of companies have achieved Expert status. Industries that are more advanced in their circularity efforts include consumer packaged goods, manufacturing and energy/utilities/environmental services, while government has the most opportunity to drive circular initiatives.
Other findings include:
- 65% agree that everyone wants to advance sustainability, but few know how:
- 75% lack the necessary tools.
- 83% want senior leadership to grant more room to prioritize initiatives.
"Most companies acknowledge the need to take action to improve circularity, but many do not know where to start or how to advance their initiatives in a way that provides both environmental and economic benefit," added Hodges. "We are committed to helping companies further their circularity journey."
Companies can use the Circularity Index to assess and benchmark current initiatives versus industry peers and follow the tool's guidance and roadmap to set goals and enhance the circularity of their operations.
The Circularity Index builds on Republic Services' expertise in waste diversion and circular solutions. For more information about the Circularity Index and to take a brief circularity assessment, visit RepublicServices.com/Circularity.
Circularity Index Webinar
A webinar will be held at 1 p.m. Eastern Time on Wednesday, Oct. 16 to provide an overview of the Circularity Index and industry-specific results, and answer questions about the tool. Webinar Registration Link: info.republicservices.com/circulatorywebinar2024.
About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.
Republic Services Media Relations
Media@RepublicServices.com
(480) 757-9770
View original content to download multimedia:https://www.prnewswire.com/news-releases/republic-services-launches-circularity-index-to-help-businesses-improve-sustainable-practices-302264847.html
SOURCE Republic Services, Inc.
