When it comes to upcycling – giving new life to unwanted or discarded materials – the fashion industry is leading by a longshot.
The industry?takes up a 46% share?of this practice, followed by the food, electronics, plastic packaging and furniture sectors. Brands such as Eileen Fisher have embraced the “circular economy” in highly innovative ways. In this company’s case, shoppers are invited to return all items they would otherwise throw away, so these can be made into new designs or, in the very worst case, sent for recycling. Of course, any business can?embrace upcycling and sustainability?in industry-specific ways. A recent study by Commetric suggests some of the most important ways in which businesses can embrace and strengthen their upcycling efforts.
Working With Other Industries
The beauty and food industries provide a perfect example of how industries can help each other out in their respective upcycling strategies. For instance, beauty brands like Frank Body and UpCycle use materials such as coffee waste, while other brands use products such as unwanted seeds in skincare. As stated by Commetric, the challenge for the beauty industry is to find ways to use more unwanted products for anti-aging lines of products. This way, more waste material can be stopped from making its way to landfills.
Harnessing the Power of Cycling as an ESG Differentiation Strategy
Serious companies normally have a firm ESG strategy (covering environmental, social, and governance factors) in place. Businesses can show they are a step ahead of the competition by finding new ways to incorporate upcycling into their ESG strategy. For instance, a company may make products whose?byproducts can be used for green cleaning. Reuters has estimated that the chemicals contained in many cleaning products pollute the water and air, and contribute to global warming. Natural solutions include simple acids with bicarbonate of soda, mechanical cleaning, and other means. Companies that otherwise dispose of natural acids could?team up with green sanitation companies?as a way to upcycle this useful material.
Focusing on the Planet Instead of Profits
Current sustainability models respect the idea that sustainability is good for a company’s profits but companies need to up their game if they want to truly make a difference. Under the “giving back” philosophy, companies should prioritize sustainability, without using profit as an excuse to maintain the status quo. Companies like clothing brand, Patagonia, are engaging in a host of efforts to put a stop to climate change. This brand utilizes recycled materials (removing 20,000 tons of CO2 emissions annually) and organic cotton (which eliminates the need for synthetic fertilizers), and takes part in regenerative farming?the very highest standard of farming that respects animal welfare, makes the soil healthy,?and improves the lives of farmers.
Research by Commetric shows that companies need to do more to prove their commitment to sustainability and upcycling. Working with other industries, improving their ESG strategy, and “giving back” are just three means to achieve this aim. Companies should additionally aim to go beyond simple compliance so they can forge new paths in the road to a cooler Planet.?
