Our Circular Economy Model
VIDEO: How do we work toward adopting a circular economy model?
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January 27, 2025
How can we integrate circular economy models to help maximize resource utilization and improve operational efficiency?
Traditional linear economies lead to wasteful resources.
But, adopting circular economy business models is an effective way to the sustainable future we strive for.
We are taking practical and cultural steps toward the future.
What is circular economy?
In its essence, circular economy encourages us to reconsider traditional business approaches, pushing us away from the linear "take, make, and dispose" model, and toward systems which maximize the value of resources.
Many circularity principles have long been an integral part of our operations.
In 2020, we embarked on an ambitious journey to re-examine business processes from top to bottom, and embed circular practices to help us close the loop to the fullest extent.
We developed seven key principles for circularity, which are now being embedded in several areas across our operations.
Our Seven Principles of Circularity are
- Design for circular economy
- Build a circular supply chain
- Foster sustainable practices across company activities
- Preserve and extend materials and asset life cycles
- Utilize regenerative and renewable resources
- Turn waste into resources
- Adopt innovative digitization and technologies
Circularity: Yesterday, today, and tomorrow.
Today, we continue to roll out the circular economy program across the Company value chain, from design and engineering, followed by procurement & supply chain, construction, operation, services, to digitalization and information technology, with the aim of reaching the sustainable future we strive for.
