The Ellen Macarthur Foundation defines it as ‘a systemic approach to economic development designed to benefit businesses, society, and the environment. In contrast to the ‘take-make-waste’ linear model, a circular economy is regenerative by design and aims to gradually decouple growth from the consumption of finite resources’.
EOS has been engaging with LyondellBasell on climate change and the circular economy. Following this engagement, LyondellBasell prioritised actions in its 2020 sustainability report to eliminate plastic waste from the environment including waterways and oceans and to advance a circular economy. The company has a goal to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030. To deliver on this ambition, it recently announced a new organisational structure including a Circular and Low-Carbon Solutions business segment and is strategically investing along the value chain. Whilst a quantifiable water goal was not set by the company, water management efforts are well covered in the sustainability report. Overall, this progress is positive to see, engagement continues.