The 2024 World Circular Economy Forum – where to from here?

April’s World Circular Economy Forum (WCEF) 2024 marked another significant milestone in the global effort towards sustainability and resource efficiency. A platform for global leaders in policy, business, innovation and thought leadership, the WCEF provides an opportunity to share best practice, collaborate and advance the circular economy agenda.

The World Circular Economy Forum 2024 Summary Report released on 29 May presents key themes emerging around global collaboration: harmonised policies and standards, streamlined financing instruments and supporting frontrunner businesses.

During the forum, European Commissioner for International Partnerships Jutta Urpilainen launched two initiatives aimed at advancing the circular economy globally.

The first was a €15 million commitment for the establishment of the EU Circular Economy Resource Centre to facilitate peer-to-peer exchanges and partnerships between EU and third-country stakeholders. This project aims to foster the uptake of sound circular economy policies and business models worldwide.

‘No one can predict the future, but that does not stop us from impacting it. It is possible to make circularity the next megatrend,’ explained the Commissioner. ‘The vision behind the Circular Economy Resource Centre is to share policy and business know-how and best practices with partner countries.’

The Commissioner also launched the SWITCH to Circular Economy in East and Southern Africa program. The European Commission will contribute €40 million over five years to this program, which will promote the transition to circular economies. It will focus on capacity building, policy support and improved access to finance, particularly targeting the packaging and plastic waste, as well as the electronics and e-waste, value chains.

Overconsumption in high-income economies emerged as a key theme at the event. Janez Potočnik, Co-chair International Resource Panel (IRP) explained, ‘We must decouple economic and wellbeing growth from resource use and environmental impacts.’

The IRP Global Resources Outlook 2024 report launched in March this year sets out a guide to a sustainable and just world, based in scientific research.

‘Extraction and processing of materials, everything we extract from the earth, are driving 60% climate impacts if we include also land use change, over 90% of land related biodiversity loss and water stress, and around 40% of health-related pollution impacts,’ explained Potočnik.

‘Global materials’ use has increased by over a factor of 3 in the last 50 years. If current trends continue, it is projected to grow from the current 100 billion tonnes to 160 by 2060.’

Potočnik explained how the IRP is focussed on unpacking the drivers and pressures leading environmental, social, and economic failures. ‘Our research is showing that we need fundamental system shifts in how we use resources. Away from linear production and consumption systems towards circular, resource-efficient societies.’

They propose to focus on the most resource-intensive provisioning systems: built environments, mobility, food and energy, which represent 90% of global material demand. Focusing on human needs would incentivise cross-sector innovation and shift to future-fit business models.

According to the Circularity Gap Report 2024, the world is only 7.2% circular – there is plenty of room for circular action.

‘Since high-income countries already have most of their infrastructure in place, working with what they already have will be key. This means maintaining, adapting and repairing what’s already there, rather than “building yet another one,”’ says Ivonne Bojoh, CEO of Circle Economy Foundation, an Amsterdam-based impact organisation behind the report.

Florian van den Corput, Sustainability Victoria’s Senior Advisor Circular Economy, says a clear theme to emerge from the forum was that collaboration is essential to transitioning to a circular system. ‘Partnerships are essential across and between governments, industry, local actors and communities,’ explains Florian.

Sustainability Victoria’s Strategic Plan 2024–27 details our commitment to shaping the circular transition here in Victoria under three priority areas:

1. Building the case for circularity in Victoria
   Key decision-makers will be able to easily see the importance of transitioning to a circular economy and be guided by SV’s recommendations on the critical actions to take.
2. Close the loop between recycling, design, and manufacturing
   Victoria will become more circular in how its economy functions, as indicated by increases in circular products, services, business models leading to more circular jobs and skills.
3. Driving the uptake of key circular behaviours in our communities
   Victorians will understand what a circular economy looks like, and circular practices will become more visible and normalised.

‘By providing the evidence base and data, linking markets together, and making it easier for all Victorians to take part, we can leverage efforts across the entire state to make the transition to a circular economy happen more effectively.’

To learn more about how Sustainability Victoria will shape Victoria’s circular economy on behalf of state government download our full Strategic Plan.