ResearchPDF Available

Circular Economy: A Critical Literature Review of Concepts

Authors:

Abstract and Figures

Circular Economy is generally described as being a transformative, restorative and regenerative economic or industrial system that could enable humanity to exist within existing planetary limits while ensuring that organizations keep on thriving. It is a concept that is usually presented as an alternative to the ‘linear economy’, which according to certain stakeholders is synonymous with a ‘take-make-waste’ approach. It is usually pegged against a background of impending economic and environmental crisis, and as such, has prompted much interest from business, academia and governments in the last 5 to 10 years. Against this backdrop, it seemed imperative to the CIRAIG and its international industrial partners to explore through a science-based white paper what are Circular Economy’s historical and conceptual background as well as make sense of its key associated concepts, such as Sustainable Development, Green Economy, Industrial Ecology and Functional Economy. Within this literature review, the following main elements have been investigated: - A general portrait of the associated key concepts that underlie Circular Economy, including a conceptual timeline; - What is (or should be) Circular Economy, including definitions, principles, implementation and barriers; - Positioning and mapping of Circular Economy according to scope and concreteness, sustainability approach and circularity thinking. Conceiving of Circular Economy from historical and conceptual perspectives, this critical literature review allows interested audiences to perceive that it is far from being a static theoretical idea.
Content may be subject to copyright.
! ! !
! !
"#$%! &'()&*! +,%! (&'(,&'-! ./! *#'! 01*'&1,*$)1,2!3'4'&'15'!6'1*&'!4)&! *#'! 7$4'! 6/52'! )4! 8&)-95*%:!
8&)5'%%'%!,1-!;'&<$5'%!=603>0?@A!!
B)91-'-!$1!CDDE:!*#'!603>0?!$%!,!2$4'!5/52'!5'1*&'!)4!'F('&*$%'!*#,*!$%!$1*'&1,*$)1,22/!&'5)G1$H'-!4)&!$*%!
+)&I!,1-!$1$*$,*$<'%!&))*'-!$1!,!%*&)1G!%5$'1*$4$5!.,%$%!,1-!52)%'!*)!4$4*''1!/',&%J!,((2$'-! 'F('&$'15'A!
"#'! 603>0?! %9(()&*%! 5)&()&,*$)1%:! G)<'&1K'1*%:! )&G,1$H,*$)1%! ,1-! 5)1%9K'&%! $1! *#'$&! %9%*,$1,.2'!
-'<'2)(K'1*!(2,1%!-&$<'1!./!2$4'!5/52'!*#$1I$1GA!
"#'! 603>0?! #,%! -'<'2)('-! ,! &'5)G1$H'-! 'F('&*$%'! $1! 2$4'! 5/52'!*))2%! $1529-$1G! 7$4'! 6/52'! >%%'%%K'1*!
=76>@! ,1-! ;)5$,2! 7$4'! 6/52'! >%%'%%K'1*! =;76>@A! 6)K(2'*$1G! *#$%! 'F('&*$%':! $*%! &'%',&5#! (&)L'5*%! ,2%)!
5)<'&!7$4'!6/52'!6)%*$1G!=766@!,1-!)*#'&!*))2%!%95#!,%!5,&.)1!,1-!+,*'&!4))*(&$1*$1GA!603>0?J%!,5*$<$*$'%!
$1529-'!,((2$'-! &'%',&5#! (&)L'5*%!*#,*!%(,1!%'<'&,2! ,5*$<$*/! %'5*)&%!$1529-$1G!'1'&G/:!,'&)%(,5':! ,G&$M
4))-:! +,%*'! K,1,G'K'1*:! 4)&'%*&/! ,1-! (92(! ,1-! (,('&:! K$1$1G! ,1-! K'*,2%:! 5#'K$5,2! (&)-95*%:!
*'2'5)KK91$5,*$)1%:! 4$1,15$,2! %'&<$5'%:! 9&.,1! $14&,%*&95*9&'!K,1,G'K'1*:!*&,1%()&*! ,%! +'22! ,%! G&''1!
(&)-95*!-'%$G1A!
>!L)$1*!$1$*$,*$<'!./! 8)2/*'5#1$N9'!O)1*&P,2!,1-!Q;?!RS>O:!*#'! 603>0?!.&$1G%!*)G'*#'&!'1G$1''&$1G!
,1-!%)5$,2!%5$'15'%!,1-!#,%!-'<'2)('-!,!&'%',&5#!(&)G&,K!-&$<'1!./!K92*$-$%5$(2$1,&$*/A!
!
!"#$%$&!
T$*#!*#'!'F5'(*$)1!)4!5)K(2'*'!-)59K'1*%!(&)-95'-!./!*#'!603>0?:!8)2/*'5#1$N9'! O)1*&P,2!,1-U)&!
Q;?! RS>O:! %95#! ,%! *#$%! &'()&*:! ,! +&$**'1! 5)1%'1*! ./! ,! -92/! ,9*#)&$H'-! &'(&'%'1*,*$<'! )4! 603>0?:!
8)2/*'5#1$N9'!O)1*&P,2! ,1-U)&! Q;?MRS>O! K9%*!.'! ).*,$1'-! (&$)&! *)! ,1/! 9%'!)4!*#'! 1,K'! 603>0?:!
8)2/*'5#1$N9'!O)1*&P,2!,1-U)&!Q;?MRS>O!$1!,!(9.2$5!-$%52)%9&'!&'2,*'-!*)!*#$%!(&)L'5*!,1-!$*%!&'%92*%A!
!
!
+++A5$&,$GA)&G!
VVVV!S9''1MO,&/:!;9$*'!VED!
O)1*&P,2!=S9P.'5@!6,1,-,:!WVX!E>C!
!
!
!
!
8)2/*'5#1$N9'!O)1*&P,2!
YP(,&*'K'1*!-'!GP1$'!5#$K$N9'!
CZDD:![-)9,&-MO)1*('*$*!
6A8A!\D]Z:!;955A!6'1*&'M<$22'!!
O)1*&P,2!=S9P.'5@:!6,1,-,:!WV6!V>]!
R1$<'&%$*P!-9!S9P.'5!^!O)1*&P,2!=RS_O@!
[5)2'!-'%!%5$'15'%!-'!2,!G'%*$)1!=Q;?@!
VE`!39'!;,$1*'M6,*#'&$1'!Q!
6A8A!aaaa!%955A!6'1*&'M<$22'!
O)1*&P,2!=S9P.'5@:!6,1,-,:!WV6!V8a!
!
!
!
!
!!
0;bc!Z]aMCMZaE`dCDMDM]!=8YB@!
7'G,2!-'()%$*e!b$.2$)*#fN9'!'*!>&5#$<'%!1,*$)1,2'%!-9!S9P.'5!=b>1S@:!>9G9%*!CDE`!!
! ! !
!
!
!
!
Prepared!for:!
'
()*'+,-./01-'2.34356'!3-7,48'&-3/9'3:';)*'%4;*-41;,3410'<,:*'+6.0*'+)1,-'=%<+'+)1,->?'1'+%#"%&'-*@*1-.)'/4,;A''
>&5'2)&O$**,2!
b)K.,&-$'&!>P&)1,9*$N9'!
7XOW!
O$5#'2$1!
O)9<'K'1*!-'%!5,$%%'%!Y'%L,&-$1%!
c'%*2P!
3Q6g6MSR[bQ6!
;)2<,/!
"h">7!
RK$5)&'!
X')2$,!
'
'
'
''
<%B2'+C+<2'+D"%#'E"#($2#F'
'
!
!
!
!
!
!
!
!
!
!
!
!
!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
Project(team'
'
'
795'!b',92$'9!
!
>1,2/%*!
!
?,.&$'22'!<,1!Y9&K'!
!
>1,2/%*!
!
O,&$'M795!>&($1!
!
8#Y!;*9-'1*:!Q;?MRS_O!
!
F.,*4;,:,.'G,-*.;,34!
!
j',1M8$'&&'!3'<P&'*!
!
8&)4'%%)&:!Q;?MRS_O!
6)M5#,$&#)2-'&:!076!6#,$&!
!
O,19'2'!O,&G1$!
!
8&)4'%%)&:!8)2/*'5#1$N9'!O)1*&P,2!
6)M5#,$&#)2-'&:!076!6#,$&!
!
E-3H*.;'51418*5*4;!
!
;)(#$'!B,22,#,!
!
Y$&'5*)&!)4!$1-9%*&$,2!&'2,*$)1%:!076!6#,$&!
!
!
!
!
'
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!<!
!
!
Summary'
"#'!5)15'(*!)4!,!k6$&592,&!Q5)1)K/J!#,%!G,$1'-!K95#!*&,5*$)1!$1!*#'!G2).,2!.9%$1'%%!5)KK91$*/!$1!*#'!
2,%*!`!/',&%A!"#$%! #)2$%*$5! 5)15'(*! $%!%9(()&*'-! ./!K,1/!%*,I'#)2-'&%:! .9*!$%!K)%*2/!5#,K($)1'-!./!*#'!
Q22'1! O5>&*#9&! B)91-,*$)1:! +#)! -'($5*%! $*! ,%! ,! %)29*$)1! *)! %9%*,$1,.$2$*/! ,1-! *#&$<',.$2$*/! 4)&! .)*#!
.9%$1'%%!,1-! (2,1'*A!"#'!5)15'(*!$%!9%9,22/!(&'%'1*'-!,%!,1!,2*'&1,*$<'!*)!*#'!k2$1',&!'5)1)K/J:!+#$5#!
,55)&-$1G! *)! *#'! Q22'1! O,5>&*#9&! B)91-,*$)1:! $%! %/1)1/K)9%! +$*#! ,! k*,I'MK,I'M+,%*'J! ,((&),5#! *)!
G))-%! ,1-! %'&<$5'%! (&)-95*$)1A! >! 6$&592,&! Q5)1)K/! $%! %/%*'K$5! ./! -'%$G1:! 52)%'M2))('-:! &'%*)&,*$<':!
+,%*'M4&'':!.,%'-!)1!'44'5*$<'1'%%!,1-!&91%!)1!&'1'+,.2'!'1'&G/A!
6$&592,&!Q5)1)K/!%9(()&*'&%!()&*&,/!$*!,%!,1!'F5$*$1G!,1-!+#)2'!1'+!+,/!)4!*&,1%4)&K$1G!*#'!'5)1)K/!
$1*)!,!&'G'1'&,*$<'!'5)1)K$5!%/%*'K!*#,*!+$22:!,%!,!.,%'2$1':!'F$%*!+$*#$1!(2,1'*,&/!2$K$*%A!"#$%!,**&,5*$<'!
(&)()%$*$)1!$%!,!%)5$,2!5)1%*&95*!+#$5#!G&'+!)9*!)4!*#'!%'-$K'1*!2,/'&'-!./!K,1/!-$44'&'1*!5)15'(*%!*#,*!
#,<'!.''1! $1!'F$%*'15'!4)&! %)K'!*$K'!1)+A!"#9%:!*#$%!5&$*$5,2!2$*'&,*9&'!&'<$'+!,$K%!,*!(&'%'1*$1Ge!E@!,!
G'1'&,2! ,1-! 5)15'(*9,2! ()&*&,$*! )4! 6$&592,&! Q5)1)K/! ,%! +'22! ,%! $*%! 91-'&2/$1G! I'/! 5)15'(*%l! C@! ,1!
'F(2,1,*$)1!)4!6$&592,&!Q5)1)K/J%!K,$1!*'1'*%!=4&)K!-'4$1$*$)1!*)!$K(2'K'1*,*$)1@l!,1-!V@!,!()%$*$)1$1G!
,1-!K,(($1G!)4!*#'!<,&$)9%!(&'M-'4$1'-!5)15'(*%A!X,&$)9%!,1,2/%'%!,1-!I'/!*,I',+,/%!,&'!(&)<$-'-!,22!
*#&)9G#!*#'!&'<$'+A!!
+,-./01-'2.34356'1@@3.,1;*G'7*6'.34.*9;@'
"#'!2$%*!)4!-'4$1'-!5)15'(*%! 5)<'&%! ,! 2,&G'! ,&',! )4! *#')&'*$5,2!%*&,1-%!4&)K!+#$5#!6$&592,&!Q5)1)K/!$%!
-'&$<'-A! "#'%'! *'1! 5)15'(*%! #,<'! ,22! (&)<$-'-! 5)15'(*9,2! .9$2-$1G! .2)5I%! *)! 91-'&%*,1-$1G! 6$&592,&!
Q5)1)K/A!"#'/!,&'!(&'%'1*'-!$1!)&-'&!)4!5)15'(*9,2!%5,2'!=4&)K!K)&'!*)!2'%%!'15)K(,%%$1G@e!
;9%*,$1,.2'!Y'<'2)(K'1*!
Q5)2)G$5,2!"&,1%$*$)1!
?&''1!'5)1)K/!
B915*$)1,2!Q5)1)K/!
7$4'!6/52'!"#$1I$1G!
6&,-2'M*)M5&,-2'!*#$1I$1G!
;#,&'-!X,29'!
01-9%*&$,2!Q5)2)G/!
QF*'1-'-!8&)-95'&!3'%()1%$.$2$*/!
Q5)-'%$G1!
;9%*,$1,.2'!Y'<'2)(K'1*!$%!,!()2/%'K$5!,1-!5)K(&'#'1%$<'!5)15'(*!*#,*!,**'K(*%!*)!&'5)15$2'!,1-!49%'!
*)G'*#'&!*#&''!-$K'1%$)1%!)4!-'<'2)(K'1*e!'5)1)K$5:!'1<$&)1K'1*,2!,1-!%)5$,2A!0*!*$'%!$1!+$*#!6$&592,&!
Q5)1)K/! *#&)9G#! *#'! '5)1)K$5! ,1-! '1<$&)1K'1*,2! -$K'1%$)1%:! ,%! +'22! ,%! *#&)9G#! 6)&()&,*'! ;)5$,2!
3'%()1%$.$2$*/:!.9%$1'%%J!'1*&/+,/! $1*)!;9%*,$1,.2'!Y'<'2)(K'1*A!Q5)2)G$5,2!"&,1%$*$)1!$%!,!()2/K)&(#!
5)15'(*:!+#$5#!'15)K(,%%'%! *#')&/:! -$%5)9&%'!,1-! $K(2'K'1*,*$)1! ,1-! $%!K)%*2/!9%'-!./! *#'! B&'15#!
G)<'&1K'1*! *)! -'%5&$.'! ,! K92*$M%*,I'#)2-'&! (&)5'%%! K',1*! *)! -$&'5*! %)5$'*/! *)+,&-%! ,1! '5)1)K$5!
-'<'2)(K'1*! 5)K(,*$.2'! +$*#! (2,1'*,&/! 2$K$*%A! ?&''1! Q5)1)K/! $%! ,! 5)15'(*! *#,*!(&)()%'%! '5)1)K$5!
%)29*$)1%!*)!K)%*2/!'1<$&)1K'1*,2!$%%9'%!*#&)9G#!2,&G':!K92*$M(,&*$*'!()2$5/! (&)()%,2%! 'K,1,*$1G!4&)K!
*#'!R1$*'-!c,*$)1%!,1-!*&$5I2$1G!*#&)9G#!1,*$)1,2!G)<'&1K'1*%!,1-!c?h%A!"#'!B915*$)1,2!Q5)1)K/!=,2%)!
I1)+1! ,%! 8'&4)&K,15'! Q5)1)K/@! $%! )1'! )4! *#'! K,$1! Yc>! %*&,1-%! =,2)1G! +$*#! 6&,-2'M*)M5&,-2'!,1-!
01-9%*&$,2! Q5)2)G/@! )4! 6$&592,&! Q5)1)K/A! 01! )&-'&! 4)&! .9%$1'%%! *)! -'5)9(2'! G&)+*#! 4&)K! &'%)9&5'%!
5)1%9K(*$)1:!1'+!.9%$1'%%!K)-'2%!.,%'-!)1!%'22$1G!('&4)&K,15'!=)&!%'&<$5'@!&,*#'&!*#,1!G))-%:!,1-!)1!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
&'*,$1'-!)+1'&%#$(:!K9%*!.'!,-)(*'-A!"#$%!G'1'&,2!$-',!5,1!*#'1!%(9&!$11)<,*$)1!,1-!5&',*'!$15'1*$<'%!
*)!52)%'!(&)-95*$)1!,1-!5)1%9K(*$)1!2))(%A!!
7$4'! 6/52'! "#$1I$1G! =76"@! $%! 52)%'2/! *$'-! +$*#! 7$4'! 6/52'! >%%'%%K'1*! =76>@! ,1-! 7$4'! 6/52'! O,1,G'K'1*!
=76O@A! 0*%! K,$1! G),2! $%! *)! &'-95'! '1<$&)1K'1*,2! $K(,5*%! *#&)9G#! ,1! 0;h! 2,1-K,&I'-:! '5)M'44$5$'15/!
.,%'-!K'*#)-)2)G/!+#$5#!2))I%!,*!',5#!%*'(!)4!*#'!(&)-95*:!(&)5'%%!)&!%'&<$5'J%!2$4'!5/52':!$1!)&-'&!*)!
-'%$G1!)&!&'-'%$G1!*#'%'!+$*#!2'%%!'K.'--'-! $K(,5*%A!6&,-2'M*)M6&,-2'!"#$1I$1G!$%!,! 5)15'(*!*#,*!+,%!
-'<'2)('-!,1-!5)KK'&5$,2$H'-!./!O$5#,'2!b&,91G,&*!,1-!T$22$,K!O5Y)1)9G#!,1-!$%!('&#,(%!*#'!K,$1!
5)15'(*9,2!($22,&!)4!6$&592,&!Q5)1)K/A!6&,-2'M*)M5&,-2'!5#,K($)1%!'5)M'44'5*$<'1'%%!=,1-!-$%K$%%'%!'5)M
'44$5$'15/@!*#&)9G#! ,1!,((&),5#!.,%'-!)1!5/52$1G!*'5#1$5,2!,1-! .$)2)G$5,2! 19*&$'1*%! $1!)&-'&!*)!,5#$'<'!
#',2*#/!K,*'&$,2!K'*,.)2$%K%A!;#,&'-!X,29'!$%!,!K,1,G'K'1*!,((&),5#!*#,*!+,%!-'<'2)('-!./!%*&,*'G/!
,9*#)&$*$'%!O$5#,'2!8)&*'&! ,1-! O,&I!m&,K'&!$1! )&-'&! *)! &'5)15$2'!5,($*,2$%K!+$*#! %)5$'*,2! 1''-%A! "#'!
4&,K'+)&I! 5,22%! 4)&! .9%$1'%%! *)! 5&',*' ! <,29'! ./! $-'1*$4/$1G! ,1-! ,--&'%%$1G! %)5$,2! 1''-%! *#&)9G#! 1'+!
(&)-95*%!,1-!K,&I'*%:!&'-'4$1'-!<,29'!5#,$1%!,1-!*#'!5&',*$)1!)4!5)KK91$*/!-'<'2)(K'1*!529%*'&%A!!
01-9%*&$,2! Q5)2)G/:! ,1)*#'&! K,L)&! ($22,&! )4! 6$&592,&! Q5)1)K/:! $%! ,! &'%',&5#! ,1-! ,((2$5,*$)1! 4$'2-! *#,*!
4)59%'%!)1!*#'!5&',*$)1!,1-!K,$1*'1,15'!)4!,!52)%'-!2))(!$1-9%*&$,2!'5)%/%*'KA!01-9%*&$,2!Q5)2)G/!,$K%!
,*! )(*$K$H$1G! '1'&G/! ,1-! K,*'&$,2%:! ()229*$)1! ,1-! +,%*'! &'-95*$)1! *#&)9G#! ,1! '5)1)K$5,22/! <$,.2'!
*&,1%4)&K,*$)1! )4! $1-9%*&$,2! ./M(&)-95*%! )&! +,%*'! $1*)! $1(9*%:! +$*#! *#'! 92*$K,*'! G),2! )4! '1,.2$1G!
$1-9%*&$,2!%/%*'K%!*#,*!K$K$5!1,*9&,2!'5)%/%*'K%A!QF*'1-'-!8&)-95'&!3'%()1%$.$2$*/!=Q83@!$%!,!5)1-$*$)1!
)4!*#'!k()229*'&!(,/%J!(&$15$(2'!,1-!,$K%!,*!%#$4*$1G!,!(&)-95*J%!'1<$&)1K'1*,2!&'%()1%$.$2$*/!)<'&!*#'!4922!
2$4'!5/52'!.,5I!*)+,&-%!*#'!(&)-95'&!=,1-!,+,/!4&)K!K91$5$(,2$*$'%@A!Q<'1!*#)9G#!Q83!#,%!*#'!()*'1*$,2!
*)! -&$<'! 5#,1G'! )<'&! *#'! 4922! 2$4'! 5/52':! $*! #,%! K)%*2/! ' 1,.2'-! ()%*5)1%9K'&! '1-M)4M2$4'! K,1,G'K'1*A!
B$1,22/:!*#'! 5)15'(*! )4! Q5)-'%$G1! $%! .,%'-! )1! $1*'G&,*$1G! '1<$&)1K'1*,2! ,%('5*%! $1*)! (&)-95*!
-'<'2)(K'1*A! Q5)-'%$G1! 5,1! .'! 9%'-! ,%! ,! *))2! *)! $K(2'K'1*! 76>! &'%92*%! )&! $*! 5,1! .'! ,! G9$-'2$1':! ,!
5#'5I2$%*!)&!,1!,1,2/*$5,2!*))2!*#,*!%9(()&*%!,1!'5)M'44$5$'15/!.,%'-!(&)-95*!-'<'2)(K'1*!(&)5'%%A!!!
+34.*9;@';,5*0,4*'
>!*$K'2$1'!)4!*#'!'K'&G'15'!,1-!I'/!K)K'1*%!5)15'&1$1G!6$&592,&!'5)1)K/!,1-!$*%!,%%)5$,*'-!5)15'(*%!
$%!(&)<$-'-A!B&)K!*#$%!*$K'2$1':!$*!$%!()%%$.2'!*)!1)*'!*#,*!*#'!4$&%*!5)15'(*9,2!%''-%!*#,*!2',-!*)!+#,*!$%!
*)-,/!'15)K(,%%'-!./!6$&592,&!Q5)1)K/!+'&'!(2,1*'-!,*!*#'!'1-!)4!*#'!EZ*#!5'1*9&/A!01!*#'!*+'1*$'*#!
5'1*9&/:!*#'!EZ\D%!%,+!*#'!'K'&G'15'!)4! 5)15'(*%! %95#! ,%! ;(,5'%#$(! Q,&*#!,%!+'22!,%!*#'!,15'%*)&!)4!
76>A! "#'! EZ]D%! +,%! ,! <$<$-! -'5,-'! 4)&! *#'! 5)KK'15'K'1*! )4!5)15'(*%! %95#! ,%! 6&,-2'M*)M5&,-2':!
Q5)-'%$G1:! 01-9%*&$,2! Q5)2)G/! =*#&)9G#! *#'! 4$&%*! $1-9%*&$,2! %/K.$)%$%! $1! ;+'-'1@! ,1-! K,L)&! &'()&*%!
91-'&2$1$1G!*#'!$K()&*,15'!)4!,-'N9,*'!&'%)9&5'%!G)<'&1,15'!,1-!52)%'-!2))(!'5)1)K$5!%/%*'K%A!"#'!
EZaD%! +'&'! *#'! %'*! )4! *#'! 'K'&G'15'! )4! ;9%*,$1,.2'! Y'<'2)(K'1*! ,1-! 5)15'(*%! %95#! ,%! *#'!
8'&4)&K,15'! Q5)1)K/! =.'**'&! I1)+1! *)-,/! ,%! B915*$)1,2! Q5)1)K/@! ,%! +'22! ,%! *#'! 4$&%*! ,&*$52'%! )1!
01-9%*&$,2!Q5)2)G/!,1-!*#'!5)$1$1G!)4!*#'!*'&K!k?&''1!Q5)1)K/JA!!
B&)K!*#'!EZZD%! ,1-! )1+,&-%:! ,! (2'*#)&,! )4! 5)15'(*%! %*,&*'-! *)! *,I'! 4))*! $1! ()2$5/:!K,1,G'K'1*!,1-!
%5$'1*$4$5!5)KK91$*$'%!,2$I':!%*,&*$1G!+$*#!*#'!*'&K!k5$&592,&!'5)1)K/J!$*%'24!$1!EZZD!,1-!*#'!5)15'(*!)4!
QF*'1-'-! 8&)-95'&! 3'%()1%$.$2$*/! $1! EZZCA! 6&,-2'M*)M6&,-2'!-'%$G1! %*,&*%! *)! ,((',&!$1! *#'! W,11)<'&!
8&$15$(2'%! $1! EZZC:! +#$2'! *#'! 4$&%*! .))I! )1! 01-9%*&$,2! Q5)2)G/! $%! (9.2$%#'-! ,1-! *#'! R1$*'-! c,*$)1%!
6)14'&'15'! )1! Q1<$&)1K'1*! ,1-! Y'<'2)(K'1*! =Rc6QY@! '%*,.2$%#'%! *#'! 5)15'(*! )4! %9%*,$1,.2'!
5)1%9K(*$)1A! "#'! CDDD%!+,%! K,&I'-! ./! *#'! j)#,11'%.9&G!82,1! )4!0K(2'K'1*,*$)1J%! =j8h0@!&'()&*! )1!
;9%*,$1,.2'!5)1%9K(*$)1!,1-!(&)-95*$)1!=;68@:!RcQ8!,1-!;Q">6J%!2,915#!)4!*#'!7$4'!6/52'!01$*$,*$<':!*#'!
2,915#!)4!*#'!.))I!Cradle-to-cradle:!Remaking!the!Way!We!Make!Things:!*#'!5&',*$)1!)4!*#'!O,&&,I'5#!
(&)5'%%!4)&!;68!$K(2'K'1*,*$)1!,1-!*#'!4)91-$1G!)4!*&,1%$*$)1!*)+1%A!01!CDDa:!6#$1,!.'5,K'!*#'!4$&%*!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!<$$!
!
5)91*&/! *)! ,-)(*! ,! 6$&592,&! Q5)1)K/! 2,+:! +#$2'! *#'! R1$*'-! c,*$)1%! Q1<$&)1K'1*! 8&)G&,KK'! =RcQ8@!
+,%!&'<$<$1G!*#'!5)15'(*!)4!?&''1!Q5)1)K/A!CDED!K,&I%!*#'!.$&*#!)4!*#'!Q22'1! O,5>&*#9&! B)91-,*$)1:!
*#'!K,$1! G2).,2!5#,K($)1! )4! 6$&592,&!Q5)1)K/:! 4)22)+'-!$1!CDEE! +$*#! *#'!$1*&)-95*$)1! )4!*#'! ;#,&'-!
X,29'!5)15'(*A!01!CDEV!,1-!CDEd!&'%('5*$<'2/:!B&,15'!,1-! 6,1,-,!%,+!*#'!.$&*#!)4!*#'$&!)+1!6$&592,&!
Q5)1)K/!01%*$*9*'%A!
I*:,4,48'+,-./01-'2.34356'
B)22)+$1G!*#'!5)15'(*%!*$K'2$1':!,!()&*&,$*!)4!+#,*!$%!=)&!%#)92-!.'@!6$&592,&!Q5)1)K/!$%!*,5I2'-A!B$&%*:!,!
<,&$'*/!)4!-'4$1$*$)1%!$%!(&'%'1*'-! ,1-! 5)11'5*'-!+$*#!*#'! )1'! #)2-$1G! *#'! K)%*! (922:! 'K,1,*$1G! 4&)K!
*#'! Q22'1! O,5>&*#9&! B)91-,*$)1A! "#$%! -'4$1$*$)1! %*,*'%! *#,*! 6$&592,&! Q5)1)K/! $%! &'%*)&,*$<'! ,1-!
'2$K$1,*'%! +,%*'! ./! -'%$G1! *#&)9G#! .'**'&! K,*'&$,2%:! (&)-95*%! ,1-! %/%*'K%! -'%$G1:! '1,.2'-! ./!
$11)<,*$<'!.9%$1'%%!K)-'2%A!6$&592,&!Q5)1)K/J%! (&$15$(2'%! ,&'!*)!'K.&,5'!%/%*'K%!*#$1I$1G:!-'%$G1!)9*!
+,%*':!'K.'-!-$<'&%$*/:!9%'!+,%*'!,%!4))-!,1-!&91!52)%'-M2))(!%/%*'K%!)1!&'1'+,.2'!'1'&G/A!B$G9&'!E!
$229%*&,*'%!*#'!Q22'1!O,5>&*#9&!B)91-,*$)1J%!<$%$)1!4)&!6$&592,&!Q5)1)K/A!
!
!
B,8/-*'JA'()*'+,-./01-'2.34356'G,18-15K'
B&)Ke!Q22'1!O,5>&*#9&!B)91-,*$)1!=CDEC,@!
!
h*#'&! -'4$1$*$)1%! =%95#! ,%! *#,*! 5,&&$'-! ./! >YQOQ@! G'1'&,22/! 'K.&,5'! ,1! '44$5$'15/! ,((&),5#:! ,!
-'5)9(2$1G! )4! '5)1)K$5! G&)+*#! 4&)K! &'%)9&5'%! 5)1%9K(*$)1:! +,%*'! K,1,G'K'1*! ,1-! ,! K,*'&$,2%!
%*'+,&-%#$(! ,((&),5#A! 0*! $%! G'1'&,22/! ,-K$**'-! ./! K,1/! -'4$1$*$)1%! *#,*! 5)1%9K'&%! ,&'! *&,1%4)&K$1G!
$1*)! 9%'&%:! '1,.2$1G! 1'+! .9%$1'%%! K)-'2%! %95#! ,%! *#)%'! #$G#2$G#*'-! ./! *#'! B915*$)1,2! Q5)1)K/!
2$*'&,*9&'A!!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
01! 6$&592,&! Q5)1)K/:! <,29'! $%! 5&',*'-! 9%$1G! *#'! *$G#*'%*! ()%%$.2'! 2))(%! 4)&! .)*#! *'5#1$5,2! ,1-! .$)*$5!
19*&$'1*%A! B)&! *#'! *'5#1$5,2! 5/52':! *#'! 2))(! +$*#! *#'! K)%*! <,29'! $%! *#,*! )4! (&)-95*! K,$1*'1,15'! ,1-!
&'(,$&:! 4)22)+'-! ./! *#'! &'9%'! ,1-! &'-$%*&$. 9*$)1! 2))(:! *#'! &'49&.$%#$1G! ,1-! &'K,194,5*9&$1G! 2))(! ,1-!
4$1,22/:! *#'! &'5/52$1G! 2))(A! B)&! *#'! .$)*$5! 5/52':! .$) 5#'K$5,2! 4''-%*)5I! (&)-95*$)1! $%! *#'! 2))(! +$*#! *#'!
K)%*!'K.'--'-!<,29':!4)22)+'-!./!&'1'+,.2'!'1'&G/!%9((2/!*#&)9G#!.$)G,%'%!,1-!4$1,22/:!,G&$592*9&,2!
,K'1-K'1*! 9%'A! 6/52$1G! 2)1G'&:! 5,%5,-$1G! ,1-! *)F$5$*/! &'-95*$)1! ,&'! ,2%)! <,29'! 5&',*$)1! -&$<'&%A! 0*!
%#)92-! .'! 1)*'-! *#,*! ,22! *#&)9G#! *#$%! 2$*'&,*9&'! &'<$'+:! *#'! %)5$,2! -$K'1%$)1! #,%! .''1! 4)91-! K)%*2/!
2,5I$1G!$1!6$&592,&!Q5)1)K/A!"#$%!$%:!,*!.'%*:!(&).2'K,*$5!,1-!%#)92-!.'!,K'1-'-!$1!49*9&'!-'<'2)(K'1*A!!
+,-./01-'2.34356',590*5*4;1;,34''
b'5,9%'!)4!$*%!)<'&,&5#$1G!,1-!#)2$%*$5!1,*9&':!6$&592,&!Q5)1)K/!K9%*!.'!$K(2'K'1*'-!,*!K92*$(2'!2'<'2%!
$1!)&-'&!*)!4915*$)1!,%!$1*'1-'-A!"#'&'4)&':!5))('&,*$)1!.'*+''1!G)<'&1K'1*:!5$<$2!%)5$'*/!,1-!(&$<,*'!
,5*)&%! $%! 1'5'%%,&/A! T#$2'! 91-'&%*,1-,.2':! *#$%! 5)1-$*$)1! 5,1! ,2%)! 5&',*'! K92*$M2'<'2! ).%*,52'%A! ;)K'!
)&G,1$H,*$)1%! #,<'! K,(('-! )9*! %*'(%! *#,*! <,&$)9%! %*,I'#)2-'&%! 5,1! *,I'! $1! )&-'&! *)! (2,1! 4)&! )&!
5$&59K<'1*!*#'%'!).%*,52'%:!,*!&'G$)1,2!,1-!.9%$1'%%!2'<'2%A!!
;$15'! *#'! EZZD%:! %'<'&,2! 2'G$%2,*$)1%! +)&2-+$-'! #,<'! 5)15'$<'-! )4! ,1-! $K(2'K'1*'-! K)&'! )&! 2'%%!
5)K(2'F!<'&%$)1%!)4!6QA!")!-,*':!6#$1,!$%!*#'!)12/!5)91*&/!*#,*!#,%!,-)(*'-!6$&592,&!Q5)1)K/!,%!,!2,+:!
$1! ,! 91$N9'! k#,&K)1$)9%! %)5$'*/J! ('&%('5*$<':! $K(2'K'1*$1G! $*! ,%! 2,&G'M%5,2'! $1-9%*&$,2! '5)2)G/A! 01!
Q9&)(':! ,! 6$&592,&! Q5)1)K/! (,5I,G'! +,%! (&)()%'-! $1! CDEd! .9*! +,%! &'5'1*2/! -',5*$<,*'-! ./! *#'!
Q9&)(',1!6)KK$%%$)1:!$1!)&-'&!*)!(&'(,&'!,!K)&'!,K.$*$)9%!,1-!*,$2)&MK,-'!(,5I,G':!+#$5#!%#)92-!.'!
(&'%'1*'-!*)!*#'!K'K.'&%!$1!*#'!5)9&%'!)4!CDE`A!!
X,&$)9%!'2'K'1*%!,1-!.9%$1'%%!(&$15$(2'%!#,<'!.''1!'%*,.2$%#'-!$1!)&-'&!4)&!5)K(,1$'%!*)!,-#'&'!*)!,1-!
$K(2'K'1*!6$&592,&!Q5)1)K/:!$1529-$1G! .9%$1'%%! K)-'2%! ,1-! -$%&9(*$<'! *'5#1)2)G$'%A!6$&592,&!Q5)1)K/!
K',%9&'K'1*! $%! ,2%)! 91-'&+,/! $1! K)&'! )&! 2'%%! K,*9&'! %*,*'%A! "#'! Q22'1! O,5>&*#9&! B)91-,*$)1! #,%!
(9.2$%#'-!$*%!(&)()%'-!5$&592,&$*/!$1-$5,*)&%!,1-! ,%%)5$,*'-!K'*#)-)2)G/:!$1529-$1G! ,! +'.!.,%'-!*))2A!
"#'!4&,K'+)&I!$%!.,%'-!)1!,! O,*'&$,2!6$&592,&$*/!01-'F!=O60@!*#,*!4)59%'%! )1!K,*'&$,2!&'%*)&,*$)1!&,*'!
.9*! ,2%)! (&)()%'%! 5)K(2'K'1*,&/! K,*'&$,2! &$%I! $1-$5,*)&%A! 6$&52'! Q5)1)K/! ,1-! 8??OJ%! ,%%'%%K'1*!
K'*#)-!*,I'%!,!K)&'!#)2$%*$5!()$1*! )4! <$'+! .,%'-! )1! '<,29,*$1G!,*!*#'!K,*'&$,2:!(&)-95*!,1-! %/%*'K!
2'<'2%A!O,*'&$,2%!,&'!'<,29,*'-!,G,$1%*!,!5'&*,$1!19K.'&!)4!4,5*)&%:!+#$5#!'1,.2'%!(&)-95*!52,%%$4$5,*$)1A!
h&G,1$H,*$)1,2!&'%)9&5'!*#&)9G#(9*!$%!'<,29,*'-!,G,$1%*!(2,1'*,&/!.)91-,&$'%:!'5)1)K$5!&$%I:!%K,&*!9%'!
,1-!'*#$5,2!,22)5,*$)1A!"#'!%/%*'K$5!2'<'2!)4!,%%'%%K'1*!$%!%5)&'-!,G,$1%*!,.%)29*'!(2,1'*,&/!.)91-,&$'%!
,1-!.,%'-!)1!<,29'!L9-GK'1*A!0K(,5*%!,&'!,&G9,.2/!1)*!*#'!4)59%!)4!.)*#!*#'%'!'<,29,*$)1!4&,K'+)&I%:!
.9*!)*#'&!$K(,5*%!K'*#)-%:!%95#!,%!76>:!5)92-!.'!5)K(2'K'1*,&/A!
E3@,;,34,48'14G'5199,48';)*'.34.*9;@'
01!)&-'&! *)!.'**'&! ,1,2/H'! ,1-!91-'&%*,1-!6$&592,&! Q5)1)K/!,1-! $*%! I'/!,%%)5$,*'-! 5)15'(*%:!,! %5)('!
,1-!5)15&'*'1'%%!K,(($1G! ,1-! ,! 5$&592,&$*/M*#$1I$1G!K,(($1G!+'&'! -'%$G1'-!./!*#'!01*'&1,*$)1,2!7$4'!
6/52'! 6#,$&! =0766@! *',K! )4! ,1,2/%*%!,1-! &'%',&5#'&%A! "#'/! ,&'! K',1*! *)! '1,. 2'! ,! %('5$4$5! ('&%('5*$<'!
.,%'-!)1!<,&$)9%!-$%5&$K$1,*$1G!,%('5*%!$1! )&-'&!*)!#'2(!()%$*$)1!,1-!$1*'&(&'*!*#'!<,&$)9%!5)15'(*%A!0*!
%#)92-! .'! 1)*'-! *#,*! *#'%'! ()%$*$)1$1G! K,(($1G%! +'&'! -)1'! $1! *#'! K )%*! 91.$,%'-! +,/! ()%%$.2':! .9*!
'K.'-!,1!$1'<$*,.2'!(&)()&*$)1!)4!%9.L'5*$<'!<,29'!L9-G'K'1*A!
"#'! %5)('! ,1-! 5)15&'*'1'%%! K,(($1G! 9%'%! ,! K,*&$F! 5)K()%'-! )4! ,! k/J! ,F$%! &'(&'%'1*$1G! ,((2$5,*$)1!
%5)('! ,1-! ,1! kFJ! ,F$%! &'(&'%'1*$1G! ,! 5)15&'*'1'%%! G&,-,*$)1A! "#'! 5$&592,&$*/! *#$1I$1G! K,(($1G! 9%'%!
6$&592,&!Q5)1)K/J%!K,$1!(&$15$(2'%!*)!'<,29,*'!',5#!5)15'(*:!$1529-$1G!,!%'K$MN9,1*$*,*$<'!%5)&':!+#'&'!
)1'!%*,&!%*,1-%!4)&!)1'!()$1*A!"#'!4$&%*!K,(($1G!$%!(&'%'1*'-!,*!B$G9&'!C!,1-!*#'!%'5)1-!,*!",.2'!EA!!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!$F!
!
!
!
B,8/-*'LA'F.39*'M*-@/@'.34.-*;*4*@@'5199,48K'
c)*'e!6)2)&%!,&'!9%'-!*)!4,5$2$*,*'!*#'!,%%)5$,*$)1!)4!,1!,&',!+$*#!$*%!1,K'!.9*!-)!
1)*!#,<'!,!%$G1$4$5,*$)1A!
!
(1N0*'JA'+,-./01-,;6';),47,48'5199,48'N1@*G'34';)*'9,001-@'/4G*-06,48';)*'200*4'O1."-;)/-'
B3/4G1;,34'G*:,4,;,34K'
'
F6@;*5@'
;),47,48'
!1@;*',@'
:33G'
I*@,84'3/;'
P1@;*'
I,M*-@,;6',@'
@;-*48;)'
#*4*P1N0*'
*4*-86'
F.3-*'
F/@;1,41N0*'
I*M*0395*4;''
★★★!
MM!
!
★★!
★★!
a!
2.3038,.10'
(-14@,;,34'
★★★!
MM!
MM!
MM!
★★!
`!
&-**4'2.34356'
MM!
MM!
MM!
MM!
★★!
C!
B/4.;,3410'
2.34356'
★★★!
MM!
!
!
MM!
`!
<,:*'+6.0*'
(),47,48'
★★★!
!
MM!
MM!
MM!
d!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
'
F6@;*5@'
;),47,48'
!1@;*',@'
:33G'
I*@,84'3/;'
P1@;*'
I,M*-@,;6',@'
@;-*48;)'
#*4*P1N0*'
*4*-86'
F.3-*'
+-1G0*Q;3Q
.-1G0*';),47,48'
★★★!
★★★!
★★★!
★★★!
★★★!
E`!
F)1-*G'R10/*'
★★!
MM!
MM!
★★!
MM!
d!
%4G/@;-,10'
2.30386'
★★★!
★★★!
!
★★★!
MM!
ED!
2S;*4G*G'
E-3G/.*-'
#*@934@,N,0,;6'
★★★
MM
★★
MM
MM!
\!
2.3G*@,84'
★★★!
MM!
!
MM!
MM!
d!
7'G'1-e!;$G1$4$5,15'!)4!*#'!Q6!(&$15$(2'%!4)&!*#'!-'4$1$*$)1!)4!*#'!,%%)5$,*'-!I'/!5)15'(*%!
6)&'e!★★★!l!8&'%'1*e!★★!l!O,&G$1,2e!l!>.%'1*e!MM!!
;5)&'!n!19K.'&!)4!%*,&%!
!
b,%'-!)1!.)*#! K,(($1G%:!$*!5,1!.'!%,$-! *#,*!*#'!'F,K$1'-!5)15'(*%!&'(&'%'1*! ,!+$-'!,&&,/!)4!%5)('%:!
4)59%!,1-!-'G&''%!)4! $K(2'K'1*,*$)1A!;9%*,$1,.2'!Y'<'2)(K'1*:!Q5)2)G$5,2!"&,1%$*$)1:!?&''1!Q5)1)K/!
,1-! 6$&592,&! Q5)1)K/! ,&'! #$G#M2'<'2! 5)15'(*%! *#,*! %#)+! *#'! +,/ ! *)+,&-%! ('&'11$*/! )1! *#'! (2,1'*! $1!
-$44'&'1*!.9*!2,&G'2/!'15)K(,%%$1G!+,/%l!*#'/!,&'!*#'!G),2!*#,*!K9%*!.'!,**,$1'-A!Q5)2)G$5,2!"&,1%$*$)1:!
,%$-'! 4&)K! %/%*'K%! *#$1I$1G! ,1-! *#'! (&)K$%'! )4! ,! 4)59%! )1! &'1'+,.2'! '1'&G/:! -)'%! 1)*! 5)&&'%()1-!
K95#!*)!5$&592,&! *#$1I$1GA! "#'! ?&''1! Q5)1)K/! )<'&2,(%! +$*#! 6$&592,&! Q5)1)K/! $1! *#,*! .)*#! 5)15'(*%!
2'<'&,G'! '5)1)K$5! ,5*$<$*$'%! $1! )&-'&! *)! ,**,$1! %9%*,$1,.$2$*/A! ?&''1! Q5)1)K/! $%:! #)+'<'&:! 5,&&$'-! ./!
$1*'&1,*$)1,2!)&G,1$H,*$)1%:!+#$2'!(&$<,*'!,5*)&%!K)%*2/!5,&&/!6$&592,&!Q5)1)K/A!!
B915*$)1,2!Q5)1)K/!$%!)1'!)4!*#'!K,$1!($22,&%!)4! 6$&592,&! Q5)1)K/! ,1-! *#$%! %#)+%! *#&)9G#! E@! *#'! 4,5*!
*#,*!$*!$%!K95#!K)&'!5)15&'*'!+$*#!,!%5)('!&))*'-!)1!$1-$<$-9,2!,1-!G&)9('-!)&G,1$H,*$)1%:!,1-!C@!./!$*%!
%5)&'!)1!*#'!5$&592,&$*/!*#$1I$1G!K,(($1GA!h1'!)4!*#'!%*&)1G'%*!L915*9&'!()$1*%!$%!*#'!4)59%!)1!2)1G'<$*/!
,1-! $1*'22$G'1*! +,%*'M,%M$1(9*! K,1,G'K'1*:! ()+'&'-! ./! $11)<,*$)1! ,1-! 1'+! .9%$1'%%! K)-'2%A! 7$4'!
6/52'! "#$1I$1G! =$1529-$1G! 76>! ,1-! 76O@! $%! .,%'-! )1! %/%*'K%! *#$1I$1G:! %#)+$1G! )1! *#'! %5)('! ,1-!
5)15&'*'1'%%!K,*&$F!*#,*!$*!$%!,!+$-'!=K92*$(2'!5)15&'*'1'%%!K,&I'&%@!.9*!%#,22)+!=K)%*2/!,((2$5,.2'!,*!
<,29'! 5#,$1! 2'<'2@! 5)15'(*A! 0*! $%! %*''('-! $1! &'2,*$<'! %9%*,$1,.$2$*/! ,%%'%%K'1*! =$A'Ae! $K(,5*! ,%%'%%K'1*!
.,%'-!)1!#)*%()*%!$-'1*$4$5,*$)1@:!+#$2'!6$&592,&!Q5)1)K/!$%!.,%'-!)1!,.%)29*'!%9%*,$1,.$2$*/!,%%'%%K'1*!
=>;>@l!*#$%!%#)+%!K)%*2/!$1!*#'!5$&592,&$*/!*#$1I$1G!K,(($1G:!+#'&'!76"!%5)&'%!())&2/!)1!K)%*!5$&592,&$*/!
*#$1I$1G! (&$15$(2'%A! 6&,-2'M*)M5&,-2'!-$%*$1G9$%#'%! $*%'24! 4&)K! ,22! )*#'&! 5)15'(*%! ./! $*%! ('&4'5*! 4$*! +$*#!
6$&592,&!Q5)1)K/!)1!$*%!K)%*!.,%$5!(&$15$(2'%!=,%!$229%*&,*'-!$1!*#'!%'5)1-!K,(($1G@:!+#$2'!$*!$%!'<$-'1*!
*#,*!$*%!%5)(':!+#$2'!-''(:!$%!5)91*'&.,2,15'-!./!,!1,&&)+!5)15&'*'1'%%!&,1G'A!!
;#,&'-! X,29'! $%! ,! K,1,G'K'1*! ,((&),5#! *#,*! '1-',<)9&%! *)! K,(! )9*! *#'! $1*'&%'5*$)1! .'*+''1!
'<,29,*$<'! ,((&),5#'%! ,1-! .9%$1'%%! %*&,*'G/! 4)&! (&)4$*! K,I$1Gl! *#9%! $*%! (2,5'! )1! *#'! %5)('! ,1-!
5)15&'*'1'%%!K,*&$F!$%!(&'5$%'2/!,*!*#'!<,29'!5#,$1!%5)('!,1-!4&,K'+)&I!5)15&'*'1'%%!K,&IA!0*%!4)59%!)1!
*#'!%)5$,2U%)5$'*,2!-$K'1%$)1!-)'%!1)*!#'2(!%#,&'-!X,29'!%5)&'!+'22!)1!*#'!5$&592,&$*/M*#$1I$1G!K,(($1GA!
W)+'<'&:! .)*#! 5)15'(*%! &'%*! )1! *#'! $-',! *#,*! *#'! '5)1)K/! 1''-%! *)! .'! )<'&#,92'-! ,1-! -'5)9(2$1G!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!F$!
!
!
K'5#,1$%K%!1''-!*)!)559&!4)&!.9%$1'%%!,1-!5)1%9K'&%!*)!5)1*$19'!*)! *#&$<':! ,2*#)9G#!*#'!-$%&9(*$)1!
(&)()%'-!./!6$&592,&!Q5)1)K/!$%!G&',*'&!*#,1!*#,*!(&)()%'-!./!;#,&'-!X,29'A!!!
01-9%*&$,2! Q5)2)G/! $%! ,%! +$-'! ,%! B915*$)1,2! Q5)1)K/! ,1-! QF*'1-'-! 8&)-95'&! 3'%()1%$.$2$*/:! .9*! $*%!
,((2$5,*$)1!%5)('!$%!.,%'-!)1!*#'!,%%)5$,*$)1!)4!K92*$(2'!5)K(,1$'%!+$*#$1!,1!$1-9%*&$,2!'5)M%/%*'KA!"#'!
5)15'(*!,1-! ,((2$5,*$)1%! )4!01-9%*&$,2!Q5)2)G/! ,&'! .,%'-!)1! %/%*'K%! *#$1I$1G!,1-! &'%)9&5'! '44$5$'15/:!
*#9%! %5)&$1G! +'22! +$*#$1! 5$&592,&$*/! *#$1I$1GA! QF*'1-'-! 8&)-95*! 3'%()1%$.$2$*/! $%! ,! &,*#'&! 5)15&'*'!
5)15'(*! +#$5#! $%! 5)15'(*9,22/! ,((2$5,.2'! *)! ,! %$1G2'! 5)K(,1/! ,2*#)9G#! 'K($&$5,22/!$*! $%! ,((2$5,.2'! *)!
%'5*)&%!,%!+'22:! &'1-'&$1G!$*!,%!+$-'!,%! 01-9%*&$,2!Q5)2)G/!,1-!B915*$)1,2!Q5)1)K/:!.9*! K95#! 2)+'&!)1!
*#'! ,((2$5,*$)1! %5)('! ,F$%A! 0*! 5,1! .'! %,$-! *)! 5)1%$%*! )4! *#'! 4$&%*! ,**'K(*! ,*! ,! %/%*'K,*$5! 52)%'-! 2))(!
%/%*'K!+$*#!,!(&$<,*'! ,5*)&! 4)59%:!#'2($1G!$*!*)!%5)&'!+'22!4)&! %/%*'K%! *#$1I$1G!,1-!k-'%$G1!)9*! +,%*'J:!
.9*! -)'%! 1)*! %5)&'! ,*! ,22!4)&!)*#'&! 5$&592,&$*/! *#$1I$1G! <,&$,.2'%A! Q5)-'%$G1! $%! ,! *))2! *#,*! ,$K%! *)!
$K(2'K'1*!'1<$&)1K'1*,2!5)1%$-'&,*$)1%!$1*)!(&)-95*!-'%$G1!,1-!$%!)4*'1!9%'-!$1!5)1L915*$)1!+$*#!76>:!
*#9%! G'1'&,*$1G! ,! -''(! %5)('! ,1-! <'&/! 5)15&'*'! &,1G':! ,1-! 91%9&(&$%$1G2/:! 1)*! %5)&$1G! %*&)1G2/! )1!
5$&592,&$*/!*#$1I$1GA!!
+34.0/@,34@'14G'9*-@9*.;,M*@'
6$&592,&!Q5)1)K/!$%!,!K92*$M2'<'2:!%)5$)M5)1%*&95*'-!5)15'(*!*#,*!5,1!'$*#'&!.'! 5)1%$-'&'-! ,! (,&,-$GK!
%#$4*:!,!1'+!*))2.)F:!,!5)15'(*9,2!9K.&'22,!)&!,!()&*K,1*',9!-$%5$(2$1'A!0*!$%!,1!$-',!)&!5)15'(*!*#,*!$%!
59&&'1*2/!.'$1G!-'<'2)('-:!+$*#!K)<$1G!,1-!,-,(*,.2'! 5)1*'1*! ,%! +'22! ,%!.29&&'-!.)91-,&$'%:!4''-$1G!
4&)K! K92*$(2'! ,1-! &$5#! 5)15'(*9,2! %)9&5'%A! >%! ,! &'%()1%'! *)! &'%)9&5'! %5,&5$*/! ,1-! '&)-$1G! (&)4$*%:!
6$&592,&! Q5)1)K/! (&)<$-'%! ,1! ,**&,5*$<'! &'%()1%'! *)! ,! G2).,2! '5)1)K$5! 5&$%$%:! .9*! K,1,G'%! *)!2',<'!
.'#$1-!%)K'!$K()&*,1*!$%%9'%!=%95#!,%!*#'!%)5$,2!-$K'1%$)1!)4!%9%*,$1,.$2$*/@A!
01!%#)&*:! 6$&592,&!Q5)1)K/! )44'&%! ,1!$1*'G&,*'-!4&,K'+)&I!*)!49%'! *#'! *&$(2'! .)**)K!2$1'%! ,1-! G$<'%!,!
%'5)1-!+$1-!*)!9%'492!%9%*,$1,.$2$*/!5)15'(*%!,%!+'22!,%!(&)<$-$1G!,!%*&)1G!.9%$1'%%!<$%$)1!'1-)&%'-!./!
'F'K(2,&/!*#)9G#*M2',-'&%A!T#'*#'&!$*!$%!&).9%*!'1)9G#!*)!%*,1-!*#'!*'%*!)4!K92*$M2'<'2!$K(2'K'1*,*$)1:!
K,1,G'%!*)!$1*'G&,*'!K$%%$1G!-$K'1%$)1%:!$%!,.2'!*)!(&)('&2/!K',%9&'!$*%!)+1!(&)G&'%%:!'1&$5#'%!59&&'1*!
,1-!49*9&'!%9%*,$1,.$2$*/!-'.,*'!,&'!,22!N9'%*$)1%!*#,*!59&&'1*2/!,+,$*!,1!,1%+'&A!
!
!'
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
Table&of#contents'
J!%$(#TIU+(%T$'"$I'"'B%#F('FV2(+D'TB'(D2'+%#+U<"#'2+T$TOC'ET#(#"%('KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'J!
L!+%#+U<"#'2+T$TOC'"FFT+%"(2I'V2C'+T$+2E(F'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'W!
CAE!;R;">0c>b7Q!YQXQ7h8OQc"!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!V!
CAC!Q6h7h?06>7!"3>c;0"0hc!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`!
CAV!?3QQc!Q6hchOg!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!\!
CAd!BRc6"0hc>7!Q6hchOg!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!]!
CA`!70BQ!6g67Q!"W0cm0c?!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!ED!
CA\!63>Y7QM"hM63>Y7Q!"W0cm0c?!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!EC!
CA]!;W>3QY!X>7RQ!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Ed!
CAa!0cYR;"30>7!Q6h7h?g!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!E]!
CAZ!Qo"QcYQY!83hYR6Q3!3Q;8hc;0b070"g!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Ea!
CAED!Q6hYQ;0?c!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!EZ!
CAEE!6hc6Q8";!"0OQ70cQ!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!CE!
W!!D"('%F?'T#'!D"('FDTU<I'X2?'+%#+U<"#'2+T$TOCY'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'LZ!
VAE!YQB0c0"0hc;!hB!6036R7>3!Q6hchOg!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!C]!
3.1.1!The!Ellen!MacArthur!Foundation!...........................................................................................................!27!
3.1.2!Other!definitions!....................................................................................................................................!29!
3.1.3!Circular!Economy!Principles!...................................................................................................................!33!
3.1.4!Discussion!and!key!takeaways!...............................................................................................................!36!
VAC!0O87QOQc"0c?!6036R7>3!Q6hchOg!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!V]!
3.2.1!Implementation!at!region!or!country!scale!............................................................................................!37!
3.2.2!Circular!Economy!in!various!legislations!................................................................................................!40!
3.2.3!Circular!Economy!in!China!.....................................................................................................................!40!
3.2.4!Implementing!Circular!Economy!at!company!scale:!new!business!models!............................................!42!
3.2.5!Barriers!to!Circular!Economy!implementation!.......................................................................................!45!
3.2.6!Measuring!circularity!.............................................................................................................................!46!
3.2.7!Discussion!and!key!takeaways!...............................................................................................................!52!
[!ETF%(%T$%$&'"$I'O"EE%$&'(D2'+T$+2E(F'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'\[!
dAE!OQ"WhYh7h?g!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`d!
dAC!;6h8Q!XQ3;R;!6hc63Q"QcQ;;!O>880c?!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`d!
dAV!QOB!6036R7>30"g!"W0cm0c?!O>880c?!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`a!
dAd!mQg!">mQ>T>g;!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!\D!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!F$$$!
!
dA`!6>XQ>";!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!\V!
\!+T$+<UF%T$F'"$I'E2#FE2+(%R2F'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'][!
]!#2B2#2$+2F'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK']\!
"EE2$I%^'"A'FC$(D2(%_2I'+%#+U<"#'2+T$TOC'"FFT+%"(2I'V2C'+T$+2E(F'KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK'ZJ!
'
'
List!of#tables!
",.2'!CMEe!0229%*&,*$<'!b9%$1'%%!,1-!;)5$,2!3'%92*%!./!7'<'2!)4!;#,&'-!X,29'A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!E`!
",.2'!CMCe!6$&592,&!Q5)1)K/!5)15'(*9,2!*$K'2$1'A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!CE!
",.2'!VMEe!h<'&<$'+!)4!).%*,52'%:!1$5#'!%*'(%!,1-!K,$1%*&',K$1G!%*'(%!4)&!,!5$&592,&!'5)1)K/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Va!
",.2'!dMEe!6$&592,&$*/!*#$1I$1G!K,(($1G!.,%'-!)1!*#'!($22,&%!91-'&2/$1G!*#'!Q22'1!O,5>&*#9&!B)91-,*$)1!-'4$1$*$)1A
!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`a!
!
List%of!figures'
B$G9&'!CMEe!;9%*,$1,.2'!-'<'2)(K'1*!,55)&-$1G!*)!j,5).%!,1-!;,-2'&A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d!
B$G9&'!CMCe!;9%*,$1,.2'!-'<'2)(K'1*!,55)&-$1G!*)!8,%%'*A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d!
B$G9&'!CMVe!;9%*,$1,.2'!-'<'2)(K'1*!,55)&-$1G!*)!?'1-&)1A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`!
B$G9&'!CMde!"#'!b9%$1'%%!O)-'2%!)4!8'&4)&K,15'!)&!B915*$)1,2!Q5)1)K/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!a!
B$G9&'!CM`e!?&,(#$5!(&'%'1*,*$)1!)4!K'*&$5%A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Z!
B$G9&'!CM\e!"#'!8'&4)&K,15'!Q5)1)K/p%!%9%*,$1,.$2$*/!*&$,1G2'A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Z!
B$G9&'!CM]e!7$4'!5/52'!%*,G'%A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!ED!
B$G9&'!CMae!Q5)M'44'5*$<'1'%%!%*&$<'%!*)!G'1'&,*'!,1!'1*$&'2/!=EDDq@!.'1'4$5$,2!$K(,5*!9()1!'5)2)G$5,2!%/%*'K%A!AAAA!EV!
B$G9&'!CMZe!O,*'&$,2!42)+%!$1!*#'!5)1*'F*!)4!,1!01*'22$G'1*!O,*'&$,2%!8))2$1G!5)KK91$*/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Ed!
B$G9&'!CMEDe!01*'G&,*$1G!;#,&'-!X,29'!;*&,*'G/!,1-!O',%9&'K'1*A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!E\!
B$G9&'!CMEEe!"#'!`!&'$14)&5$1G!$1G&'-$'1*%!)4!;#,&'-!X,29'!$11)<,*$)1A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!E]!
B$G9&'!CMECe!O)-'2%!4)&!QF*'1-'-!8&)-95'&!3'%()1%$.$2$*/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!Ea!
B$G9&'!CMEVe!Q5)-'%$G1!%5)('A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!CD!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
B$G9&'!VMEe!"#'!6$&592,&!Q5)1)K/!-$,G&,KA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!CZ!
B$G9&'!VMCe!6$&592,&!Q5)1)K/!-$,G&,KA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!VD!
B$G9&'!VMVe!6$&592,&!Q5)1)K/!-$,G&,KA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!VE!
B$G9&'!VMde!W)+!5,1!+'!K,I'!)9&!'5)1)K/!5$&592,&!,1-!&'%)9&5'!'44$5$'1*r!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!VC!
B$G9&'!VM`e!;)9&5'%!)4!<,29'!5&',*$)1!4)&!*#'!6$&592,&!Q5)1)K/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!V`!
B$G9&'!VM\e!>&',%!)4!<,29'!5&',*$)1!$1!*#'!5$&592,&!'5)1)K/A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!V\!
B$G9&'!VM]e!"#'!`!5$&592,&!.9%$1'%%!K)-'2%A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!dd!
B$G9&'!VMae!6$&592,&!Q5)1)K/p%!ED!-$%&9(*$<'!*'5#1)2)G$'%A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d`!
B$G9&'!VMZe!;*,I'#)2-'&!('&5'(*$)1!)4!'F$%*$1G!$1-$5,*)&%A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d\!
B$G9&'!VMEDe!O60!$1(9*!,1-!)9*(9*!K)-'2A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d]!
B$G9&'!VMEEe!Y'K,&5,*$)1!.'*+''1!'F$%*$1G!$1-$5,*)&%!,1-!*#)%'!*)!.'!-'4$1'-A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!d]!
B$G9&'!VMECe!6)K(,1/!2'<'2!$1-$5,*)&%!5)K(9*,*$)1A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!da!
B$G9&'!VMEVe!6$&592,&$*/!$1-$5,*)&%!K,*'&$,2%!42)+!-$,G&,K!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!dZ!
B$G9&'!VMEde!O,*'&$,2%!4,5*)&%!$1!,!5$&592,&$*/!4&,K'+)&IA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`D!
B$G9&'!VME`e!8&)-95*%!52,%%$4$5,*$)1!$1!,!5$&592,&$*/!,%%'%%K'1*!4&,K'+)&IA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`E!
B$G9&'!VME\e!;/%*'K!2'<'2!$1-$5,*)&!)<'&<$'+A!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`C!
B$G9&'!dMEe!;5)('!<'&%9%!5)15&'*'1'%%!K,(($1GA!AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!`\!
!
!'
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!F<!
!
Abbreviations,and,acronyms'
>YQOQ!
>G'15'!-'!2J'1<$&)11'K'1*!'*!-'!2,!K,s*&$%'!-'!2JP1'&G$'!=B&,15'@!
b)O!
6Q!
b$22!)4!O,*'&$,2%!
6$&592,&!Q5)1)K/!
6C6!
6&,-2'M*)M5&,-2'!
6;3!
6)&()&,*'!;)5$,2!3'%()1%$.$2$*/!
688!
Y4Q!
QYYQ6!
QQ>!
QOB!
Q83!
Q3Q8!
Q;?!
QR!
?Y36!
?Y8!
?30!
0;0Q!
066Q!
08>?!
0"!
76>!
6)1%9K'&!8,/%!8&$15$(2'!
Y'%$G1!4)&!*#'!'1<$&)1K'1*!
Q1<$&)11'K'1*:!-P<'2)(('K'1*!-9&,.2'!'*!P5)1)K$'!5$&592,$&'!
Q9&)(',1!Q1<$&)1K'1*!>G'15/!!
Q22'1!O,5>&*#9&!B)91-,*$)1!
QF*'1-'-!8&)-95'&!3'%()1%$.$2$*/!
Q9&)(',1!3'%)9&5'!Q44$5$'15/!82,*4)&K!
Q1<$&)1K'1*,2:!%)5$,2!,1-!G)<'&1,15'!
Q9&)(',1!R1$)1!
"#'!?2).,2!Y'<'2)(K'1*!3'%',&5#!6'1*'&!
?&)%%!Y)K'%*$5!8&)-95*!
?2).,2!3'()&*$1G!01$*$,*$<'!
01*'&1,*$)1,2!;)5$'*/!4)&!01-9%*&$,2!Q5)2)G/!
0K(2'K'1*,*$)1!6'1*&'!4)&!6$&592,&!Q5)1)K/!
01%*$*9*!-'!(&P(,&,*$)1!^!2J,-K$1$%*&,*$)1!'*!^!2,!G'%*$)1!
014)&K,*$)1!"'5#1)2)G$'%!!
7$4'!6/52'!>%%'%%K'1*!
76O!
7$4'!6/52'!O,1,G'K'1*!
76"!
O60!
OcQ!
cY36!
hQ6Y!
hQO!
htO!
8;;!
;68!
;Q8>!
;Q">6!
;Y!
"ch!
"""!
Rc!
RcQ8!
RcQ8M;Q">6!
7$4'!6/52'!"#$1I$1G!
O,*'&$,2!6$&592,&$*/!01-$5,*)&!
O92*$1,*$)1,2!'1*'&(&$%'%!
c,*$)1,2!Y'<'2)(K'1*!,1-!3'4)&K!6)KK$%%$)1!
h&G,1$%,*$)1!4)&!Q5)1)K$5!6)M)('&,*$)1!,1-!Y'<'2)(K'1*!
h&$G$1,2!QN9$(K'1*!O,194,5*9&'&!
h('&,*$)1%!t!O,$1*'1,15'!
8&)-95*M%'&<$5'!%/%*'K!
;9%*,$1,.2'!6)1%9K(*$)1!,1-!8&)-95*$)1!
;*,*'!Q1<$&)1K'1*,2!8&)*'5*$)1!>G'15/!
;)5$'*/!4)&!Q1<$&)1K'1*,2!")F$5)2)G/!,1-!6#'K$%*&/!
;9%*,$1,.2'!-'<'2)(K'1*!
"#'!c'*#'&2,1-%!h&G,1$%,*$)1!4)&!>((2$'-!;5$'1*$4$5!3'%',&5#!
"&,1%$*$)1!")+1!")*1'%!
R1$*'-!c,*$)1%!
R1$*'-!c,*$)1%!Q1<$&)1K'1*!8&)G&,KK'!
R1$*'-!c,*$)1%!Q1<$&)1K'1*!8&)G&,KK'!,1-!;)5$'*/!)4!Q1<$&)1K'1*,2!")F$5)2)G/!,1-!6#'K$%*&/!
i603>0?!
B$1,2!3'()&*!
!
! !
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
T6QY!
T3>8!
!
T)&2-!6)KK$%%$)1!)1!'1<$&)1K'1*!,1-!-'<'2)(K'1*!
T,%*'!,1-!3'%)9&5'%!>5*$)1!8&)G&,K!
!
!
!
!
!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!E!
!
J Introduction!and$a$first$sketch$of!the$Circular$Economy$portrait$'
"#'!G2).,2!&'%)9&5'%! 5&$%$%!*#,*!+$22!.'!9()1!9%! $1! *#'! 5)K$1G!-'5,-'%!#,%!.''1!,K(2/!-'K)1%*&,*'-:!
-)59K'1*'-!,1-!-'5&$'-A!B&)K! 2,&G'! 5)1%92*,15/! 4$&K%:! *)! G)<'&1K'1*%:! *)! c?h%:!*#$%!%9.L'5*:!,2)1G!
+$*#!52$K,*'!5#,1G':!*#'!(2',!4)&!&'1'+,.2'!'1'&G/!(&)-95*$)1!,1-!52$K,*'!5#,1G'!#,%!G'1'&,*'-!K95#!
2$*'&,*9&'A! O92*$1,*$)1,2! '1*'&(&$%'%! =OcQ%@:! K)&'! *#,1! K)%*:! ,&'! 'F('&$'15$1G! G&)+$1G! *'1%$)1%:!
&'%)9&5'%! -'(2'*$)1:! K)91*$1G! 5)KK)-$*$'%! (&$5'%! ,1-! G'1'&,2! %9((2/! $1%*,.$2$*/:! +#'*#'&! $1! *#'!
'1<$&)1K'1*,2!)&!%)5$,2!-$K'1%$)1%A!!
"#'&'!$%!,!-$&'5*!&'2,*$)1%#$(!.'*+''1!G2).,2!G&)%%!-)K'%*$5!(&)-95*!=?Y8@!,1-!&'%)9&5'%!5)1%9K(*$)1!
=m&,9%K,11!et! al.:! CDDZ@!K,&I$1G!,!5)9(2$1G!)4!'5)1)K$5!-'<'2)(K'1*!,1-! &'%)9&5'%!%5,&5$*/A!0*! #,%!
.''1!'%*$K,*'-!*#,*!*#'!+)&2-!()(92,*$)1!9%'%!EA`!*$K'%!*#'!(2,1'*J%!&'%)9&5'%!/',&2/!=?2).,2!B))*(&$1*!
c'*+)&I:!CDE`@!,1-!'<'&/*#$1G!()$1*%!*)+,&-%!,1!,55'2'&,*$)1!)4!*#$%!*&'1-:!,%!*#'!G2).,2!K$--2'!52,%%'%!
'F(,1-!=B9&1'%%!et!al.:!CDEC@A!>(,&*!4&)K!&'5/52$1G!'44)&*%:!K)%*!$1-9%*&$'%!,1-!%)5$'*/J%!modus!operandi!
$%! G'1'&,22/! %*$22! .,%'-! )1! ,! 2$1',&! k*,I'MK,I'M+,%*'J!K)-'2A! "#$%! %$*9,*$)1! (,$1*%! ,! ($5*9&'! $1! +#$5#!
'5)1)K$5!G&)+*#!.,%'-!)1!5)1*$19'-!,1-!91,.,*'-!&'%)9&5'%!'F*&,5*$)1!,1-!9%':!(,$&'-!+$*#!-'52$1$1G!
$11)<,*$)1!-$%&9(*$)1%:!$%!-))K'-!*)!4,$2A!!
"#'!(&'<$)9%!()&*&,$*!$%!G'1'&,22/!*#'! )1'!(9*!4)&+,&-!$1! K)%*!6$&592,&!Q5)1)K/!2$*'&,*9&':!$1!)&-'&! *)!
()%$*$)1! *#'! -'.,*'! ,&)91-! ,! 1''-! *)! *&,1%$*$)1! *)+,&-%! ,1! '5)1)K/! *#,*! +$22! -'5)9(2'! '5)1)K$5!
G&)+*#!4&)K!&'%)9&5'%!-'(2'*$)1A!8&)()%$1G!%)29*$)1%!.,%'-!)1!*#$%!(&'K$%'! $%!1)*#$1G!1'+! ,1-!$%!*#'!
5)&'!)4!*#'!O,&&,I'5#!8&)5'%%:!+#$5#!'15,(%92,*'%!*#'!$-',!)4!;9%*,$1,.2'!6)1%9K(*$)1!,1-!8&)-95*$)1!
=;68@! =RcQ8:!CDEE,@A! 0*%! )&$G$1! 5,1! .'! *&,5'-! .,5I! *)! *#'! h%2)! ;/K()%$9K! =EZZd@! +#'1! ,! +)&I$1G!
-'4$1$*$)1!)4!;68!+,%!(&)()%'-!,%!.'$1Ge!!
“the! use! of! goods! and! services! that! respond! to! basic! needs! and! bring! a! better! quality! of! life,!
while! minimising! the! use! of! natural!resources,! toxic! materials! and! emissions! of! waste! and!
pollutants!over!the!life!cycle,!so!as!not!to!jeopardise!the!needs!of!future!generations”!=c)&+'G$,1!
O$1$%*&/!4)&!*#'!Q1<$&)1K'1*:!EZZd@A!!
g'*:!(&)()1'1*%!)4!6$&592,&!Q5)1)K/!()%$*$)1!$*!,%!u,!+#)2'!1'+!+,/!)4!2))I$1G!,*!*#'!+)&2-:!,!()2$*$5,2!
(&)L'5*!*#,*! 5,1!2))I!,*!*#'! +,/!+'!K,194,5*9&':!(&)-95'!,1-! 5)1%9K'!*#$1G%v!="#'!B)&9K!)4!g)91G!
?2).,2! 2',-'&%! CDE`@! )&! ,%! ,! u5#,22'1G'&v! *)! 2$1',&! '5)1)K/:! ,! +,/! *)! u.&',I! *#'! <$5$)9%! 5/52'v!
=b9**'&+)&*#!et! al.:! CDEd@!,1-! *)! u5&',*'! ,! &'G'1'&,*$<':! %'24M)&G,1$%$1G! ,1-! %9%*,$1,.2'! K,&I'*!
'5)1)K/v!*#,*!+)92-!,44)&-!u,1!'F5$*$1G!1'+!+,/!*)! 5&',*'!<,29'!4)&!*#'!4$&K:! ./!5#,22'1G$1G!'F$%*$1G!
$1-9%*&$,2!(,&,-$GK%M!*)+,&-%!,!1'+!%*&,*'G$5!-$&'5*$)1! *#,*J%!&'2'<,1*!4)&!)9&!5#,1G$1G! +)&2-v!=3,I%$*:!
CDEd:!(AV@!.,%'-!)1!*#'!u+$-'%(&',-!,-)(*$)1v!)4!u-$%&9(*$<'!*'5#1)2)G$'%!*#,*!,22)+!K,%%$<'!5#,1G'v!
=>55'1*9&':!CDEd@A!O)%*!,2%)!,G&''!*#,*!6$&592,&!Q5)1)K/!uK)<'%!*#'!-'.,*'!,+,/!4&)K!'44$5$'15/!M!,1-!
)1!*)!&'%)9&5':!2,.)9&!,1-!5,($*,2!'44'5*$<'1'%%v!=b9**'&+)&*#!et!al.:!CDEd@A!!
"#'!,**&,5*$)1!K)%*2/!2,/%!$1!*#'!(&)K$%':!)&!#)(':!)4!,1!$1*'G&,*'-!4&,K'+)&I!*#,*!49%'%!,1-!&'5)15$2'%!
<,&$)9%!5)15'(*%A!"#'!K,$1!,**&,5*$)1%!4)&!.9%$1'%%!,&'!*#'!N9,1*$4$'-!%,<$1G%!,1-!<,&$)9%!(,/.,5I%l!*#'!
4,5*! *#,*! 5)1%9K'&%! =,*! 2',%*:! $1! 5'&*,$1! $1-9%*&$,2$H'-! 5)91*&$'%@! ,&'! 5#,1G$1G! ,1-! .'5)K$1G! u9%'&%v!
+#)!,&'!2'%%!$1*'&'%*'-!$1!)+1$1G!.9*!&,*#'&!$1!'F('&$'15$1G!*#'!%'&<$5'!,%%)5$,*'-!+$*#! ,1!).L'5*l!*#'!
'K'&G'15'! )4! 1'+! $11)<,*$)1! K)-'2%! ,1-! %)M5,22'-! .&',I*#&)9G#! *'5#1)2)G$'%:! ,.2'! *)! &'<)29*$)1$H'!
.9%$1'%%l!,1-!2,%*!.9*!1)*!2',%*:!*#'!,((',2!)4!&'5)15$2$1G!*)G'*#'&!'1<$&)1K'1*,2!,1-!'5)1)K$5!*#')&/!
*#&)9G#!,!91$4$'-!5)15'(*!*#,*!+)92-!5)1*,$1!<'&/!4'+!*&,-'M)44%!=3,I%$*:!CDEd@A!
01! %($*'! )4! *#'! 1'+! ,1-! G&)+$1G! '1*#9%$,%K! *#,*!59&&'1*2/! %9&&)91-%! 6$&592,&! Q5)1)K/J%! )%*'1%$<'!
&'<)29*$)1,&/!()*'1*$,2%:!$*!$%!G'1'&,22/!,G&''-!9()1!*#,*!*#'!$-',J%!5)15'(*9,2!$1%($&,*$)1%!,1-!(&'5'(*%!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
#,<'!.''1!,&)91-!4)&!%'<'&,2!-'5,-'%A!>%!&'5'1*!'1<$&)1K'1*,2!#$%*)&/!&'<',2%!=3'11'&:!EZd]l!B$%5#'&M
m)+,2%I$:! CDDC@:! '5)%/%*'K%J! &'G'1'&,*$<'! 5,(,5$*/! =)&! 2)+! '1*&)(/@! #,%! %'&<'-! ,%! ,! K'*,(#)&! 4)&! ,!
<$,.2'!'5)1)K/!%$15'!,*!2',%*!*#'!EZdD%:!+#'1!*#'!*'&K!k$1-9%*&$,2!%/K.$)%$%J!+,%!5)$1'-A!B&)K!%95#!,!
#$%*)&$5,2!%*,15':! 1)*#$1G! $%! 1'+! *)! 6$&592,&!Q5)1)K/J%! 52,$K:! ./! +#$5#! +,%*'%! ,&'! &'%)9&5'%:!)&!4))-A!
;$K$2,&2/:!*#'! 5)15'(*%!)4! k2$4'!5/52'! ,%%'%%K'1*J! ,1-! k5&,-2'M*)M5&,-2'J! .)*#! .'G,1! 91-'&%5)&$1G!$1!*#'!
EZ]D%! *#'! 5&$*$5,2! 5#,&,5*'&! )4! K,*'&$,2%! ,1-! &'%)9&5'%! 5$&592,&$*/! *)! %9%*,$1,.2'! (&)-95*$)1! ,1-!
5)1%9K(*$)1A! g'*:! +#'1! 5),9*#)&%! Y,<$-! TA! 8',&5'! ,1-! 3A! m'&&/! "9&1'&! 2,*'&! 5)$1'-! *#'! $-',! )4! ,!
6$&592,&!Q5)1)K/!=$1!EZZD@!*#&)9G#! *#'$&!1)+!4,K)9%! +)&I!uQ5)1)K$5%! )4! c,*9&,2!3'%)9&5'%! ,1-! *#'!
Q1<$&)1K'1*v:! *#'/! 1'$*#'&! &'4'&&'-! *)! k2$4'! 5/52'! ,%%'%%K'1*J! )&! k5&,-2'M*)M5&,-2'JA! O)&')<'&! %*$22:! $*!
,((',&%! ,%! *#)9G#! *#'! $-',! )4! 6$&592,&! Q5)1)K/! 2,&G'2/! &'K,$1'-! 911)*$5'-! ./! *#'! .9%$1'%%! ,1-!
K,1,G'K'1*!+)&2-!91*$2!&)9G#2/!CDED:!+$*#! *#'!.$&*#!)4! *#'!Q22'1!O,5>&*#9&!B)91-,*$)1A!01-''-:!*#'!
$1#'&'1*2/!-'%5&$(*$<'!,1-!-$%5$(2$1,&/!(&)L'5*!91-'&2/$1G!*#'!)&$G$1,2!-'4$1$*$)1!)4!6$&592,&!Q5)1)K/!./!
8',&5'! ,1-! "9&1'&!=EZZD@! w! +#$5#! +,%! 'F(2$5$*2/! $1*'1-'-! *)! 4$*! +$*#$1! *#'! 5)14$1'%! )4! 1')52,%%$5,2!
'5)1)K$5%!w!#,-!2$**2'!$1!5)KK)1!+$*#!*)-,/J%!K92*$-$%5$(2$1,&/:!<$.&,1*:!,1-!,((,&'1*2/!*&,1%4)&K,*$<'!
,((&)(&$,*$)1%!)4!*#'!1)*$)1A!
h12/!./! %'**$1G! *)-,/J%! 5)15'(*$)1!)4! 6$&592,&! Q5)1)K/! ,G,$1%*! %95#! ,! #$%*)&$5,2! .,5IG&)91-! K,/! +'!
.'G$1!*)!,1%+'&! *#'%'!N9'%*$)1%:!,%! +'22!,%!*)!&$G)&)9%2/!%$*9,*'!*#'!19K'&)9%!5)15'(*%!$1!&'2,*$)1!*)!
)1'!,1)*#'&A!6)15'$<$1G!)4!6$&592,&!Q5)1)K/!,%!.)*#!,!#$%*)&$5,2!,1-!,!%)5$,2!5)1%*&95*!#'15'!,22)+%!9%!
*)!('&5'$<'!*#,*!*#'!1)*$)1!w!+$*#!$*%!K',1$1G!,1-!5)1%*$*9'1*%!w! $%!4,&!4&)K!.'$1G! ,! %*,*$5! *#')&'*$5,2!
$-',A!>%!,!%)5$,2!5)1%*&95*:!$*!$%!=,1-!#,%!.''1@!$1!5)1%*,1*!*&,1%$*$)1!,1-!1'G)*$,*$)1!*#&)9G#!*$K':!+$*#!
$*%!K',1$1G! .'$1G!(,&*2/! *&,1%4)&K'-:!&'1'+'-! )&! 4&)H'1! ,%! *&9':!91-'&!*#'!$1429'15'!)4!%)5$,2!,5*)&%!
,1-! 5#,1G$1G! %)5$)M'5)1)K$5! 5)1-$*$)1%A! 6)1<'&%'2/:! *#'! 5)15'(*! )4! 6$&592,&! Q5)1)K/! $%! $1429'15$1G!
%)5$,2!,5*)&%:!,1-!*&,1%4)&K$1G!)&!&'(&)-95$1G!-$44'&'1*!(,&*%!)4!*#'!+)&2-!.'4)&'!)9&!'/'%A!
",I$1G!,5*!)4!*#$%!#$%*)&$5,22/!,1-!%)5$,22/!5)1%*&95*'-!=,1-!#'15'!*&,1%$*$)1$1G@!5#,&,5*'&!)4!*#'!5)15'(*:!
*#'! (&'%'1*! &'()&*! ,$K%! ,*! 91-'&%*,1-$1G! #)+! *)-,/J%! K)%*! .&),-2/! ,55'(*'-! -'4$1$*$)1%! )4! 6$&592,&!
Q5)1)K/! '$*#'&! 5)1*&$.9*'! *)! '1&$5#$1G! )&! *)!$K()<'&$%#$1G!*#'! K92*$(2'! )*#'&! 5)15'(*%!+#$5#!$*! #,%!
5)K'!*)!G,*#'&!,1-!$1*'G&,*'!)<'&!*$K':!)&!4&)K!+#$5#!$*!#,%!#$%*)&$5,22/!%*'KK'-A!>%!%95#:!%)K'!2$K$*%!
)4! *#'! *&,L'5*)&/! 59&&'1*2/! .'$1G! *,I'1! K,/! .'! 4)&'%''1! ,%! 2)%%'%! $1! 5)15'(*9,2! N9,2$*/! ,1-! ,1,2/*$5!
5)K(2'F$*/:!+#$5#!$1!*9&1!5)92-!&'%92*!$1!1'+!)&!&'(',*'-!4)&K%!)4!%)5$,2!)&!'1<$&)1K'1*,2!#,&KA!
>G,$1%*!%95#!,!.,5I-&)(:!#)+!K,/!+'!91-'&%*,1-!6$&592,&!Q5)1)K/J%!&'5'1*!&'<$<,2!,1-!()(92,&$*/!&$%'!
,%! ,1! )<'&,&5#$1G:! ,22M'15)K(,%%$1G! 5)15'(*r! T#,*! 'F*'&1,2! 5$&59K%*,15'%! )&! 4)&'%'',.2'!
5)1*$1G'15$'%!#,<'!5)1<'&G'-!%)!,%!*)!,22)+!4)&!*#'!1)*$)1!*)!.'!5)1%*&95*'-!,%!,!5&'-$.2':!&).9%*!,1-!
)('&,*$)1,2! *&,1%$*$)1! (,*#+,/! *)! %9%*,$1,.$2$*/r! >1-! +#/! 1)+:! K)&'! *#,1! '<'&! .'4)&'r! T#$2'! *#'%'!
N9'%*$)1%!.'G!,1!,1%+'&:!*#'!$%%9'%!,--&'%%'-!$1!*#$%!&'()&*!,&'e!
>! G'1'&,2! ()&*&,$*! )4! *#'! ,%%)5$,*'-! I'/! 5)15'(*%! *#,*! 91-'&2$'!6$&592,&! Q5)1)K/:! $1529-$1G! ,!
5)15'(*9,2!*$K'2$1'!!
T#,*!$%! =)&!%#)92-!.'@!6$&592,&!Q5)1)K/:!$1529-$1G!-'4$1$*$)1%:!(&$15$(2'%:!$K(2'K'1*,*$)1!,1-!
.,&&$'&%!
8)%$*$)1$1G! ,1-! K,(($1G!)4! 6$&592,&! Q5)1)K/! ,55)&-$1G! *)! %5)('! ,1-! 5)15&'*'1'%%:!
%9%*,$1,.$2$*/!,((&),5#!,1-!5$&592,&$*/!*#$1I$1G!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!V!
!
L Circular(Economy(associated(key(concepts'
"#$%! %'5*$)1! +$22! 'F(2)&'! I'/! 5)15'(*%! *#,*! ,&'! &'2,*'-! *)! 6$&592,&! Q5)1)K/! =#'&',4*'&!1,K'-! 6Q@A! 01!
K)%*! 5,%'%:! *#'%'! 5)15'(*%! (&'-,*'! 6Q:! ,%! +$22! .'! %#)+1! $1! *#'! *$K'2$1':! $1! %'5*$)1! CAEEA! T#'1'<'&!
()%%$.2':!*#'!4)22)+$1G!,%('5*%!+$22!.'!-$%59%%'-!4)&!',5#!5)15'(*e!
m'/!,9*#)&%!=,1-U)&!%5#))2%!)4!*#)9G#*!*#,*!5)1*&$.9*'-!*)!*#'!5)15'(*J%!'K'&G'15'@! !
Y'4$1$*$)1!=K)%*!,55'(*'-!-'4$1$*$)1%!,1-!,2*'&1,*'!-'4$1$*$)1%!+#'1!,((&)(&$,*'@!
?),2!=G'1'&,2!,$K!)4!*#'!5)15'(*@!
>((2$5,*$)1! =%5,2':! %'5*)&:! +#'*#'&! *#'! 5)15'(*! ,((2$'%! *)! (&)-95*$)1! (&)5'%%'%:! '1-M)4M2$4'!
K,1,G'K'1*:!'*5A@!
"))2%!!
h*#'&! I'/! -$%*$15*$<'! '2'K'1*%! -$%59%%'-! $1! *#'! 2$*'&,*9&'! &'<$'+! +$22! .'! $1529-'-! $1! *#'! -$%59%%$)1A!
"#&)9G#)9*:!*#'!G),2!$%!*)!'<'1*9,22/!.'!,.2'!*)!5&',*'!2$1I%!.'*+''1!*#'!-$44'&'1*!5)15'(*%:!,1-!.'!,.2'!
*)!&'(&'%'1*!*#'K!$1!&'2,*$)1!*)!6Q!$1!,!<$%9,2!-$,G&,KA!"#'!5)15'(*%!,&'!*&',*'-!$1!-'%5'1-$1G!)&-'&!)4!
)('&,*$)1,2$H,*$)1!%5)(':! K',1$1G! 4&)K! <,%*2/! '15)K(,%%$1G! *)! %('5$4$5! ,1-! *,5*$5A!>! 5)15'(*9,2!
*$K'2$1'!$%!(&'%'1*'-!,*!%'5*$)1!CAEEA!
LKJ F/@;1,41N0*'I*M*0395*4;''
;9%*,$1,.2'!-'<'2)(K'1*!=;Y@!$%! ,! ()2/%'K$5! 5)15'(*!*#,*! %*,&*'-! *)!.'!$1*'&1,*$)1,22/! (&)(,G,*'-! $1!
EZa]:! ,4*'&! *#'! (9.2$5,*$)1! )4!?&)! W,&2'K! b&91-*2,1-J%! 3'()&*! 4)&!*#'! T)&2-! 6)KK$%%$)1! )1!
Q1<$&)1K'1*! ,1-! Y'<'2)(K'1*!=T6QY@:! Our! Common! FutureA! 0*%! +'22MI1)+1! -'4$1$*$)1! ,2%)! 5)1*,$1%!
*+)!I'/!5)15'(*%:!+#$5#!,&'!)4*'1!1)*!,**,5#'-!*)!*#'!5)&'!-'4$1$*$)1A!"#'%'!&'4'&!*)!1''-%:!%('5$4$5,22/!
u*#'!'%%'1*$,2!1''-%!)4!*#'!+)&2-p%!())&:!*)!+#$5#!)<'&&$-$1G!(&$)&$*/!%#)92-!.'!G$<'1vA!0*!,2%)!.&),5#'%!
*#'!$-',!)4!2$K$*,*$)1%!u$K()%'-!./!*#'!%*,*'!)4!*'5#1)2)G/!,1-!%)5$,2!)&G,1$H,*$)1!)1!*#'!'1<$&)1K'1*p%!
,.$2$*/!*)!K''*!(&'%'1*!,1-!49*9&'!1''-%v=T6QY:!EZa]@A!
Q<'1!*#)9G#!EZa]!K,&I%!*#'!'K'&G'15'!)4!;Y:!$*!%#)92-!.'!1)*'-!*#,*!$*!$%!(&'5'-'-!./!,*!2',%*!E`!/',&%!
)4! $1*'&1,*$)1,2! '44)&*%! *)! .&$1G! 4)&*#! ,! 5'&*,$1! 4)&K! )4! %9%*,$1,.2'! (&)-95*$)1! ,1-! 5)1%9K(*$)1!
(,**'&1%A!01!EZ]C:!*+)!K,L)&!'<'1*%!5)1*&$.9*'-!*)!%#,('!*#'!EZa]!-'4$1$*$)1! )4!;Ye!*#'!(9.2$5,*$)1!)4!
*#'! &'()&*! *)! *#'! 629.! )4! 3)K'!u7$K$*%! *)! G&)+*#v!,1-! *#'! ;*)5I#)2K! 6)14'&'15'! ,1-! Y'52,&,*$)1:!
4)22)+'-! ./! *#'! T)&2-!6)1%'&<,*$)1!;*&,*'G/!$1!EZaDA!8)%*!b&91-*2,1-:!*#'!K,L)&!'<'1*%!*#,*!%#,('-!
%9%*,$1,.2'!-'<'2)(K'1*J%!(&)G&'%%!,1-! -$%%'K$1,*$)1!,&'!*#'!3$)!;9KK$*!=EZZC@:! +#$5#!G'1'&,*'-!$*%!
Y'52,&,*$)1:!>G'1-,!CE!,1-!I'/!$1*'&1,*$)1,2!5)1<'1*$)1%:!)1!52$K,*'!5#,1G'!,1-!)1!.$)2)G$5,2!-$<'&%$*/!
,1-!2,*'&:!)1!-'%'&*$4$5,*$)1A!"#'!j)#,11'%.9&G!;9KK$*!$1!CDDC!.&)9G#*!.,5I!*#'!%)5$,2!-$K'1%$)1!$1!*#'!
-'.,*'!,%!$*!+,%!1'G2'5*'-!$1!EZZCA!01!CDDV:!*#'!O,&&,I'5#! Y'52,&,*$)1!(&)()%'-!`!).L'5*$<'%l!*+)!)4!
*#'K! ,&'! *)! E@! -'5)9(2'! '5)1)K$5! G&)+*#! 4&)K! &'%)9&5'%! 5)1%9K(*$)1! ,1-! C@! *)! 5&',*'! ,! 5$&592,&!
'5)1)K/!=;*,#'2:! CDE`@A! 01! CDEC!*#'!3$)xCD!%9KK$*!(&'%%'-! 5)91*&$'%! *)! -'<'2)(! %9%*,$1,.$2$*/!
$1-$5,*)&%!,1-!(9*!4)&+,&-!*#'!5)15'(*!)4!G&''1!'5)1)K/A!!
"#'! *'&K! ;Y! $*%'24! %*,&*%! ,((',&$1G! $1! %5$'1*$4$5! (9.2$5,*$)1%! $1!*#'! . 'G$11$1G! )4! *#'! EZaD%A! ;$15'! *#'!
b&91-*2,1-! 3'()&*:! *#'!*'&K! #,%! (&)G&'%%$<'2/! '1*'&'-! *#'! .9%$1'%%!<)5,.92,&/!,1-!$*%!(&,5*$5'%A!"#'!
5)15'(*%! *#,*! %9(()&*! ;Y! G'1'&,22/! &'4'&! *)! *#'! *#&''! -$K'1%$)1%! )4! -'<'2)(K'1*! ='5)1)K$5! M!
'1<$&)1K'1*,2!M!%)5$,2@!,1-!2,*'&:!*)!*#'!*&$(2'!.)**)K!2$1':!,!5)15'(*!(9*!4)&*#!./!j)#1!Q2I$1G*)1!=EZZ]@A!!
8&$<,*'!5)K(,1$'%!+#)!5)1%$-'&!*#,*!*#'$&!&'%()1%$.$2$*$'%!'F*'1-!49&*#'&!*#,1!(&)4$*!5&',*$)1!)&!2'G,22/!
.$1-$1G! 5)1%*&,$1*%! ,-#'&'! *)! $1$*$,*$<'%! *#,*! 5,1! .'! .&),-2/! 5,*'G)&$H'-! ,%! 6)&()&,*'! ;)5$,2!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
3'%()1%$.$2$*/!=6;3@:!,2%)!,!+$-'!4$'2-!)4!I1)+2'-G'!,1-!(&,5*$5'A!;Y!,1-!6;3!#,<'!'1,.2'-!*#'!5&',*$)1!
)4!*#)9%,1-%! )4! '<,29,*$<'! )&!1)&K,*$<'!,((&),5#'%:! $1$*$,*$<'%!,1-! *))2%A! >%! 'F,K(2'%:!*#)9%,1-%!)4!
)&G,1$H,*$)1%!1)+!9%'!*#'!?2).,2!3'()&*$1G!01$*$,*$<'J%!=?30@!$1-$5,*)&%!,%!,!K',1%!*)!(&'%'1*!*#'$&!6;3!
&'()&*%:!',5#!/',&A!O,1/!2,&G'!('1%$)1!491-%!1)+!2))I!52)%'2/!,*!'1<$&)1K'1*,2:!%)5$,2!,1-!G)<'&1,15'!
=Q;?@! $1-'F'%! .'4)&'! $1<'%*$1GA! 6'&*$4$,.2'! )&! 1)*:!K,1/! (&)G&,K%!%95#! ,%!0;h! C\DDD! )&! ;>aDDD! #,<'!
(&)2$4'&,*'-!$1!*#'!2,%*!-'5,-'A!!
h1!*#'!%5$'1*$4$5!%$-':!,!(2'*#)&,!)4!,9*#)&%!#,<'!+&$**'1!'F*'1%$<'2/!,.)9*!;Y!%$15'!EZa]A!01!4,5*:!)<'&!
CDD! -'4$1$*$)1%! )4! ;Y! 'F$%*! =8',&5'!,1-! T,2&,*#:! CDDa@A! 0*! $%! *#'&'4)&'! K)&'! 9%'492! *)! -$%59%%! ;Y!
5)15'(*9,22/:!$1!)&-'&!*)!('G!$*%!K,$1!*'1'*%!,G,$1%*!*#)%'!91-'&2/$1G!6QA!!
"#'! 5)15'(*9,2$H,*$)1! )4! ;Y! 5,1!.'! &'(&'%'1*'-! 9%$1G! K)-'2%:! +#$5#! -'2$1',*'! *#'! 5)1%$-'&'-!
-$K'1%$)1%!,%!+'22!,%!*#'$&!$1*'&&'2,*$)1%A!
j,5).%!,1-!;,-2'&!=EZZD@:!,!K)-'2!$1!+#$5#!*#'!V!-$K'1%$)1%!,&'!'N9,2!
!
B,8/-*'LQJA'F/@;1,41N0*'G*M*0395*4;'1..3-G,48';3'`1.3N@'14G'F1G0*-K'
B&)Ke!j,5).%!,1-!;,-2'&!=EZZD@!
8,%%'*!=EZZ]@:!$1!+#$5#!*#'&'!,&'!d!-$K'1%$)1%!%9.)&-$1,*'-!*)!',5#!)*#'&!
!
B,8/-*'LQLA'F/@;1,41N0*'G*M*0395*4;'1..3-G,48';3'E1@@*;K'
B&)Ke!8,%%'*!=EZZ]@!
!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!`!
!
?'1-&)1!=CDD`@:!$1!+#$5#!`!-$K'1%$)1%!,&'!#$'&,&5#$H'-!
!
B,8/-*'LQWA'F/@;1,41N0*'G*M*0395*4;'1..3-G,48';3'&*4G-34K'
B&)Ke!?'1-&)1!=CDD`@!
LKL 2.3038,.10'(-14@,;,34'
"#'!5)&'!)4!*#'! uQ5)2)G$5,2!"&,1%$*$)1v! 5)15'(*! $%! u*&,1%$*$)1v:!$A'A! ,! *&,1%4)&K,*$)1!(&)5'%%!*)+,&-%!,!
K)&'!%9%*,$1,.2'!%)5$'*,2!K)-'2A!0*!5,1!*,I'!<,&$)9%!1,K'%!,55)&-$1G!*)!$*%!4)59%:!%95#!,%!u%9%*,$1,.$2$*/!
*&,1%$*$)1v:!u*&,1%$*$)1!*)+,&-%!,!2)+!5,&.)1!'5)1)K/v:!u%)5$)M'5)2)G$5,2!*&,1%$*$)1v:!'*5A!"#'!5)15'(*!$%!
59&&'1*2/!K,$12/!9%'-!$1!Q9&)('!,1-!$%!K92*$-$K'1%$)1,2e!$*!5,1!.'!,1!$K(2'K'1*,*$)1:!,!-$%5)9&%'!,1-!,!
*#')&'*$5,2!4$'2-!=>9-'*:!CDE`@e!
%590*5*4;1;,34A! $*! 5,1! *,I'! <,&$)9%! 4)&K%A! >! +'22MI1)+1! )1'! $%! *#'! u*&,1%$*$)1! *)+1%v!
K)<'K'1*:!$1$*$,*'-!./!3).!W)(I$1%!$1!*#'!CDDD%:!*#&)9G#!+#$5#!2)5,2!$1$*$,*$<'%!,$K! *)! .9$2-!
&'%$2$'1*!5)KK91$*$'%! +$*#! (&)L'5*%! )1! 2)5,2! '1'&G/! (&)-95*$)1:! 4))-! %/%*'K%:! *&,1%()&*,*$)1:!
'*5A! "#$%! $K(2'K'1*,*$)1! #,%! ,!%*&)1G! 4)59%! )1! 5$*$H'1! 'K()+'&K'1*! .9*! *#$%! $%! 1)*! per! se!,!
4',*9&'!)4!u'5)2)G$5,2!*&,1%$*$)1vA!Q5)M-'%$G1!4)&!$1%*,15'!5,1!,2%)!.'!%''1!,%!,1!$K(2'K'1*,*$)1!
)4!*#'!5)15'(*A!0*!5,1!,2%)!.'!,((2$'-!*#&)9G#!(9.2$5!()2$5$'%!*,&G'*$1G!'5)2)G$5,2!*,F!&'4)&K%:!
,K)1G%*!)*#'&!*#$1G%A!
I,@.3/-@*A!u*&,1%$*$)1v! $%! K)&'! ,1-! K)&'! (&'%'1*! $1! -$%5)9&%'%! 4&)K! ,! +$-'! &,1G'! )4!
%*,I'#)2-'&%!4&)K!*#'!5$<$2!%)5$'*/:!5)K(,1$'%! ,1-!G)<'&1K'1*%A!"#'!-$%5)9&%'!$%!<'&/!<,&$,.2'!
$*%'24:!1)*,.2/!,55)&-$1G!*)!$*%!4)59%!)1!*'5#1)2)G$5,2!<'&%9%!%)5$,2!$11)<,*$)1A!!
()*3-*;,.10' :,*0GA! *#$%! 4$'2-! $%! %*$22! /)91G! ,1-! $1! 5)1%*&95*$)1A! "#&''! K,$1! %5#))2%! )4! *#)9G#*%!
5)'F$%*! ,1-! )44'&! 5)K(2'K'1*,&/! w! *#)9G#! %)K'*$K'%! 5)142$5*$1G ! w! <$%$)1%A! "#'/! 5,1! .'! <'&/!
.&$'42/!'F(2,$1'-!,%!4)22)+%e!
o 3'42'F$<'! G)<'&1,15'e! B)59%'%!)1! *#'! */('! )4! G)<'&1,15'! 1'5'%%,&/! *)! K,1,G'!
'1<$&)1K'1*,2!$%%9'%:!+#$5#!,&'!$1!'%%'15'!<'&/!5)K(2'FA!
o O92*$M2'<'2! ('&%('5*$<'e! ;*9-$'%! #)+! %)5$)M*'5#1$5,2! &'G$K'%! ='AGA! *&,1%()&*! &'G$K':!
,G&)M4))-!&'G$K'@!'<)2<'!+$*#!)&!&'%$%*!$11)<,*$)1A!
o "&,1%$*$)1!K,1,G'K'1*e!QF(2)&'%!#)+!*)!G9$-'!*&,1%$*$)1!(&)5'%%'%A!
>%!5,1!.'!%''1:!u'5)2)G$5,2!*&,1%$*$)1v!$%!,!()2/K)&(#!,1-!+$-'!5)15'(*A!O,1/!<$%$)1%!,1-!$1$*$,*$<'%!5,1!
4,22!91-'&!*#'! 5)15'(*:! %)K'!.'$1G!K)&'!*'5#1)M5'1*&$%*!,1-!)*#'&%! K)&'!%)5$)M5'1*&$%*:!4)&!$1%*,15'A!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
"#'&'! $%! 1)*! )1'! 5)KK)1! <$'+! ,.)9*! *#'! &)2'! )4! u#9K,1%v! ,%! .'1'4$5$,&$'%! ,1-! ,%! ,5*)&%! )4! *#'!
*&,1%$*$)1!(&)5'%%'%:!1)&!,%!)4!*#'!&)2'!)4!'5)1)K$5!,5*)&%!,1-!)4!$11)<,*$)1A!
"#'!*'&K! Q5)2)G$5,2! "&,1%$*$)1!$%! ,2%)! 9%'-!%$15'! CDEC!./! *#'! B&'15#! G)<'&1K'1*!,%! ,! 1,K'!4)&! *#'$&!
K92*$M%*,I'#)2-'&%! (&)5'%%! *)+,&-%! ,! %9%*,$1,.2'! '5)1)K$5! -'<'2)(K'1*A! 01! *#$%! B&'15#! 5)1*'F*:!
Q5)2)G$5,2! "&,1%$*$)1! $%! ,1! )<'&,22! K92*$M(,&*/!(&)5'%%! G,*#'&$1G! ,22! K,L)&! %9%*,$1,.2'! -'<'2)(K'1*!
,5*)&%!,1-!,$K$1G!,*!4$1-$1G! 5)15&'*'! +,/%! *)!,5#$'<'!,1!'5)1)K$5!-'<'2)(K'1*!5)K(,*$.2'!+$*#!*#'!
4$1$*'!5#,&,5*'&!)4!)9&!1,*9&,2!&'%)9&5'%! ,1-! *#'! 1'5'%%$*/!*)!K,$1*,$1!1,*9&,2!&'G92,*$)1%! '%%'1*$,2! *)!
2$4'!=Y&)1!et!al.:!CDEV@A!!
LKW &-**4'*.34356'
"#'!5)15'(*!)4!?&''1!Q5)1)K/!#,%!'K'&G'-!$1!&'5'1*!/',&%!,%!,!%*&,*'G$5!(&$)&$*/!4)&!G)<'&1K'1*%!,1-!
$1*'&G)<'&1K'1*,2! )&G,1$H,*$)1%e! QR:! Rc:!hQ6Y! ,1-! )*#'&%! #,<'!$%%9'-! %*9-$'%:! ()%$*$)1%! (,('&%!,1-!
%*&,*'G$5!(2,1%!*)!,5#$'<'!*#$%!G),2!=QQ>:!CDE`@A!
"#'!RcJ%!-'4$1$*$)1!$%!*#,*!?&''1!Q5)1)K/! $%! ,1! '5)1)K/!*#,*! &'%92*%! $1! $K(&)<'-!#9K,1! +'22M.'$1G!
,1-! %)5$,2! 'N9$*/:! +#$2'! %$G1$4$5,1*2/! &'-95$1G! '1<$&)1K'1*,2! &$%I%! ,1-! '5)2)G$5,2! %5,&5$*$'%A! 01! $*%!
%$K(2'%*!'F(&'%%$)1:!,!G&''1!'5)1)K/!5,1!.'!*#)9G#*!)4!,%!)1'!+#$5#!$%!2)+!5,&.)1:!&'%)9&5'!'44$5$'1*!
,1-!%)5$,22/!$1529%$<'!=RcQ8:!CDEE.@A!!
"#'! 5)15'(*! )4! ?&''1! Q5)1)K/!(9*%! 4)&*#! *#'! 9%'! )4! '5)1)K$5! $1%*&9K'1*%! *)! *,5I2'! '1<$&)1K'1*,2!
5#,22'1G'%e!'AGA! $1$*$,*$<'%!,22)+$1G! *#'! $1*'&1,2$H,*$)1!)4! '1<$&)1K'1*,2! 5)%*%! ='AGA! 5,&.)1! K,&I'*@:!
$1<'%*K'1*%!$1!G&''1!*'5#1)2)G$'%!)&!&'1'+,.2'!'1'&G/A!
?&''1!Q5)1)K/!+,%!)1'!)4!*#'!K,$1!-$%59%%$)1!4$'2-%!,*!*#'!30hxCD!6)14'&'15'!$1!CDECA!"#'!&'%)29*$)1!
,-)(*'-!./!*#'!?'1'&,2!>%%'K.2/!,*!*#'!'1-!)4!*#'!5)14'&'15':!5,22'-!The!future!we!want:!%*,*'%e!!
“(…)!we!consider!green!economy!in!the!context!of!sustainable!development!and!poverty!
eradication! as! one! of! the! important! tools! available! for! achieving! sustainable!
development!and!that!it!could!provide!options!for!policymaking!but!should!not!be!a!rigid!
set! of! rules.! We! emphasize! that! it! should! contribute! to! eradicating! poverty! as! well! as!
sustained! economic! growth,! enhancing! social! inclusion,! improving! human! welfare! and!
creating! opportunities! for! employment! and! decent! work! for! all,! while! maintaining! the!
healthy!functioning!of!the!Earth’s!ecosystems”!=Rc!?'1'&,2!>%%'K.2/:!CDEC@A!
>! 4)59%! #'15'! 2$'%! )1! -'<'2)($1G! ?&''1! Q5)1)K/! ()2$5$'%! '15)9&,G$1G! *#'! 'K'&G'15'! )4! 5)1-$*$)1%!
4,<)9&,.2'!*)!G&''1!'5)1)K/!(&)L'5*%:!$1$*$,*$<'%!)&!K)-'2%A!
>1!$K()&*,1*!%*&,*'G$5!,((&),5#!*)!,5#$'<'!?&''1!Q5)1)K/!$%!u-'5)9(2$1GvA! Y'5)9(2$1G!5,1!.'!%$K(2/!
-'4$1'-! ,%! .&',I$1G! *#'! 2$1I! .'*+''1! u'1<$&)1K'1*,2! .,-%v! ,1-! u'5)1)K$5! G))-%vA! "+)! K)-'%! )4!
-'5)9(2$1G!1''-!*)!.'!91-'&*,I'1e!&'%)9&5'!-'5)9(2$1G!,1-!$K(,5*!-'5)9(2$1G!=RcQ8!Y"0Q:!CDEE@A!
>1!$K()&*,1*!5&$*$5$%K!)4!?&''1!Q5)1)K/!$%!*#,*!$*!5,1! ()*'1*$,22/!K,I'!*#'!%)5$,2!($22,&!)4!%9%*,$1,.2'!
-'<'2)(K'1*!-$%,((',&!,%! $1*'&1,*$)1,2!'44)&*%!*'1-!*)!.'! &'-$&'5*'-! *)+,&-%!*#$%!5)15'(*:!+#$5#!#,%!
'5)1)K$5!,5*)&%!,1-!,5*$<$*$'%!,*!$*%!5)&'A!"#'!-)K$1,1*!(2,5'!)4!?&''1!Q5)1)K/!)1!*#'!3$)xCD!,G'1-,!
,*!*#'!'F('1%'!)4!%9%*,$1,.2'!-'<'2)(K'1*!,*!2,&G'!$%!,1!$229%*&,*$)1!)4!*#$%!4',&e!'<'1!$4!?&''1!Q5)1)K/!
-)'%! 1)*! ,$K! *)! &'(2,5'! %9%*,$1,.2'! -'<'2)(K'1*:! $*! .'5)K'%! de! facto!,! u+',I'&v! <'&%$)1! )4!
%9%*,$1,.$2$*/!,K.$*$)1%A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!]!
!
LK[ B/4.;,3410'2.34356'
"#'!K,$1!($)1''&!)4!B915*$)1,2E!)&!8'&4)&K,15'! Q5)1)K/:! T,2*'&!3A!;*,#'2:!5)$1'-! *#'!*'&K!$1!EZa\A!
;955$15*2/:! B915*$)1,2! Q5)1)K/! $%! 4)59%'-! )1! *#'! 4915*$)1:! )&! ('&4)&K,15':! )4! G))-%! ,1-! %'&<$5'%A!
;*,#'2!5)1%$-'&%!$*!,! 1'+! .9%$1'%%! K)-'2! +$*#!'1*'&(&$%'%!&'*,$1$1G!)+1'&%#$(! )4! 2)1G!2$4'M%(,1!G))-%!
5)K.$1'-! +$*#! 2)+'&! '1'&G/! ,1-! K,*'&$,2%! -'K,1-! 4)&! *#'! (&)-95*$)1! (#,%':! K,-'! ()%%$.2'! ./!
=,K)1G%*!)*#'&!*#$1G@!,((&)(&$,*'!-'%$G1!=01-$G)!Y'<'2)(K'1*:!CDD`l!;*,#'2:!CDEV.@A!0*!$%!5)1%$-'&'-!./!
%)K'!,%!*#'!K)%*!(&)4$*,.2'!.9%$1'%%!K)-'2%!)4!,22!4)&!6Q!=b9**'&+)&*#!et!al.:!CDEd@A!!
"#'! *'&K! B915*$)1,2! Q5)1)K/!&'2,*'%! *)! *#'! 5)M(&)-95*$)1! )4! $1*'G&,*'-! %)29*$)1%! 4)&! (&)-95*%! ,1-!
%'&<$5'%! *#,*! K''*! #)9%'#)2-%! =b! *)! 6@! ,1-! $1-9%*&/! =b! *)! b@! 'F('5*,*$)1%! .'*+''1! (&)<$-'&%! ,1-!
.'1'4$5$,&$'%:!5)1%)2$-,*$1G!1'+!'1<$&)1K'1*,2!,1-!%)5$,2!&'N9$&'K'1*%!=?,G2$)!et!al.:!CDEE@A!Y9!"'&*&'!
()%$*%!*#,*!*#'! K)%*! %('5$4$5!,%('5*!)4!B915*$)1,2!Q5)1)K/! $%! *#'!-'%$G1!,1-!$K(2'K'1*,*$)1!)4!*#'%'!
$1*'G&,*'-! %)29*$)1%:! +# $5#! +$22! (&)<)I'! ,! 5#,1G'! ,*! ,! %/%*'K$5! 2'<'2:! ,1-! %9 (()&*! *&$(2'! .)**)K! 2$1'!
$%%9'%! $1! ,1! ,&*$592,*'-! K,11'&A! B)&! 'F,K(2':! $*! $%! ,! N9'%*$)1! )4! K)<$1G! 4&)K! u*#'! ,9*)K).$2'v! )&!
u(9.2$5!*&,1%()&*,*$)1v!*)!*#'!5)15'(*!)4!uK).$2$*/v!=>"QO0;:!CDDa@A!
B915*$)1,2!Q5)1)K/!,%%9K'%!*#,*!'44$5$'15/!,1-!'44'5*$<'1'%%!K9%*!.'!&'5)15$2'-:!,%!$*!5#,1G'%!*#'!&)2'!
)4!,5*)&%!$1!,1! '5)1)K/! +#'&'! 2)1G! 2$4'! %(,1!,1-! ('&4)&K,15'!K',1!*#,*!u-)$1G!*#'!&$G#*!*#$1Gv!=)&e!
'44'5*$<'1'%%@! K9%*! .'! (,$&'-! +$*#! u-)$1G! *#'K! &$G#*v! =)&e! '44$5$'15/@A! "#'! K,$1! G),2%! )4! B915*$)1,2!
Q5)1)K/!,&'e!!
015&',%'!$1!+',2*#!5&',*$)1!
j).%!$15&',%'C!
3'-95*$)1!)4!&'%)9&5'%!5)1%9K(*$)1!=;*,#'2:!CDED@A!
>! 2))('-!'5)1)K/! $%! ,*! *#'! 5)&'! )4! B915*$)1,2! Q5)1)K/:! ,%! +,%*'! (&'<'1*$)1:! &'49&.$%#K'1*! ,1-!
&'5)1-$*$)1$1G! =,%! +'22! ,%! 'F*'1-'-! 5)1%9K'&! $1%9&,15'@! ,&'! $1*'G&,2! *)! 2)1G! 2$4'M%(,1! ,1-! &'*,$1'-!
)+1'&%#$(! =;*,#'2:! CDE`@A! ;*,#'2! $%! ,! 5)&'! (&)()1'1*! )4! 6Q! .9*! ,2%)! ()%$*%! *#,*!2$1',&! '5)1)K/! $%!
5)K(2$K'1*,&/!*)!6Q:!,%!$*!5)1*&$.9*'%!*)!+#,*!#'!5,22%!kN9,1*9K!2',(!$11)<,*$)1J!$1!%'5*)&%!%95#!,%!0":!
1,1)*'5#1)2)G$'%!,1-!.$)*'5#1)2)G$'%!=;*,#'2:!CDE`@A!"#$%!<$'+! $%!%)K'+#,*! (,&,-)F$5,2!*)!+#,*!K)%*!
6Q! (&)()1'1*%! %,/:! 1,K'2/! *#,*! 2$1',&! '5)1)K/! $%! 59&&'1*2/! 91,.2'! *)! (&)-95'! ,--$*$)1,2!-$%&9(*$<'!
*'5#1)2)G$'%A!"#'!.9%$1'%%!K)-'2%!)4!B915*$)1,2!)&!8'&4)&K,15'!Q5)1)K/!,&'!(&'%'1*'-!$1!B$G9&'!CMdA!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
E!>2%)! %)K'*$K'%! 5,22'-! *#'! B915*$)1,2! ;'&<$5'! Q5)1)K/!)&! ;'&<$5'! Q5)1)K/A! 0*%! I'/! ,%%)5$,*'-! )('&,*$)1,2!
5)15'(*! $%! (&)-95*M%'&<$5'! %/%*'K! =8;;@A! 0*! $%! -'4$1'-! ,%! u,! K,&I'*,.2'! %'*! )4! (&)-95*%! ,1-! %'&<$5'%!5,(,.2'! )4!
L)$1*2/!4924$22$1G!,!9%'&J%!1''-A!"#'!(&)-95*U%'&<$5'!&,*$)!$1!*#$%!%'*!5,1!<,&/:!'$*#'&!$1!*'&K%!)4!4915*$)1!4924$2K'1*!)&!
'5)1)K$5!<,29'v!=?)'-I))(!et!alA:!EZZZ!$1!O)1*:!CDDC@A!
C!0*! %#)92-! .'! 1)*'-! *#,*! B915*$)1,2! )&! 8 '&4)&K,15'! Q5)1)K/! $%! )1'! )4! *+)! 5)15'(*%! =*#'! )*#'&! .'$1G! ;#,&'-!
X,29'@:! +#$5#! $1529-'%! ,! %)5$,2!<$%$)1! *)! $*%! 5)&'! '2'K'1*%A! ;*,#'2! ,1-! 3'-,/! =EZ]\@! (&)()%'-! *)! =+#,*! $%!1)+!
5,22'-@!*#'!Q9&)(',1!6)KK$%%$)1!,!&'()&*!=The! Potential!for!Substituting!Manpower!for!Energy@!*#,*!*#'!5&',*$)1!
)4!2)5,2!L).%!=2$1I'-!*)!'AGA:!&'49&.$%#K'1*:!+,%*'!K,1,G'K'1*:!'*5A@!.,%'-!)1!,!<$%$)1!)4!5,&'!4)&!(')(2'!,%!(,&*!)4!
,1!$1*'G&,*'-!u%*)5Iv!K,1,G'K'1*!,((&),5#:!+#$5#!+)92-!u'F(2)$*v!%*)5I!+#$2'!K,$1*,$1$1G!$*%!N9,2$*/!,1-!<,29'A!
!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'LQ[A'()*'X/@,4*@@'O3G*0@'3:'E*-:3-514.*'3-'B/4.;,3410'2.34356K'
B&)Ke!;*,#'2!=CDE`@:!(A!CE!
!
7)1G'&! 2$4'%(,1! )4! (&)-95*%! K',1%! *#,*! *#'! N9,2$*/! )4! K,$1*'1,15':! &'(,$&:! &'49&.$%#K'1*! ,1-U)&!
&'K,194,5*9&$1G! $%! ,! I'/! 5)K()1'1*! )4! *#'! .9%$1'%%! K)-'2:! ,%! $%! <,29'! (&'%'&<,*$)1! *#&)9G#! *#'!
*&,1%4)&K,*$)1!)4!+,%*'!$1*)! 1'+!(&)-95*%!$1!)&-'&!*)!K,F$K$H'!&'<'19'! ,1-!K$1$K$H'!$1*'&1,2$H,*$)1!
5)%*%!=;*,#'2:!CDE`@A!!
01! ,! B915*$)1,2! Q5)1)K/:!G)<'&1K'1*%!K9%*! $K(2'K'1*! *#'! *,F$1G! )4! 1)1M&'1'+,.2'! &'%)9&5'%:! ,%!
)(()%'-! *)!*,F$1G! 2,.)9&:! ,1-! ,.,1-)1! *#'! 5)KK,1-M,1-M5)1*&)2! */('! ()2$5$'%!$1! )&-'&! *)! $1%*',-!
(&)K)*'!$11)<,*$)1:!'-95,*$)1:!3tY!,1-!,((&)(&$,*'!'1*&'(&'1'9&$,2!&$%I!*,I$1GA!>%!+'22:!*,F!$15'1*$<'%!
K9%*!.'!-'%$G1'-!$1!)&-'&!*)!&'+,&-!5)K(,1$'%!+#)!$1*'&1,2$H'!&$%I%!)<'&!*#'!+#)2'!2$4'! 5/52'!=;*,#'2:!
CDED@:!*#9%!5&',*$1G!,!2$1I!+$*#!*#'!5)15'(*!)4!QF*'1-'-!8&)-95'&!3'%()1%$.$2$*/A!
"#'!K'*&$5%! (&)()%'-! ./!;*,#'2! =CDED@! *#')&'*$5,22/! ,22)+!,22!%*,I'#)2-'&%! =5)1%9K '&%:! 5)91*&$'%! ,1-!
(&$<,*'!'5)1)K$5! ,5*)&%@!*)!'<,29,*'!(&)-95*%:! (&)-95*$)1!91$*%:!5)&()&,*$)1%!)&! &'G$)1%J!('&4)&K,15'!
=;*,#'2:!CDED@A!"#'/!,&'e!
X,29'M('&M+'$G#*:!+#$5#!'1,.2'%!G&)+*#!,1-!+',2*#!5&',*$)1!9%$1G!K$1$K,2!&'%)9&5'%!
8&)4$*%! .,%'-! )1! &$%I%! ,1-! +,%*'! $1*'&1,2$H,*$)1!)<'&! G))-%J! '1*$&'! %'&<$5'M2$4':! *)! *&,1%4'&!
('&4)&K,15'!,1-!N9,2$*/!&'%()1%$.$2$*/:!)<'&!*#'!4922!%'&<$5'!2$4':!4&)K!*#'!9%'&!*)!*#'!(&)-95'&!
7,.)9&M$1(9*M('&M+'$G#*:! +#$5#! '1,.2'%! 2)5,2! L).%! 5&',*$)1! 9%$1G! K$1$K,2! 1)1M&'1'+,.2'!
&'%)9&5'%!=(&$15$(2'!)4!K,1()+'&!4)&!'1'&G/@!!
0*!$%!$1*'&'%*$1G! *)!1)*'!*#,*! *#'! 9%9,2!K'*&$5%!(&)()%'-!./!*&,-$*$)1,2!$1-9%*&$,2! K)-'2%! ,&'!.,%'-!)1!
&'%)9&5'!*#&)9G#(9*!K)1'*$H,*$)1!,*!*#'!()$1*!)4!%,2':!1,K'2/e!G&)%%!1,*$)1,2!(&)-95*!=,*!5)91*&/!2'<'2@!
,1-! ,119,2! %,2'%! =,*! 5)K(,1/! 2'<'2@! =;*,#'2:! CDED@A! B915*$)1,2! Q5)1)K/J%! K'*&$5%! ,&'! $229%*&,*'-! $1!
B$G9&'!CM`A!
!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!Z!
!
!
B,8/-*'LQ\A'&-19),.'9-*@*4;1;,34'3:'5*;-,.@K'
B&)Ke!;*,#'2!=CDED@:!(A!d!
!
;*,#'2J%!<$%$)1! )4!B915*$)1,2!Q5)1)K/!*$'%!52)%'2/!+$*#!;Y:!,%!$*! ,$K%! *)! (&)<$-'! *))2%! *)!,**,$1!,*!2',%*!
*+)! )4! *#'! O,&&,I'5#! ).L'5*$<'%! =,%! K'1*$)1'-! $1! %'5*$)1! CAEe! *)!-'5)9(2'! '5)1)K$5! G&)+*#! 4&)K!
&'%)9&5'%! 5)1%9K(*$)1! ,1-! *)! 5&',*'! ,! 5$&592,&! '5)1)K/@A!B$G9&'! CM\! $229%*&,*'%! *#'! 8'&4)&K,15'!
Q5)1)K/J%!%9%*,$1,.$2$*/!*&$,1G2'A!!
!
B,8/-*'LQ]A'()*'E*-:3-514.*'2.34356a@'@/@;1,41N,0,;6';-,1480*K'
B&)Ke!;*,#'2!=CDED@:!(A!C]C!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B915*$)1,2!Q5)1)K/!#,%!,2%)!.''1!,%%)5$,*'-!+$*#!-'K,*'&$,2$H,*$)1!,1-!+$*#!*#'!5)1%9K'&!K)<'K'1*!
I1)+1! ,%! *#'! ;#,&'!Q5)1)K/V:! ,1!'5)1)K/! .,%'-! )1! %#,&$1G!G))-%! &,*#'&! *#,1!)+1$1G! *#'K:!K,-'!
()%%$.2'!*#&)9G#!0"!.,%'-!.9%$1'%%!K)-'2%!+#$5#!'1,.2'!5)1%9K'&%U9%'&%!*)!5)11'5*!,1-!.9/!)&!%#,&'!
(&)-95*%!,1-!%'&<$5'%!='AGAe!>$&.1.!,1-!R.'&@A!
LK\ <,:*'+6.0*'(),47,48'
"#'! K,$1! $1$*$,2! ).%'&<,*$)1! *#,*! 2'-! *)! 7$4'! 6/52'! "#$1I$1G! =76"@! $%! *#,*! 2))I$1G! 4)&! '1<$&)1K'1*,2!
)(*$K$H,*$)1!+$*#$1!)1'!)&G,1$H,*$)1!-)'%!1)*!G9,&,1*''!,1!)(*$K$H'-!<,29'!5#,$1:!,1-!5,1!'<'1!2',-!*)!
$K(,5*! -$%(2,5'K'1*! 4&)K! *#'! )&G,1$H,*$)1! *)! ,1)*#'&! (,&*! )4! *#'! (&)-95*! 5#,$1A! 0*! $%! *#'&'4)&'!
1'5'%%,&/!*)!,-)(*!,!#)2$%*$5!('&%('5*$<'!$1!)&-'&!*)!&',5#!*)*,2!'1<$&)1K'1*,2!)(*$K$H,*$)1!*#&)9G#)9*!
*#'!(&)-95*J%!2$4'!5/52'A!!
>%! %#)+1! )1!B$G9&'! CM]:! ,! (&)-95*!)&! %'&<$5'J%! 2$4'! 5/52'! G)'%! 4&)K! &,+! K,*'&$,2! 'F*&,5*$)1! *#&)9G#!
K,*'&$,2%!(&)5'%%$1G:!K,194,5*9&':!-$%*&$.9*$)1:!9%':!&'(,$&!,1-!K,$1*'1,15':!,1-!-$%()%,2!)&!&'5/52$1GA!
!
!
B,8/-*'LQZA'<,:*'.6.0*'@;18*@K'
B&)Ke!603>0?!=CDE`@!
!
"#'!K)%*!+'22!I1)+1!+,/!)4!,((2/$1G!76"!$%!'1<$&)1K'1*,2!7$4'!6/52'!>%%'%%K'1*!=76>@:!+#$5#!%*,&*'-!$1!
*#'!/',&%!EZ\D%:!,%!(,&*$,2!76>%A!?9$1''!et!al.!=CDED@!%(2$*!*#'!-'<'2)(K'1*!)4!76>!$1!*#&''!K,$1!%*,G'%e!
E@!6)15'(*$)1!=EZ]DMEZZD@l!C@!;*,1-,&-$H,*$)1!=EZZDMCDDD@l!V@!Q2,.)&,*$)1!=CDDDM(&'%'1*@A!
76>!$%!,!K'*#)-)2)G$5,2!*))2!9%'-!*)!N9,1*$4/!*#'!()*'1*$,2!'1<$&)1K'1*,2!$K(,5*%!,%%)5$,*'-!+$*#!*#'!
'1*$&'! 2$4'! 5/52'! )4! ,! (&)-95*A! W'$%I,1'1! =CDDC@! (&)()%'-! *#,*! 76>! #,%! '<)2<'-! 4&)K! .'$1G! (9&'2/! ,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V!"#'!;#,&'! Q5)1)K/! $%! ,2%)!I1)+1! ,%! *#'! 6)22,.)&,*$<'! Q5)1)K/! ,1-! ,2%):!)1! 5)1%9K'&! %$-':! ,%! 6)22,.)&,*$<'!
6)1%9K(*$)1:!,!*'&K!5)$1'-!./!3,5#'2!b)*%K,1!,&)91-!CDEDA!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!EE!
!
5,2592,*$)1! K'*#)-! *)! ,! %*,*'! )4! K$1-:! 2))I$1G! 4)&! 91-'&%*,1-$1G! *#'! 2$4'! 5/52'M&'2,*'-! $%%9'%! )4! *#'!
(&)-95*:! ,+,/! 4&)K! *#'! 4)59%! )1! $1-$<$-9,2! ('&4)&K,15'A! "#$%! %*,*'! )4! K$1-! $%! 5,22'-! u7$4'! 6/52'!
"#$1I$1GvA!
"#'!K,$1!G),2%!)4!'1<$&)1K'1*,2!76"!,&'!*)!&'-95'!'1<$&)1K'1*,2!$K(,5*%!*#&)9G#)9*!*#'!(&)-95*%J!2$4'!
5/52'%:!*#,1I%! *)!*#'!&'-95*$)1!)4!&'%)9&5'!,1-!'1'&G/!9%'!,1-!)4!'K$%%$)1%!*)!,$&:!+,*'&!,1-!%)$2!=7$4'!
6/52'! 01$*$,*$<':! CDEV@A! 76>! $%! %''1! ,%! *#'! K)%*! 5)K(2'*'! *))2! *)! 1@@*@@' *.3Q*::,.,*4.6:! $A'A! u,--$1G!
K,F$K9K!<,29'!+$*#!K$1$K9K! &'%)9&5'!9%'!,1-!K$1$K9K!()229*$)1v=W9'%'K,11:! CDDd! $1! bLy&1!,1-!
W,9%5#$2-:! CDEV:! (A! VCC@A! Q5)1)K$5! ,1-! %)5$,2! -$K'1%$)1%! +'&'! ,--'-! *)! *#'! 76"! *))2%J! ()&*4)2$):! $1!
)&-'&!*)!'12,&G'!*#'!%5)('!,1-!'1,.2'!,1!'<'1!K)&'!#)2$%*$5!('&%('5*$<'A!!
"#'!*'&K!u7$4'!6/52'!O,1,G'K'1*v!,2%)!,((',&'-!,%!*#'!+,/!*)!,((2/!76"!$1!)&G,1$H,*$)1%!)&:!,%!(9*!./!
*#'! RcQ8M;Q">6! =CDDZ:! (A<$$@:! ,%! u,! .9%$1'%%! K ,1,G'K'1*! ,((&),5#! *#,*! 5,1! .'! 9%'-! ./! ,22! */('%! )4!
.9%$1'%%'%!=,1-!)*#'&!)&G,1$H,*$)1%@!*)!$K(&)<'!*#'$&!(&)-95*%!,1-!*#9%!*#'!%9%*,$1,.$2$*/!('&4)&K,15'!
)4!*#'!5)K(,1$'%!,1-!,%%)5$,*'-!<,29'!5#,$1%vA!76O!$%!,2%)!-'4$1'-!,%!,!.)F!5)1*,$1$1G!*#'!*))2%!,$K$1G!
*)!K',%9&'!,1-!K,1,G'!()*'1*$,2!'1<$&)1K'1*,2:!%)5$,2!,1-!'5)1)K$5!$K(,5*%! )4!(&)-95*%!)&!%'&<$5'%!
*#&)9G#)9*!*#'$&!2$4'!5/52'A! 76O! 5)1*,$1%! ,!+$-'!<,&$'*/!)4!*))2%!%95#!,%!76>:!'5)-'%$G1:!'5)M2,.'22$1G:!
%)5$,2!76>:!'*5A!
Q1<$&)1K'1*,2!,1-! %)5$,2!76>J%!G9$-'2$1'%!#,<'!.''1!1'G)*$,*'-:!-'%$G1'-!,1-!4)&K,2$H'-!*#&)9G#! 0;h!
1)&K%! -'<'2)(K'1*! ,1-! *#&)9G#! *#'! RcQ8M;Q">6! 7$4'! 6/52'! 01$*$,*$<'! +)&I$1G! G&)9(%A! 01! *#'! 2,%*! `!
/',&%:! ,! 5)15'(*9,2! 4&,K'+)&I! 4)&! ;9%*,$1,.$2$*/! 7$4'! 6/52'! >%%'%%K'1*! #,%! ,2%)! .''1! (9.2$%#'-! ./!
RcQ8M;Q">6A!!
>1! $1*'&'%*$1G! %*9-/! ./! c$2%%)1M7$1-P1!et! al.!=CDEd@!$1<'%*$G,*'%! #)+! 76O! $%! (9*! $1! (&,5*$5'! $1!
)&G,1$H,*$)1%A!>K)1G!*#'$&!4$1-$1G%!,1-!*#)%'!4&)K!5)1%92*'-!,9*#)&%:!+'!91-'&2$1'e!
6)K(,1$'%!+$22!$K(2'K'1*!,1-!9%'!76>!$1!-$44'&'1*!+,/%A!"#'%'!-$44'&'15'%!1)*!)12/!,&$%'!4&)K!
%*&95*9&,2! -$44'&'15'%! .9*! ,2%)! 4&)K! #)+! (')(2'! $1*'&(&'*! ,1-! K,I'! %'1%'! )4! 76>! &'%92*%A!
h&G,1$H,*$)1,2!5)1*'F*!,1-!$1-$<$-9,2!%'1%'MK,I$1G!,44'5*!#)+!76>!$%!9%'-!$1!$1-9%*&/!=3'F!,1-!
b,9K,11:!CDDa!$1!c$2%%)1M7$1-P1!et!al.:!CDEd@A!
89&'! 76>! 4,5*%! ,&'! 1)*! ,2+,/%! *#'! K)%*! <,29,.2'! )9*5)K'%! )4! ,1! 76>! (&)L'5*A! 0K(&)<'-!
91-'&%*,1-$1G!)4!E@!$1*'&1,2!(&)5'%%'%!,1-!C@!*#'!5)15'&1%!)4!*#'!)*#'&!,5*)&%!$1!*#'!<,29'!5#,$1!
,&'!'%%'1*$,2!)9*5)K'%!=8)$II$KzI$:!CDD\!$1!c$2%%)1M7$1-P1!et!al.:!CDEd@A!
T#'1!*#'!*$K'!5)K'%!4)&!$K(2'K'1*$1G!'1<$&)1K'1*,22/!4,<)9&,.2'!-'<'2)(K'1*%:! $1*,1G$.2'!
,%('5*%! ='AGA:! #)+! (')(2'! ('&5'$<':! 91-'&%*,1-:! ,1-! <,29'! *#$1G%@! #,<'! K)&'! $1429'15'! *#,1!
&,*$)1,2!L9%*$4$5,*$)1%!='AGA!76>!4,5*%@!=8)$II$KzI$:!CDD\!$1!c$2%%)1M7$1-P1!et!al.:!CDEd@A!
>%!76O!4)59%'%!)1!*#'!(&)-95*!5#,$1:!5)22,.)&,*$)1!+$*#!'F*'&1,2!,5*)&%!,1-!*#'!1''-!*)!.9$2-!
&'2,*$)1%#$(%!,&'!$-'1*$4$'-!,%!,!5&$*$5,2!%955'%%!4,5*)&A!
01*'&1,2! 5&$*$5,2! %955'%%! 4,5*)&%e! ")(! K,1,G'K'1*! %9(()&*:! %)91-! $1*'&1,2! 5)KK91$5,*$)1:!
(,&*$5$(,*$)1! ,1-! 5)22,.)&,*$)1! )4! 'K(2)/''%! 4&)K! K)%*! )&G,1$H,*$)1,2! 4915*$)1%! ,1-! 2'<'2%:!
$1*'G&,*$)1!)4!%9%*,$1,.$2$*/!$1*)!*#'!)&G,1$H,*$)1J%!.9%$1'%%!%*&,*'G/A!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
LK] +-1G0*Q;3Q.-1G0*';),47,48'
6&,-2'M*)M5&,-2'd!=*'&K'-!u6C6v! 4&)K! #'15'4)&*#@! *#$1I$1G! $%! ,5I1)+2'-G'-! *)! .'! ,*!*#'! #',&*! )4! 6QJ%!
52)%'-! 2))(! %/%*'K%A! 0*! $%! ,! 1,*9&'M$1%($&'-:! .$)K$K'*$5! -'%$G1! (#$2)%)(#/! 4)&K,2$H'-!./! O$5#,'2!
b&,91G,&*!,1-! T$22$,K!O5Y)1)9G#:!4$&%*!'15,(%92,*'-!$1!*#'!.))I!Cradle-to-cradle:!remaking!the!way!
we!make!things!=CDDC@A!6C6!,$K%!*)!5&',*'!(&)-95*%!+$*#!,!()%$*$<'!'1<$&)1K'1*,2!4))*(&$1*!=b)&!et!alA:!
CDEE@A!O)%*!)4!6QJ%!-$%*$15*$<'!<)5,.92,&/!$%!*,I'1!-$&'5*2/!4&)K!6C6e!.$)2)G$5,2!,1-!*'5#1$5,2!19*&$'1*%:!
K'*,.)2$%K:!9(5/52$1G:!'*5A!=b)&!et!alA:!CDEE@A!
0*%! )&$G$1%! 5,1! .'! *&,5'-! .,5I!*)! *#'! EZZD%:! +#'1! b&,91G,&*! ,1-! %)K'! Q1<$&)1K'1*! 8&)*'5*$)1!
Q15)9&,G'K'1*!>G'15/! =Q8Q>@! 5)22',G9'%!(9.2$%#'-!A! Technical! Framework!for! Life-Cycle! Assessment!
=X$%%'&:! CDED@A! T#$2'! *#$%! (9.2$5,*$)1! 5,1! '44'5*$<'2/! *&,5'! .,5I! *#'! 6C6! $-',! *)! 76>:! 6C6! #)+'<'&!
-$%*,15'%!$*%'24!+#)22/!4&)K!76>!=$1#'&'1*2/!2$1',&:!,55)&-$1G!*)!*#'!,9*#)&%@:!,%!$*%!K,$1!*'1'*!$%!*#,*!$*!$%!
'%%'1*$,2! *)! K)<'! 4&)K!'5)M'44$5$'15/! *)! '5)M'44'5*$<'1'%%A! B)&! b&,91G,&*! ,1-! O5Y)1)9G#:! '5)M
'44$5$'15/! .,%$5,22/! 5)&&'%()1-%! *)! K,I'!K)&'! =(&)-95*%! )&! %'&<$5'%@! +$*#! 2'%%! =&'%)9&5'%:! '1'&G/:!
*)F$5$*/@A!"#'!,9*#)&%!,44$&K!%*&)1G2/!*#,*e!
1.! Eco-efficiency! is! a! reactionary! approach! that! does! not! address! the! need! for! fundamental!
redesign!of!industrial!material!flows.!
2.!Eco-efficiency!is!inherently!at!odds!with!long-term!economic!growth!and!innovation!
3.! Eco-efficiency! does! not! effectively! address! the! issue! of! toxicity.!=b&,91G,&*!et! al.:! CDD]:!
(AEVVZMEVdD@!
01!5)1*&,%*:!'5)M'44'5*$<'1'%%!u'15)K(,%%'%!,! %'*!)4!%*&,*'G$'%!4)&!G'1'&,*$1G!#',2*#/:!5&,-2'M*)M5&,-2'!
K,*'&$,2!42)+!K'*,.)2$%K%v!=b&,91G,&*!et!al.:!CDD]:!(AEVdC@A!Q5)M'44'5*$<'1'%%!$%!*#'1!,!K'5#,1$%K!*#,*!
&'5)9(2'%! '1<$&)1K'1*,2! ,1-! '5)1)K$5! %/%*'K%! *#&)9G#! kK'*,.)2$%K%J! *#,*! '1,.2'! K,*'&$,2%! *)!
K,$1*,$1! ,1-! '<'1! ,9GK'1*! *#'$&! $1#'&'1*! 5#,&,5*'&$%*$5%!*#&)9G#! 9(5/5$2$1GA! 01%*',-! )4! $K(&)<$1G!
'F$%*$1G! (&)-95*%:! '5)M'44'5*$<'1'%%! ,%! 91-'&%5)&'-! ./! b&,91G,&*! et! al.! =CDD]@! =&'@-'<'2)(%! (&)-95*%!
4&)K! *#'! G&)91-! 9(! ./! &'-'%$G1$1G! K,*'&$,2! 42)+%:! ,--&'%%$1G! *)F$5$*/! ,1-! '2$K$1,*$1G! ,22! ()%%$.2'!
'5)1)K$5!G&)+*#!,1-! $11)<,*$)1! %#)&*5)K$1G%!$1#'&'1*! *)! '5)M'44$5$'15/A!"#'/!#)+'<'&!5)1<'1'! *#'!
4,5*! *#,*! '5)M'44$5$'15/! ,1-! '5)M'44'5*$<'1'%%! 5,1! .'! 5)K(2$K'1*,&/:! ,%! u-)$1G! *#'! &$G#*! *#$1Gv! ='5)M
'44'5*$<'1'%%@! %#)92-! .'! u-)$1G! *#$1G%! &$G#*v! ='5)M'44$5$'15/@A! "#'/! 91-'&2$1'! *#'! 4,5*! *#,*! *&$KK$1G!
K,*'&$,2!42)+%!$%!)12/!.'1'4$5$,2!$4!*#'/!#,<'!.''1!(&'<$)9%2/!u52)%'-v:!,%!u)15'!'44'5*$<'1'%%!#,%!.''1!
,5#$'<'-:!'44$5$'15/!$K(&)<'K'1*%!,&'!1)*!,1!'1<$&)1K'1*,2!1'5'%%$*/:!.9*!,!K,**'&!)4!'N9$*/A!"#'/!,&'!
1'5'%%,&/!*)! '1%9&'!*#'!4,$&!-$%*&$.9*$)1!)4!G))-%!,1-!%'&<$5'%v=b&,91G,&*!et!al.:!CDD]:! (AEVdC@A! B$G9&'!
CMa!(&'%'1*%!b&,91G,&*!et!al.J%!<$'+!)4!*#'!'5)M'44'5*$<'!,1-!'5)M'44$5$'1*!*$K'U.'1'4$*!59&<'%A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
d!6&,-2'M*)M5&,-2'!$%!,2%)!I1)+1!,%!5&,-2'!C!5&,-2'!,1-!&'G'1'&,*$<'!-'%$G1A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!EV!
!
!
B,8/-*'LQbA'2.3Q*::*.;,M*4*@@'@;-,M*@';3'8*4*-1;*'14'*4;,-*06'=Jccd>'N*4*:,.,10',591.;'/934'
*.3038,.10'@6@;*5@K'
B&)Ke!b&,91G,&*!et!al.!=CDD]@:!(A!EVdV!
6C6J%!K,*'&$,2%!=)&! 19*&$'1*%@!42)+! +$*#$1! )1'!)4! *+)! K'*,.)2$%K%e! .$)2)G$5,2! ,1-!*'5#1$5,2A! O,*'&$,2%!
*#,*!42)+!)(*$K,22/!*#&)9G#!*#'!.$)2)G$5,2!K'*,.)2$%K!,&'!5,22'-!.$)2)G$5,2!19*&$'1*%A!b$)2)G$5,2!19*&$'1*%!
,&'!.,%$5,22/!5)1%9K(*$)1!(&)-95*%:!+#$2'!*'5#1$5,2!19*&$'1*%!,&'!9%'-!4)&!-9&,.2'!G))-%!*#,*!,&'!9%'-!
,%!,! %'&<$5'!=*#9%!K,I$1G!*#'! 2$1I!+$*#!B915*$)1,2!Q5)1)K/@!,1-!%#)92-! #,<'!5#,&,5*'&$%*$5%!*#,*!,22)+!
*#'K!*)!&'K,$1!%,4'2/!$1!*#'!52)%'-M2))(!6C6!%/%*'KA!Q5)M'44'5*$<'!$1-9%*&$,2%!(,&I%!=.,%$5,22/:!01-9%*&$,2!
Q5)2)G/!*#&)9G#!$1-9%*&$,2!%/K.$)%$%@!,&'!5&',*'-!$1!)&-'&!4)&!*#'%'!19*&$'1*%!*)!42)+!'44)&*2'%%2/!+$*#$1!
,!.&),-!$1-9%*&$,2!4&,K'+)&IA!!
6C6!$%!,!K)%*2/!N9,2$*,*$<'!$11)<,*$)1!4&,K'+)&I:!+#$5#!(&)K)*'%!*#&''!G9$-$1G!(&$15$(2'%e!
E@ kT,%*'!n!4))-J:!$1!*#'!%'1%'!*#,*!+#,*!$%!9%9,22/!5)1%$-'&'-!+,%*'!,1-!./M(&)-95*%!%#)92-!,5*!,%!
19*&$'1*%!+$*#$1!*#'!K'*,.)2$5!%/%*'KA!
C@ 69&&'1*!%)2,&! $15)K'!()+'&%!(&)-95*%J!'1'&G/!&'N9$&'K'1*%:!$1529-$1G!G')*#'&K,2!,1-! I$1'*$5!
'1'&G/A!!
V@ Y$<'&%$*/:!+#'*#'&!.$)2)G$5,2:!592*9&,2!)&!5)15'(*9,2:!K9%*!.'!5'2'.&,*'-!=b)&!et!alA:!CDEE@A!!
6C6!5,1!.'!,5#$'<'-!./!'1*'&(&$%'%!*#&)9G#!,!`!%*'(%!%*&,*'G/e!
EA 3'K)<,2!)4!*)F$5!%9.%*,15'%!$1!(&)-95*%!
CA 3'1-'&!*#'!(&)-95*!u2'%%!.,-v!*#&)9G#!('&%)1,2!(&'4'&'15'%!
VA 8,%%$<'! ()%$*$<'! 2$%*e! $1G&'-$'1*%! ,%%'%%K'1*! ,55)&-$1G! *)! *)F$5)2)G$5,2! )&! '5)M*)F$5)2)G$5,2!
5#,&,5*'&$%*$5%!!
dA >5*$<'!()%$*$<'!2$%*e!$1G&'-$'1*!)(*$K$H,*$)1!=4&)K!(&'<$)9%! 2$%*@!$1!)&-'&!4)&!*#'K!*)! .'!-'4$1'-!
,%!,!.$)2)G$5,2!)&!*'5#1$5,2!19*&$'1*A!
`A 3'$1<'1*$)1!)4!59%*)K'&M(&)-95*!&'2,*$)1%#$(!*#&)9G#!,!%'&<$5'!('&%('5*$<'!!
c9*&$'1*%!42)+!K,1,G'K'1*!5,1!)12/!)559&!+$*#$1!5)22,.)&,*$<'!.9%$1'%%!,1-!$1-9%*&$,2!%*&95*9&'%!*#,*!
'1,.2'!$14)&K,*$)1!,1-!K,*'&$,2!42)+%!*#&)9G#!*#'!(&)-95*%J!2$4'!5/52':!*,I$1G!*#'!%#,('!)4!'$*#'&!+#,*!$%!
.,%$5,22/!$1-9%*&$,2!%/K.$)%$%!)&!01*'22$G'1*!O,*'&$,2!8))2$1G!=0O8@A!0O8!$%!(&'%'1*'-!,*!B$G9&'!CMZA!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'LQeA'O1;*-,10':03P@',4';)*'.34;*S;'3:'14'%4;*00,8*4;'O1;*-,10@'E330,48'.355/4,;6K'
B&)Ke!b&,91G,&*!et!al.!=CDD]@:!(A!EVd]!
0O8!$%! ,! *'5#1$5,2! 19*&$'1*! K'*,.)2$%K! 5)22,.)&,*$)1! %/%*'K! .'*+''1! '5)1)K$5! ,5*)&%! *#,*! ,22)+%!
'1*'&(&$%'%! *)! u())2! K,*'&$,2! &'%)9&5'%:! %('5$,2$H'-! I1)+2'-G'! ,1-! (9&5#,%$1G! ()+'&! &'2,*$1G! *)! *#'!
,5N9$%$*$)1:!*&,1%4)&K,*$)1!,1-!%,2'!)4!*'5#1$5,2!19*&$'1*%!,1-!*#'$&!,%%)5$,*'-!(&)-95*%v!&'%92*$1G!$1!,!
%/K.$)*$5:!K9*9,22/!.'1'4$5$,2!%/%*'K!=b&,91G,&*!et!al.:!CDD]:!(AEVd\@!
0*! %#)92-! .'! 1)*'-! *#,*! 6C6! ,%! +'22! ,%! 6&,-2'M*)M5&,-2'!,&'! &'G$%*'&'-! *&,-'K,&I%! )4! b&,91G,&*! ,1-!
O5Y)1)9G#J%!5)1%92*,15/:! ObY6:!,1-! K,/! )12/! .'! 9%'-! 91-'&! 2$5'1%'A! >%! +'22:!*#'! 6&,-2'M*)M5&,-2'!
6'&*$4$'-! K,&I! 4)&! (&)-95*%! K,/! )12/! .'! 9%'-! ./! *#'! 6&,-2'M*)M5&,-2'! 8&)-95*%! 011)<,*$)1! 01%*$*9*'!
=ObY6:!CDEC@A! "#$%! %$*9,*$)1!()$1*%! *)! *#'! #/()*#'%$%!*#,*! ,! %*&)1G!,%%)5$,*$)1!.'*+''1! *#'!QOB!,1-!
*#'!6C6!,((&),5#:!5)1*&,&/!*)!)*#'&!5)15'(*%!(&'%'1*'-!#'&':!K,/!K',1!*#,*!*#'&'!,&'!#$G#!'5)1)K$5!
%*,I'%!$1!6QJ%!%955'%%492!$K(2'K'1*,*$)1!4)&!6C6!(&)()1'1*%A!!
LKZ F)1-*G'R10/*'
;#,&'-! X,29'! $%! ,! K,1,G'K'1*! ,((&),5#! (9*! 4)&+,&-! ./! W,&<,&-! b9%$1'%%! ;5#))2! (&)4'%%)&%! ,1-!
%*&,*'G/!,9*#)&$*$'%!O$5#,'2! QA!8)&*'&!,1-!O,&I!3A! m&,K'&A!"#'!$-',!+,%!4$&%*!$1*&)-95'-!$1!CDEE!$1!,1!
,&*$52'!5,22'-!u6&',*$1G!;#,&'-!X,29'vA!0*%!4)59%!$%!)1!u5&',*$1G!K',%9&,.2'!.9%$1'%%!<,29'!./!$-'1*$4/$1G!
,1-!,--&'%%$1G!%)5$,2! (&).2'K%! *#,*! $1*'&%'5*!+$*#!*#'$&!.9%$1'%%v!=;#,&'-! X,29':!CDE`@A! >55)&-$1G! *)!
8)&*'&!,1-! m&,K'&!=CDEE@:!*#'!5'1*&,2!$-',!)4!5&',*$1G!%#,&'-!<,29'! $%!*#,*!u+#,*!$%!G))-!4)&!%)5$'*/!$%!
,2%)!G))-!4)&!.9%$1'%%vA!"#'!,9*#)&%!%#,&'!,!()$1*!)4!<$'+!*#,*!u1,&&)+MK$1-'-v!5,($*,2$%K!#,%!4,$2'-!*)!
,1%+'&! %)5$'*,2! -'K,1-%! ,1-! *#,*! ,! 1'+! 5)15'(*$)1! )4! 5,($*,2$%K:! (&)('22'-! ./! ;#,&'-! X,29':! $%!
1'5'%%,&/A! "#9%:! *#'! ;#,&'-! X,29'! 4&,K'+)&I! 5&',*'%! 1'+! )(()&*91$*$'%! 4)&! 5)K(,1$'%:! 5$<$2! %)5$'*/!
)&G,1$H,*$)1%:!,1-!G)<'&1K'1*%!*)!2'<'&,G'!*#'!()+'&!)4!K,&I'*M.,%'-!5)K('*$*$)1!$1!,--&'%%$1G!%)5$,2!
(&).2'K%A!!
"#'!4&,K'+)&I!(&)()%'%!*)!'%*,.2$%#!,!%*&)1G!2$1I!.'*+''1!K,&I'*!5)K('*$*$<'1'%%!,1-!%)5$)M'5)1)K$5!
(&)G&'%%!4)&!*#'!5)KK91$*$'%!$1!+#$5#!,!G$<'1!5)K(,1/!)('&,*'%A!X,29'!5&',*$)1!$%!u%#,&'-v!./!(&$<,*'!
5)K(,1$'%! .'5,9%'! $*! 4)59%'%! )1! $-'1*$4/$1G! ,1-! 'F(,1-$1G! %*&)1G! 2$1I%! .'*+''1! %)5$,2! (&)G&'%%! ,1-!
(&)4$*%A!8)&*'&!,1-!m&,K'&!,2%)!K'1*$)1!*#'!1''-!*)! *&,1%4)&K!k<$5$)9%J!)&G,1$H,*$)1,2!5/52'%! =*#'!%)M
5,22'-!u()$%)1'-!4&9$*!)4!5,($*,2$%Kv:!$1!&'G,&-!*)!%)5$,2!(&)G&'%%@!$1*)!k<$&*9)9%J!5/52'%A!")!-)!*#$%:!*#'/!
(&)()%'!*)!&'M2'G$*$K$H'!*#'! 5)15'(*!)4!(&$<,*'!5)K(,1$'%! =)1'!5)92-!'<'1!%,/e! *#'$&! .9%$1'%%!K)-'2@!
9%$1G!*#&''!K)-'%!)4!)('&,*$)1,2$H,*$)1e!!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!E`!
!
J> #*G*@,84,48' 9-3G/.;@' 14G' 51-7*;@A!*#$%! $K(2$'%! *#,*! 5)K(,1$'%! K9%*! 915)<'&! 91K'*! %)5$,2!
1''-%!)&!(&).2'K%!*#,*! 1''-! ,--&'%%$1G:!,1-!*#'1!5&',*'!(&)-95*%!*)! K''*!*#'!1''-!)&!%)2<'!
*#'!(&).2'KA!
L> #*G*:,4,48';)*'M10/*'.)1,4A!.'#$1-!*#$%!$-',!$%!*#'!%',&5#!4)&!.'**'&!(&)-95*$<$*/!./!&'%()1%$.2/!
,--&'%%$1G!'1<$&)1K'1*,2!)&!%)5$,2U%)5$'*,2!$%%9'%A!
W> +-*1;,48'03.10'.355/4,;6'G*M*0395*4;'.0/@;*-@A!K92*$1,*$)1,2%!+#)!'%*,.2$%#!*#'$&!(&)-95*$)1!
91$*%!$1!5)KK91$*$'%!,22!)<'&!*#'!+)&2-!K9%*!'1,.2'!5)KK91$*/!&'%$2$'15'!,1-!%955'%%!$1!)&-'&!
*)!'1#,15'!5)K('*$*$<'1'%%!=8)&*'&!,1-!m&,K'&:!CDEE@A!!
011)<,*$)1!$%!*#'1!1)!2)1G'&!.)91-!*)!%$K(2/!5,(*9&'!91&',2$H'-!*'5#1)2)G$5,2!<,29'!5&',*$)1!)&!-'<'2)(!
1'+!&'<'19'!,&5#$*'5*9&':!.9*!$%!&,*#'&!%*''('-!$1!*#'!%,*$%4,5*$)1!)4!,!%)5$,2!1''-!='AGA:!,55'%%!*)!52',1!
+,*'&:!-'5'1*!#)9%$1G:!'*5A@A!"#'!,9*#)&%!.'2$'<'!*#,*! *#'! ;#,&'-!X,29'!,((&),5#!+$22!4)%*'&!*#'! 1'F*!
+,<'! )4! $11)<,*$)1:! ,%! +'22! ,%! *#'! G&)+*#! )4! *#'! G2).,2! '5)1)K/! =8)&*'&! ,1-! m&,K'&:! CDEE@A! "#'!
,((&),5#! -$%*,15'%! $*%'24! 4&)K! 6;3!,1-! (#$2,1*#&)(/:! ,%! +'22! ,%! 4&)K! %*,I'#)2-'&! '1G,G'K'1*!
(&)5'%%'%A!
;#,&'-!X,29'!K9%*!,2%)!.'!K',%9&'-!,G,$1%*!*#'!*#&''!)('&,*$)1,2$H,*$)1!K)-'%:!,%!$229%*&,*'-!$1!",.2'!
CMEA!
(1N0*'LQJA'%00/@;-1;,M*'X/@,4*@@'14G'F3.,10'#*@/0;@'N6'<*M*0'3:'F)1-*G'R10/*'
!
B&)Ke!8)&*'&!et!al.!=CDEE@:!(A!V!
0*!$%!%9GG'%*'-!*#,*!K',%9&'K'1*!.'!,1!$1*'G&,*'-!(,&*!)4!.9%$1'%%!%*&,*'G/:!,1-!.'!$K(2'K'1*'-!$1!,1!
$*'&,*$<'!4,%#$)1:!5&',*$1G!,!4''-.,5I!2))(!*#,*!('&K$*%!5)1*$19)9%!$K(&)<'K'1*!=,%!$229%*&,*'-!$1!B$G9&'!
CMED@A!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'LQJcA'%4;*8-1;,48'F)1-*G'R10/*'F;-1;*86'14G'O*1@/-*5*4;K'
B&)Ke!8)&*'&!et!al.!=CDEE@:!(A!C!
"#'!K',%9&'K'1*!(&)5'%%!'15)K(,%%'%!d!%*'(%e!
EA %G*4;,:,.1;,34' 3:' @3.,10' ,@@/*@A!*#$%! %*'(! $%! .,%$5,22/! ,! %',&5#! ,1-! %5&''1$1G! (&)5'%%! 9%'-! *)!
$-'1*$4/! 91K'*! %)5$,2! 1''-%! ,1-! (&).2'K%! ,1-! '<,29,*'! *#'$&! )<'&2,(! +$*#! *#'! )&G,1$H,*$)1%!
%'&<$5'%!)&!(&)-95*%:!,%!*#'/!('&*,$1!*)!*#'!*#&''!)('&,*$)1,2$H,*$)1!K)-'%A!0*!&'%92*%!$1!,!2$%*!)4!
%)5$,2!$%%9'%!*)!(&$)&$*$H'!$1!)&-'&!*)!5&',*'!,!;#,&'-!X,29'!%*&,*'G/A!
CA +-*1;,34'3:'1'N/@,4*@@'.1@*A!*#$%!%*'(!5)1%$%*%!$1!,1,2/%$1G!*#'!%)5$,2!1''-%!)(()&*91$*$'%!,G,$1%*!
*#'! .9%$1'%%! ('&4)&K,15'! ()%%$.$2$*$'%! *#&)9G#! $-'1*$4/$1G!*,&G'*%! ,1-! ,5*$<$*$'%! $1<)2<'-! $1! ,!
K)-'2$H,*$)1! )4! ()*'1*$,2! .9%$1'%%! ,1-! %)5$,2! &'%92*%A! "#$%! %*'(! -'4$1'%! $4! ,! ;#,&'-! X,29'!
$1$*$,*$<'!G)'%!4)&+,&-!)&!1)*A!
VA E-38-*@@';-1.7,48A!*#$%!%*'(!5)1%$%*%!$1!*&,5I$1G!*,&G'*%:!,5*$<$*$'%:!$1(9*%!,1-!)9*(9*%!,G,$1%*!*#'!
.9%$1'%%!5,%'!.29'(&$1*A!
dA #*@/0;@'5*1@/-*5*4;' 14G' 39*-1;,3410,f1;,34A!*#$%!4)9&*#!%*'(!%'&<'%!*)!'<,29,*'!.9%$1'%%!,1-!
%)5$,2!&'%92*%! ,G,$1%*!+#,*!+,%!,1*$5$(,*'-! ,*!*#'!.'G$11$1GA!0*!,2%)!%'&<'%!,%! $1(9*!4)&!%*&,*'G/!
&'4$1'K'1*!)&!5#,1G'!)4!-$&'5*$)1!$1!$*%!'F'59*$)1A!!
B9&*#'&:!$*!#,%!.''1! %9GG'%*'-!*#,*!;#,&'-! X,29'!%)5$,2!$11)<,*$)1! %#)92-!5)&&'%()1-! *)! `!&'$14)&5$1G!
%*&,*'G$5!$1G&'-$'1*%!=;#,&'-!X,29'!01$*$,*$<':!CDEd@:!,%!$229%*&,*'-!$1!B$G9&'!CMEEe!!
89&()%'!
Y'4$1'-!1''-!
;#,&'-!X,29'!K',%9&'K'1*!
6)M5&',*$)1!)4!;#,&'-!X,29'!
011)<,*$)1!%*&95*9&'!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!E]!
!
!
B,8/-*'LQJJA'()*'\'-*,4:3-.,48',48-*G,*4;@'3:'F)1-*G'R10/*',443M1;,34K'
B&)Ke!;#,&'-!X,29'!01$*$,*$<'!=CDEd@!
LKb %4G/@;-,10'2.30386'
>2*#)9G#! $-',%! &'G,&-$1G! 01-9%*&$,2! Q5)2)G/! 'F$%*! %$15'! ,*! 2',%*! *#'!EZdD%:! *#'! )44$5$,2! .$&*#! )4! *#'!
u$1-9%*&$,2!'5)2)G/v! 5)15'(*! 5,1!.'! &'2,*'-! *)! ,!EZaZ! %5$'1*$4$5! ,&*$52'! ./!3).'&*! B&)%5#! ,1-!c$5#)2,%!
?,22)()92)%!*#,*!%9GG'%*'-!*#'!1''-! 4)&! u,1! $1-9%*&$,2!'5)%/%*'Kv!$1!+#$5#!u*#'! 9%'! )4!'1'&G$'%! ,1-!
K,*'&$,2%!$%!)(*$K$H'-:!+,%*'%!,1-!()229*$)1!,&'!K$1$K$H'-:!,1-!*#'&'!$%!,1!'5)1)K$5,22/!<$,.2'!&)2'!4)&!
'<'&/! (&)-95*! )4! ,! K,194,5*9&$1G! (&)5'%%v!=0;0Q:! CDE`@A! >! 5)15&'*'! -'K)1%*&,*$)1! )4! *#$%! 5)15'(*!
%*,&*'-! $1! EZ]C! $1! Y'1K,&I:! $1! *#'! K91$5$(,2$*/! )4! m,291-.)&G! ,1-! $%! %*$22! )1G)$1G:! +$*#! Z! $1-9%*&$'%!
,K)1G!+#$5#!*#'!K91$5$(,2$*/!$*%'24!=>YQOQ:!CDEV@A!
01-9%*&$,2!Q5)2)G/!,%I%!9%!*)! u91-'&%*,1-! #)+! *#'!$1-9%*&$,2!%/%*'K!+)&I%:!#)+!$*!$%!&'G92,*'-:!,1-!$*%!
$1*'&,5*$)1! +$*#!*#'! .$)%(#'&'l!*#'1:! )1!*#'! .,%$%! )4! +#,*! +'! I1)+! ,.)9*! '5)%/%*'K%:!*)! -'*'&K$1'!
#)+!$*!5)92-!.'!&'%*&95*9&'-!*)!K,I'!$*!5)K(,*$.2'!+$*#!*#'!+,/!1,*9&,2!'5)%/%*'K%!4915*$)1v!=Q&IK,1:!
EZZ]!$1!0;0Q:!CDE`@!=Q&IK,1:!EZZ]!$1!0;0Q:!CDE`@A!"#'!$-',!$%:!*#'1:!*#,*!$1-9%*&/!5,1!.'!%''1!,%!,!uK,1M
K,-'!'5)%/%*'K!*#,*!)('&,*'%!$1!,!%$K$2,&!+,/!*)!1,*9&,2!'5)%/%*'K%:!+#'&'!*#'!+,%*'!)&!./!(&)-95*!)4!
)1'!(&)5'%%!$%!9%'-!,%!,1!$1(9*!$1*)!,1)*#'&!(&)5'%%v!=?Y36:!CDE`@A!"#'!G),2!$%!*)!#,<'!$1-9%*&$'%!+)&I!
*)G'*#'&!$1!)&-'&!*)!K)<'!4&)K!,!2$1',&!*)!5/52$5,2!)&!52)%'-!2))(!%/%*'K!=?Y36:!CDE`@A!!
"#'&'!$%!1)*!)1'!52',&!-'4$1$*$)1!)4!01-9%*&$,2!Q5)2)G/A!B)&!Q&IK,1!#)+'<'&:!$*!$%!$K()&*,1*!*)!1)*'!*#,*!$*!
$%! ,! 5)15'(*9,2! 4&,K'+ )&I! ,%! +'22! ,%! ,1! $K(2'K'1*,*$)1! *))2A! "#'! ,9* #)&! ,2%)! %*,*'%! *#,*! u$1-9%*&$,2!
'5)2)G/!-)'%!1)*!,--&'%%!L9%*!$%%9'%!)4!()229*$)1!,1-!'1<$&)1K'1*:!.9*!5)1%$-'&%!,%!'N9,22/!$K()&*,1*:!
*'5#1)2)G$'%:!(&)5'%%!'5)1)K$5%:!$1*'&M&'2,*$)1%#$(%!)4!.9%$1'%%'%:!4$1,15$1G:!)<'&,22!?)<'&1K'1*!()2$5/!
,1-! *#'! '1*$&'! %('5*&9K! )4! $%%9'%! *#,*! ,&'! $1<)2<'-! $1! *#'! K,1,G'K'1*! )4! 5)KK'&5$,2! '1*'&(&$%'%v!
=Q&IK,1:! CDDE:! (A! V@A! h1'! ,((2$5,*$)1! )4! *#$%! 5)15'(*! $%! 5,22'-! $1-9%*&$,2! %/K.$)%$%:! +#$5#! $%! u,1!
,%%)5$,*$)1!.'*+''1!*+)!)&!K)&'!$1-9%*&$,2!4,5$2$*$'%!)&!5)K(,1$'%!$1!+#$5#!*#'!+,%*'%!)&!./M(&)-95*%!)4!
)1'!.'5)K'!*#'!&,+!K,*'&$,2%!4)&!,1)*#'&v!=T3>8:!CDEd@A!
3'G,&-$1G!%5,2':!01-9%*&$,2!Q5)2)G/! $%! K)%*2/!,((2$'-! ,*! *#'!2)5,2! 2'<'2:! +$*#! (#/%$5,2!(&)F$K$*/! ,K)1G!
(,&*1'&$1G! 5)K(,1$'%A! W)+'<'&:! *#'! 01*'&1,*$)1,2! ;)5$'*/! 4)&! 01-9%*&$,2! Q5)2)G/! =0;0Q@! %,/%! *#,*!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
01-9%*&$,2! Q5)2)G/! u'F,K$1'%! 2)5,2:! &'G$)1,2! ,1-! G2).,2! 9%'%! ,1-! 42)+%! )4! K,*'&$,2%! ,1-! '1'&G/! $1!
(&)-95*%:!(&)5'%%'%:!$1-9%*&$,2!%'5*)&%!,1-!'5)1)K$'%v!=0;0Q:!CDE`@A!
0*! $%! ',%$'&! *)! ,((2/! *#'! 5)15'(*! *)! 1'+! $1-9%*&$,2! H)1'%! $1! )&-'&! *)! K,F$K$H'! ()*'1*$,2! %/1'&G$'%!
.'*+''1! 5)K(,1$'%! .9*! $*! $%! ,2%)! 4',%$.2'! $1! 'F$%*$1G! H)1'%:! 1'5'%%$*,*$1G! 42)+%! $1<'1*)&$'%! ,1-!
-'<'2)(K'1*%!)4!(,&*1'&%#$(%!=?'2-&)1:!CDEV@A!
LKe 2S;*4G*G'E-3G/.*-'#*@934@,N,0,;6'
QF*'1-'-! 8&)-95'&! 3'%()1%$.$2$*/! =Q83@:! 2$I'! )*#'&! 5)15'(*%:! .',&%! K92*$(2'! -'4$1$*$)1%! K).$2$H'-! ./!
<,&$)9%!%*,I'#)2-'&%A!>*!2',%*!*+)!2,&G'2/!5$*'-!-'4$1$*$)1%!'K,1,*$1G!4&)K!&).9%*!%)9&5'%!'F$%*A!"#'!4$&%*!
)&$G$1,*'%! 4&)K! "#)K,%! 7$1-#N<$%*!=EZZC@:! +#)! $1*&)-95'-! *#'! 5)15'(*! $1! ;+'-'1! $1! EZZD! ,1-! $%!
5)1%$-'&'-!)1'!)4!*#'!K,$1!)&$G$1,*)&%!)4!*#'!Q83!5)15'(*e!
“[EPR]! is! an! environmental! protection! strategy! to! reach! an! environmental! objective! of! a!
decreased!total!environmental!impact!of!a!product,!by!making!the!manufacturer!of!the!product!
responsible!for!the!entire!life-cycle!of!the!product!and!especially!for!the!take-back,!recycling!and!
final!disposal”!=7$1-#N<$%*:!CDDD:!(A!$$@A!
"#'!%'5)1-:!,1-!K)%*!+'22MI1)+1!,1-!9%'-!-'4$1$*$)1:!$%!*#'!)1'!(9*!4)&+,&-!./!*#'!hQ6Y!$1!*#'!',&2/!
CDDD%e!
an!environmental!policy!approach!in!which!a!producer's!responsibility!for!a!product!is!extended!
to!the!post-consumer!stage!of!a!product's!life!cycle.!There!are!two!related!features!of!EPR!policy:!
(1)! the! shifting! of! responsibility! (physically! and/or! economically;! fully! or! partially)! upstream!
toward!the!producer!and!away!from!municipalities,!and!(2)!to!provide!incentives!to!producers!to!
incorporate!environmental!considerations!in!the!design!of!their!products!=hQ6Y:!CDE`@A!!
b)*#!-'4$1$*$)1%!91-'&2$1'!*#'!$K()&*,15'!)4!*#'!'1-M)4M2$4'!%*,G':!.9*!7$1-#N<$%*!$1%$%*%!)1!*#'!4922! 2$4'!
5/52'!&'%()1%$.$2$*/! .'$1G! )4!G&',*!$K()&*,15'! $1! G2).,2!'1<$&)1K'1*,2! $K(,5*%! &'-95*$)1A!"#'! hQ6YJ%!
2$*'&,*9&'!$%!.,%'-!)1!()2$5/!,1-!$15'1*$<'%!-'%$G1:!+$*#!,!2,&G'!4)59%!)1!'1-M)4M2$4'!%/%*'K%:!%)K'*$K'%!
*)!*#'! -'*&$K'1*!)4! *#'! 4922! 2$4'!5/52'! &'%()1%$.$2$*/A! "#'%'! *+)! ()%*9&'%! =+#)2'! 2$4'! 5/52'! <%A!4)59%!)1!
'1-M)4M2$4'@!,&'!,2%)!(&'%'1*!$1!*#'!G'1'&,2!%5$'1*$4$5!2$*'&,*9&'!)1!*#'!%9.L'5*!)4!Q83A!!
Q83!$%!5)1%$%*'1*!+$*#!*#'!(&$15$(2'!)4!k()229*'&!(,/%J!,1-!$%!1'5'%%,&/!$1!)&-'&!*)!&'42'5*!2$4'!5/52'!5)%*%!$1!
,!(&)-95*J%!(&$5'!=7$1-#N<$%*:!CDDD@A!>%!,!K)-'2:!Q83!K,/!.'!91-'&%*))-!,%!'15)K(,%%$1G!*#'!4)22)+$1G!
<,&$,.2'%:!$229%*&,*'-!$1! B$G9&'!CMECe! 2$,.$2$*/:! )+1'&%#$(:!'5)1)K$5!&'%()1%$.$2$*/:!(#/%$5,2! &'%()1%$.$2$*/!
,1-!$14)&K,*$<'!&'%()1%$.$2$*/A!!
!
B,8/-*'LQJLA'O3G*0@':3-'2S;*4G*G'E-3G/.*-'#*@934@,N,0,;6K'
B&)Ke!7$1-#N<$%*!=CDDD@:!(A!$$$!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!EZ!
!
!
Q1<$&)1K'1*,2!-,K,G'%! ,&'! 2$1I'-!*)! 2$,.$2$*/:! +#$5#! $%!-'*'&K$1'-! ./! 2)5,2!2'G$%2,*$)1A! Q5)1)K$5!,1-!
(#/%$5,2!&'%()1%$.$2$*$'%!,&'!*#'!<,&$,.2'%!9%'-!*)!-'*'&K$1':!&'%('5*$<'2/:!*#'!'F('1%'%!$159&&'-!,1-!*#'!
(#/%$5,2!K,1,G'K'1*!%/%*'K%A!3'*,$1'-!(&)-95*!)+1'&%#$(!+$22!K',1!*#,*!*#'!(&)-95'&!$%!2$,.2'!4)&!*#'!
'1*$&'!2$4'!5/52'! ,1-! 4)&! *#'! 4922!(#/%$5,2!,1-!'5)1)K$5!&'%()1%$.$2$*/A!014)&K,*$<'!&'%()1%$.$2$*/! K',1%!
*#,*! (&)-95'&%! K9%*! %9((2/! *#'! ,((&)(&$,*'! '1<$&)1K'1*,2! $14)&K,*$)1!,.)9*! *#'$&! (&)-95*%! *)!
5)1%9K'&%!=7$1-#N<$%*:!CDDD@A!!!
X,&$)9%! $1%*&9K'1*%! ,&'! 9%'-! +$*#$1! ,1! Q83!$1$*$,*$<':! %95#! ,%! *,I'M.,5I! %5#'K'%:! ,-<,15'-! -$%()%,2!
4''%:! -'()%$*M&'491-:! ,! 5)K.$1,*$)1 ! )4! 9(%*&',K! *,F! ,1-! -)+1%*&',K! %9.%$-/:! ,1-! %*,1-,&-%! =hQ6Y:!
CDE`@A!"#'%'!$1%*&9K'1*%!,&'!%*$22!K95#! 9%'-!*)-,/:!'2)N9'1*2/!$229%*&,*$1G!#)+!Q83J%!4)59%!#,%!%#$4*'-!
,2K)%*!'F529%$<'2/!*)!'1-M)4M2$4'!K,1,G'K'1*!%$15'!*#'!.'G$11$1G!)4!*#'!EZZD%A!;)K'!,9*#)&%!5#,22'1G'!
*#$%! 4)59%!)1! ,! 5)15'(*9,2! 2'<'2:! ()%$*$1G! *#,*! Q83! %#)92-! $1! 4,5*! '15)K(,%%! K,*'&$,2%! 5#)$5'! ,1-!
&'-95*$)1!)4!*)F$5$*/!*#9%!5&',*$1G!,!%*&)1G!2$1I!,1-!,1!$15'1*$<'!4)&!'5)-'%$G1!=7$4%'*!et!al.:!CDEV@A!!
T$*#$1!,1!Q83!$1$*$,*$<':!(&)-95'&%!%#)92-!.'1'4$*!4&)K!$15'1*$<'%!*)!-'%$G1!)&!&'-'%$G1!*#'$&!(&)-95*%!$1!
)&-'&! *)! 1)*! )12/! &'-95'! '1<$&)1K'1*,2! 5)%*%! ,1-! $K(,5*%! )<'&! *#'! '1*$&'! 2$4'! 5/52'! .9*! ,2%)! &'-95'!
&'%)9&5'%! 9%':! '1,.2'! )&! '1#,15'! &'9%,.$2$*/! ,1-! &'5/52,.$2$*/! =hQ6Y:! CDE`@A! T#$2'! *#')&'*$5,22/:!
'5)-'%$G1!%#)92-!.'!*#'!*))2!)4!'F5'22'15'!*)!&'-95'!$1#'&'1*!Q83!5)%*%!9(%*&',K:!$1!&',2$*/!Q83!#,%!#,-!
2$**2'!$1429'15'!)1!*#'!,5*9,2!-'%$G1!)&!&'-'%$G1!)4!(&)-95*%!=Y'K(%'/!et!al.:!CDED!$1!7$4%'*!et!al.:!CDEV@A!
;)!+#$2'! Q83! K,/! #,<'!*#'! ()*'1*$,2! *)! ,5#$'<'!%)K'!01-9%*&$,2! Q5)2)G/! G),2%! ='AGAe!52)%$1G!2))(%@:!$1!
4,5*:!$*!#,%!&,*#'&!G'1'&,22/!#'2('-!$1!'%*,.2$%#$1G!.'**'&!()%*5)1%9K'&!&'5/52$1G! %/%*'K%! ,1-! 4,5$2$*$'%!
=7$4%'*!et! al.:! CDEV@A! 0*! $%! *)! .'! 1)*'-! *#,*! Q83! $%! ,! <$<$-! %9.L'5*! $1! *#'! 62',1'&! 8&)-95*$)1! ,1-! *#'!
01-9%*&$,2!Q5)2)G/!%5$'1*$4$5!5)KK91$*$'%A!
LKJc 2.3G*@,84'
"#'!5)1*'F*!4)&!*#'!'K'&G'15'!)4!'5)-'%$G1!$%!.,%'-!)1!*#'!%,K'!(&'K$%'!,%!*#,*!)4!6Qe!*#,*!&'%)9&5'%!
,&'!2$K$*'-!,1-!*#,*!$1-9%*&/!$%!G'1'&,22/!.,%'-!)1!,!*,I'MK,I'M+,%*'!K)-'2!=)&e!2$1',&!'5)1)K/@A!>%!$*!
$%! ,! I1)+1! 4,5*! *#,*! )<'&! a Dq! )4! $K(,5*%!5,1! .'! ,<)$-'-! ,*! *#'! -'%$G1! %*,G':! '5)-'%$G1! $%! *#'&'4)&'!
<$'+'-! ,%! ,! +,/!*)! $1*&)-95'! '5)M'44$5$'15/!,1-! $K(,5*%! &'-95*$)1! $1*)!*#'! -'%$G1! (&)5'%%:! 4&)K!*#'!
)9*%'*!=m1$G#*!,1-!j'1I$1%:!CDDZ@A!
>55)&-$1G! *)! ,! .&),-2/! ,55'(*'-! -'4$1$*$)1:! u'5)-'%$G1! 4)59%'%! )1! *#'! $1*'G&,*$)1! )4! '1<$&)1K'1*,2!
5)1%$-'&,*$)1%!$1*)!(&)-95*!-'<'2)(K'1*v!=m,&2%%)1!,1-!79**&)((:!CDD\!$1!b)<',!,1-!8P&'HMb'2$%:!CDEC:!
(A! \E@A! 0*! %#)92-! .'! '1<$&)1K'1*,22/! ,((&)(&$,*':! .9*! ,2%)! *,I'! *#'! '1-! 9%'&! $1*)! 5)1%$-'&,*$)1A!
Q5)-'%$G1!$%!%)K'*$K'%!,%%)5$,*'-! *)! u-'%$G1!4)&!*#'!'1<$&)1K'1*v!=Y4Q@!,1-!,2%)! *)! *#'! &'-95*$)1!)4!
$K(,5*%! )<'&! *#'! '1*$&'! 2$4'! 5/52'A! 0*! $%! #)+'<'&! $K()&*,1*! *)! -&,+! *#'! 2$1'! .'*+''1! Q5)-'%$G1! ,1-!
%9%*,$1,.2'! -'%$G1!=)&! -'%$G1! 4)&! %9%*,$1,.$2$*/@:! ,%! Q5)-'%$G1! -)'%! 1)*! $15)&()&,*'! %)5$,2! ,1-! '*#$5,2!
,%('5*%!=m1$G#*!,1-!j'1I$1%:!CDDZ:!(A\E@A!
Q5)-'%$G1!%#)92-!.'!$K(2'K'1*'-!1)*!,%!,!%('5$4$5!K'*#)-:!.9*!&,*#'&!,%!,1!,1,2/*$5,2!*#)9G#*!(&)5'%%:!
*)!'<'&/!,((&)(&$,*'!-'%$G1!(#,%'!)&!2'<'2:!%#)92-!.'!.,%'-!)1!%)91-!-'%$G1!,1-!'1G$1''&$1G!(&)5'%%'%!
,1-! I1)+2'-G'! ,1-! .'! $1*'G&,*'-! +$*#! *#'! '1<$&)1K'1*,2! %5$'15'%A! 01! )&-'&! *)!G'1'&,*'! %$G1$4$5,1*!
&'%92*%:!Q5)-'%$G1!1''-%!*)!.'!$1*'G&,*'-!%/%*'K,*$5,22/!)<'&!*#'!+#)2'!(&)-95*!-'<'2)(K'1*!(&)5'%%!$1!
,! 2)1GM*'&K! ('&%('5*$<'! ,1-! in! fine:! .'! ,! &'N9$&'K'1*! )<'&! *#'! +#)2'! <,29'! 5#,$1A! "#$%! .'$1G! %,$-:!
'<$-'15'!)4!Q5)-'%$G1! $K(2'K'1*,*$)1!$%!1)*!+'22!-)59K'1*'-!=m1$G#*!,1-!j'1I$1%:!CDDZ@A!Q5)-'%$G1J%!
%5)('!$%!<$%9,22/!&'(&'%'1*'-!./!B$G9&'!CMEVA!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'LQJWA'2.3G*@,84'@.39*K'
B&)Ke!m1$G#*!,1-!j'1I$1%!=CDDZ@:!(A!``D!
Q5)-'%$G1J%!K,$1!5#,22'1G'%!,&'!*)!&'%()1-!*)!59%*)K'&%J!1''-%!,*!*#'!2)+'%*!5)%*!=.)*#!'5)1)K$5!,1-!
'1<$&)1K'1*,2@! ,1-! %*$22! K,1,G'! *)! .,2,15'! )*#'&! 5)1%$-'&,*$)1%:! 1,K'2/! ()2$5/! ='AGAe! &'5/52,.$2$*/@!
'1G$1''&$1G:! -'%$G1! ='AGAe! 4915*$)1:! ,'%*#'*$5%:! '*5A@! ,1-! .9%$1'%%! ='AGAe! 5)%*%:! &'<'19'! G'1'&,*$)1:!
K,&I'*$1G@!=79**&)((!,1-!7,G'&%*'-*:!CDD\@A!!
01!*'&K%! )4!Q5)-'%$G1!*))2%:! %)K'! ,9*#)&%! 5,*'G)&$H'!*#'K! ,55)&-$1G! *)! K',%9&'K'1*!*/(':! K',1$1G!
+#'*#'&! *#'/! ,&'! N9,2$*,*$<'! )&! N9,1*$*,*$<'! =6,2)+! et!alA:! CDDEl! Q&1H'&! ,1-! T$KK'&:! CDDCl! '*5A@!
%)K'*$K'%! ,--$1G! ,! %'K$MN9,2$*,*$<'!5,*'G)&/!=b)<',!,1-! 8P&'HMb'2$%:! CDEC@A! >1)*#'&:! ('&#,(%! K)&'!
9%'492!=)&!,*!2',%*!$229%*&,*$<'@!+,/!)4!5,*'G)&$H$1G!'5)-'%$G1!*))2%!$%!,55)&-$1G!*)!+#,*!*#'/!-)!,1-!#)+!
*#'/!-)!$*A!79**&)((!,1-!7,G'&%*'-*!=CDD\@!52,%%$4/!*#'K!$1*)e!!
u;+$%%!,&K/! I1$4'v! =)&! G'1'&,2@! *))2%! +#$5#! 5)K.$1'! %$K(2$5$*/!+$*#! ,! K92*$(9&()%'!,((&),5#!
,1-!K,/!)&!K,/!1)*!$1529-'!G9$-'2$1'%:!$1%($&,*$)1!,1-!5,%'!%*9-$'%!
"))2%!+$*#!,!%('5$,2!4)59%:!'$*#'&!)1!,!%('5$4$5!(&)-95*!='AGAe!,!<'#$52'@!)&!(&)-95*!5,*'G)&/!='AGAe!
'2'5*&$5,2!,1-!'2'5*&)1$5!-'<$5'%@!
"))2%!*#,*!,&'!2$4'!5/52'!.,%'-!
"))2%!*#,*!4)59%!)1!-'K,*'&$,2$H,*$)1!%*&,*'G$'%!!
m1$G#*!,1-!j'1I$1%!52,%%$4/!'5)-'%$G1!*))2%!$1*)!V:!.&),-'&!5,*'G)&$'%e!
EA &/,G*0,4*@e!#,<'!,!.&),-!%5)(':!2,&G'2/!,((2$5,.2'!.9*!2,5I$1G!-'*,$2%l!5,1!$1529-'!*#'!+#)2'!2$4'!
5/52'!)&!%('5$4$5!(&)-95*!-'<'2)(K'1*!(#,%'%!)&!,&',%!!
CA +)*.70,@;@e!(&)<$-'!%('5$4$5!,1-!-'*,$2'-:!.9*!1,&&)+:!,((2$5,*$)1!(&)5'%%'%!)<'&!%'2'5*'-!%*,G'%!
)4!*#'!2$4'!5/52'!)&!(&)-95*!-'<'2)(K'1*!(&)5'%%l!$1529-'%!.2,5IUG&'/U+#$*'!5#'5I2$%*%!,1-!)*#'&!
*/('%!)4!5#'5I2$%*%!
VA "4106;,.10' ;330@e! ('&K$*! -'*,$2'-! ,1-U)&! %/%*'K,*$5! ,1,2/%$%! 4)&! %('5$4$5! %*,G'%! )4! *#'! -'%$G1!
(&)5'%%! )&! )4! *#'! 2$4'5/52'l! $1529-'%! '5)M$1-$5,*)&%:! $K(,5*! ,%%'%%K'1*:! '1<$&)1K'1*,2! '44'5*!
,1,2/%$%:!76>:!2$4'!5/52'!5)%*$1G:!OQ"!K,*&$F:!'*5A!=m1$G#*!,1-!j'1I$1%:!CDDZ@A!
6)K(,1$'%! +$22! */($5,22/! %*,&*! +$*#! G9$-'2$1'%! ,1-! K,*'&$,2%! 5#'5I2$%*%! ,1-! *#'1! K)<'! )1! *)! K)&'!
5)K(2'F! ,1-U)&! %('5$4$5! *))2%:! '<'1*9,22/! 5&',*$1G! ,1-! -'(2)/$1G! (&)(&$'*,&/! *))2%! =79**&)((!,1-!
7,G'&%*'-*:!CDD\@:!,%!'F'K(2$4$'-!./!c'%*2PJ%!Q5)-Qo!*))2!=;5#'1I'&!et!al.:!CDEd@A!
>(('1-$F!>!(&)<$-'%!,! %/1*#'*$H'-! *,.2'!5)1*,$1$1G! ,22! I'/!,%%)5$,*'-! 5)15'(*%! ,%! +'22!,%! *#'$&! G),2%:!
K,$1! ,9*#)&%:! ,((2$5,*$)1! %5,2'! ,1-! *))2%A! >! -$%59%%$)1! ,.)9*! *#'! (&'<$)9%2/! -'4$1'-! I'/! ,%%)5$,*'-!
5)15'(*%!+#'1!5)K(,&'-!*)!6Q!$%!,<,$2,.2'!,*!%'5*$)1!dA`A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!CE!
!
LKJJ +34.*9;@';,5*0,4*'
>! 1)1M'F#,9%*$<'!*$K'2$1'! )4! 6QJ%! K,$1! ,%%)5$,*'-! 5)15'(*%! $%! (&'%'1*'-! $1! ",.2'! CME! ,%! ,! +,/! *)!
$229%*&,*'!$*%!#$%*)&$5,2!-'<'2)(K'1*!$1!,!%/1*#'*$5!+,/A!
(1N0*'LQLA'+,-./01-'2.34356'.34.*9;/10';,5*0,4*'
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
Jbec'
>24&'-!O,&%#,22!
b))Ie!Principles!of!
Economics!
O1-@)100'.3,4@';)*';*-5'g%4G/@;-,10'G,@;-,.;@h!
01!#$%!%'K$1,2!.))I!Principles!of!Economics:!b&$*$%#!'5)1)K$%*!
>24&'-!O,&%#,22!-'%5&$.'%!$1-9%*&$,2!-$%*&$5*%:!+#$5#!,&'!529%*'&%!
)4!%K,22!)&!K'-$9K!%$H'!)&G,1$H,*$)1%!(#/%$5,22/!G&)9('-!+$*#$1!
,!4,$&2/!2$K$*'-!,&',:!5#,&,5*'&$%'-!./!u'F*'1%$<'!2)5,2!$1*'&M4$&K!
2$1I,G'%v!=W,&&$%)1:!EZZC:!(A!d\Z@A!01-9%*&$,2!-$%*&$5*%!.,%'-!)1!
$1*'&M4$&K!1'*+)&I$1G!5,1!2',-!*)!*#'!5&',*$)1!)4!$1-9%*&$,2!
%/K.$)%$%!=6#'&*)+:!CDDD@A!!
Je[Z!
?')&G'!3'11'&!
>&*$52'e!
Geography!of!
industrial!
localization!
%4G/@;-,10'2.30386'@;1-;@';3'*5*-8*'1@'1'.34.*9;'
3'11'&!'<)I'%!*#'!()%%$.$2$*/!*#,*!5)K(,1$'%!K,/!'F5#,1G'!
+,%*'!,%!&,+!K,*'&$,2%!.9*!-)'%!1)*!5)$1!*#'!*'&K!u$1-9%*&$,2!
'5)2)G/v!$*%'24A!W'!-)'%:!#)+'<'&:!-'%5&$.'!*#'!
$1*'&&'2,*$)1%#$(%!,%!%/K.$)%'%!*#,*!)559&!$1!1,*9&'!={#,1G!et!
al.:!CDEd@A!
Je]c@'
B,-@;'@;/G,*@'3:'*4M,-345*4;10',591.;@'3:'.34@/5*-'9-3G/.;@:!
K,$12/!$1!,!5)K(,&,*$<'!5)1*'F*!=?9$1''!et!al.:!CDED@'
Je]]!
m'11'*#!Q+,&*!
b)92-$1G!
b))I!%'5*$)1e!The!
Economics!of!the!
Coming!Spaceship!
Earth!
+03@*G'*.34356'3-'g@91.*@),9h'*.34356'
B$&%*!&'4'&'15'!*)!*#'!%*,*'!)4!*#'!'5)1)K/!=52)%'-!)&!)('1@l!
&'4'&'15'!*)!49*9&'!G'1'&,*$)1%!=(&'!;Y@l!4,$&1'%%!,1-!#9K,1!
5,($*,2l!'*#$5%!,1-!K)&,2!
u"#'!52)%'-!'5)1)K/!)4!*#'!49*9&'!K$G#*!%$K$2,&2/!.'!5,22'-!*#'!
k%(,5'K,1J!'5)1)K/:!$1!+#$5#!*#'!',&*#!#,%!.'5)K'!,!%$1G2'!
%(,5'%#$(:!+$*#)9*!912$K$*'-!&'%'&<)$&%!)4!,1/*#$1G:!'$*#'&!4)&!
'F*&,5*$)1!)&!4)&!()229*$)1:!,1-!$1!+#$5#:!*#'&'4)&':!K,1!K9%*!
4$1-!#$%!(2,5'!$1!,!5/52$5,2!'5)2)G$5,2!%/%*'K!+#$5#!$%!5,(,.2'!)4!
5)1*$19)9%!&'(&)-95*$)1!)4!K,*'&$,2!4)&K!'<'1!*#)9G#!$*!
5,11)*!'%5,('!#,<$1G!$1(9*%!)4!'1'&G/Av!!
Je]e!
O30!=4)&!6)5,M
6)2,@!
R1(9.2$%#'-!
T4*'3:';)*':,-@;'91-;,10'<+"@'=91(9.2$%#'-@:!.9*!1)*!1,K'-!,1!
76>A'"#$%!%*9-/!./!*#'!O$-+'%*!3'%',&5#!01%*$*9*'!=O30@!
N9,1*$4$'%!*#'!&'%)9&5'!&'N9$&'K'1*%:!'K$%%$)1!2),-$1G%:!,1-!
+,%*'!|)+%!)4!-$44'&'1*!.'<'&,G'!5)1*,$1'&%A!!
"#'!O30!9%'-!*#'!*'&K!3'%)9&5'!,1-!Q1<$&)1K'1*,2!8&)}2'!
>1,2/%$%!=3Q8>@!4)&!*#$%!I$1-!)4!%*9-/:!+#$5#!#,-!,!u5&,-2'!*)!
G&,<'v!,((&),5#A'
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
JeZc@!
T,2*'&!3A!;*,#'2!!
+3,4,48'3:';*-5'g+-1G0*Q;3Q.-1G0*h'
T,2*'&!3A!;*,#'2!$%!5&'-$*'-!4)&!5)$1$1G!*#'!*'&K!u5&,-2'M*)M
5&,-2'v!=Q22'1!O,5>&*#9&!B)91-,*$)1:!CDEE@A!
JeZJ'
X$5*)&!8,(,1'I!
b))Ie!Design!for!
the!real!world!
gI*@,84':3-';)*'#*10'!3-0Gh'$%!5&'-$*'-!,%!*#'!4$&%*!.))I!$1!
+#$5#!$1-9%*&$,2!-'%$G1!*,I'%!*#'!'1<$&)1K'1*!$1*)!
5)1%$-'&,*$)1A!X$5*)&!8,(,1'I!$%!5)1%$-'&'-!,%!,1!'5)-'%$G1!
($)1''&A'
JeZL'
!
O',-)+%!et!al.!!
3'()&*e!The!
Limits!to!Growth!
()*'9014*;')1@'0,5,;*G'-*@3/-.*@'
B)&!*#'!4$&%*!*$K':!,!&'%',&5#!*',K!(&'%'1*%!%5'1,&$)%!.,%'-!)1!
-/1,K$5!5)K(9*'&!K)-'2$1G!$1!)&-'&!*)!%$K92,*'!$1*'&,5*$)1%!
.'*+''1!()(92,*$)1:!4))-!(&)-95*$)1:!$1-9%*&$,2!(&)-95*$)1:!
()229*$)1:!,1-!5)1%9K(*$)1!)4!1)1M&'1'+,.2'!&'%)9&5'%A!"#'!
k%*,1-,&-!&91J!=)&e!.9%$1'%%!,%!9%9,2@!%5'1,&$):!+#$5#!(&'-$5*'-!
,!5)22,(%'!)4!*#'!G2).,2!%/%*'K!K$-M+,/!$1!*#'!CE%*!5'1*9&/:!%*$22!
#)2-%!*&9'!+#'1!5)K(,&'-!+$*#!VD!/',&%!)4!#$%*)&$5,2!-,*,!
="9&1'&:!CDDa@A!
m,291-.)&G!O91$5$(,2$*/!,1-!;*,*)$2!
V10/4GN3-8'F65N,3@,@!=Y'1K,&I@!
"#'!+)&2-J%!4$&%*!$K(2'K'1*,*$)1!)4!$1-9%*&$,2!'5)2)G/!+#'&'!
(9.2$5!,1-!(&$<,*'!5)K(,1$'%!.9/!,1-!%'22!+,%*'!,1-!./M
(&)-95*%!4)&K!',5#!)*#'&!=Q22'1!O,5>&*#9&!B)91-,*$)1:!CDEC.@A!
8&)-95*$)1!K,1,G'&!X,2-'K,&!6#&$%*'1%'1!9%'%!*#'!Y,1$%#!
'N9$<,2'1*!)4!u$1-9%*&$,2!%/K.$)%$%v!*)!-'%5&$.'!*#'!m,291-.)&G!
'5)M(,&I!,1-!$%!5&'-$*'-!4)&!5)$1$1G!*#'!*'&K!=Y)9G#'&*/:!EZZ]!
$1!{#,1G!et!al.:!CDEd@A!
JeZ]!
T,2*'&!3A!
;*,#'2!,1-!
?'1'<$'<'!
3'-,/!
3'()&*e!The!
Potential!for!
Substituting!
Manpower!for!
Energy!
B,-@;'M,@,34'3:'1'.03@*G'0339'*.34356'
;*,#'2!,1-!3'-,/!'1<$%$)1'-!,1!'5)1)K/!$1!2))(%!,1-!,1,2/H'-!
%95#!,1!'5)1)K/J%!$*%!$K(,5*!)1!L).!5&',*$)1:!5)K('*$*$<'1'%%:!
&'%)9&5'%!,1-!+,%*'!=8&)-95*!7$4'!01%*$*9*':!CDEV@A!
JeZZ'
8&'%*)1!62)9-!
>&*$52'e!Entropy,!
materials!and!
posterity!
21-0,*@;'743P4'3../--*4.*'3:';)*';*-5'i,4G/@;-,10'*.3@6@;*5j'
,4';)*'2480,@)'0148/18*'
=Q&IK,1:!CDDC@!
JebL'
T,2*'&!3A!;*,#'2!
B3/4G1;,34'3:';)*'E-3G/.;Q<,:*'%4@;,;/;*'
;*,#'2!)('1'-!#$%!$1-'('1-'1*!,1-!1)1M(&)4$*!)&G,1$H,*$)1!$1!
?'1'<,!$1!)&-'&!*)!%*9-/!,1-!)44'&!5)1%92*,15/!%'&<$5'%!)1!+#,*!
#'!5)1%$-'&%!*#'!`!($22,&%!)4!,!%9%*,$1,.2'!'5)1)K/!,1-!%)5$'*/e!
k1,*9&'!5)1%'&<,*$)1p:!k2$K$*'-!*)F$5$*/:!p&'%)9&5'!(&)-95*$<$*/p!:!
k%)5$,2!'5)2)G/J!,1-!k592*9&,2!'5)2)G/J!=;*,#'2:!CDEV5@A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!CV!
!
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
Jeb]'
T,2*'&!3A!;*,#'2!
+3,4,48'3:';)*';*-5'gE*-:3-514.*'2.34356h'=1)+!.'**'&!
I1)+1!,%!B915*$)1,2!Q5)1)K/@'
JebZ!
T6QY!
3'()&*e!Our!
Common!Future!
F/@;1,41N0*'G*M*0395*4;'G*:,4,;,34'
u;9%*,$1,.2'!-'<'2)(K'1*!$%!-'<'2)(K'1*!*#,*!K''*%!*#'!1''-%!
)4!*#'!(&'%'1*!+$*#)9*!5)K(&)K$%$1G!*#'!,.$2$*/!)4!49*9&'!
G'1'&,*$)1%!*)!K''*!*#'$&!)+1!1''-%A!0*!5)1*,$1%!+$*#$1!$*!*+)!
I'/!5)15'(*%e!
~!*#'!5)15'(*!)4!1''-%:!$1!(,&*$592,&!*#'!'%%'1*$,2!1''-%!)4!*#'!
+)&2-p%!())&:!*)!+#$5#!)<'&&$-$1G!(&$)&$*/!%#)92-!.'!G$<'1l!,1-!
~!*#'!$-',!)4!2$K$*,*$)1%!$K()%'-!./!*#'!%*,*'!)4!*'5#1)2)G/!,1-!
%)5$,2!)&G,1$H,*$)1!)1!*#'!'1<$&)1K'1*p%!,.$2$*/!*)!K''*!(&'%'1*!
,1-!49*9&'!1''-%Av!
=T6QY:!EZa]@!
Jebe'
!
3).'&*!B&)%5#!
,1-!c$5#)2,%!
?,22)()92)%!
>&*$52'e!Strategies!
for!Manufacturing!
(),@'@.,*4;,:,.'1-;,.0*',@'9*-.*,M*G'1@'1':3/4G,48'535*4;':3-'
,4G/@;-,10'*.30386:!'<'1!$4!*#'!4$'2-p%!491-,K'1*,2%!,((',&'-!
K95#!',&2$'&A'"#'!,9*#)&%!%9GG'%*'-!*#'!5)15'(*!)4!u,1!
$1-9%*&$,2!'5)%/%*'Kv!+#$5#!*#'1!&'5'$<'-!+$-'%(&',-!
,**'1*$)1A'
8',&5':!
O,&I,1-/,!
,1-!b,&.$'&!
3'()&*e!Blueprint!
for!a!Green!
Economy!
+3,4,48'3:'g&-**4'*.34356h'$1!,!&'()&*!4)&!*#'!Rm!G)<'&1K'1*!
./!,!G&)9(!)4!2',-$1G!'1<$&)1K'1*,2!'5)1)K$%*%A!b9*!*#'&'!$%!1)!
49&*#'&!&'4'&'15'!*)!G&''1!'5)1)K/!$1!*#'!&'()&*:!,(,&*!4&)K!$*%!
*$*2'!=>22'1!,1-!62)9*#:!CDEC@A'
Jeec!
Y,<$-!T$22$,K!
8',&5'!,1-!3A!
m'&&/!"9&1'&!
b))Ie!Economics!
of!Natural!
Resources!and!the!
Environnement!
()*';*-5'g+,-./01-'*.34356h',@'.3,4*G'
8',&5'!,1-!"9&1'&!5,22'-!6#,(*'&!C!)4!*#'$&!.))I!u"#'!6$&592,&!
Q5)1)K/v!,1-!,&'!5&'-$*'-!4)&!5)$1$1G!*#'!*'&KA!
"#)K,%!
7$1-#N<$%*!
3'()&*e!From!the!
Cradle!to!the!
Grave!–!six!studies!
of!the!
environmental!
impact!of!
products!
2S;*4G*G'E-3G/.*-'#*@934@,N,0,;6',@',4;-3G/.*G',4'FP*G*4'
"#&)9G#!#$%!&'()&*!*)!*#'!;+'-$%#!O$1$%*&/!)4!*#'!Q1<$&)1K'1*:!
7$1-#N<$%*!$1*&)-95'%!*#'!$-',!)4!Q83!=7$1-#N<$%*:!CDDD@A!
JeeL!
T$22$,K!
O5Y)1)9G#!
,1-!O$5#,'2!
b&,91G,&*!
O,1$4'%*)e!The!
Hannover!
Principles.!Design!
for!Sustainability!
I*@,84':3-'F/@;1,41N,0,;6'
O5Y)1)9G#!,1-!b&,91G,&*!(&'(,&'-!*#'%'!-'%$G1!(&$15$(2'%!4)&!
*#'!5$*/!)4!W,11)<'&:!+#$5#!#)%*'-!*#'!QF()!CDDD!T)&2-!B,$&A!
"#'$&!5)22,.)&,*$)1!)1!*#$%!-)59K'1*!%(9&&'-!)1!*#'!5&',*$)1!)4!
*#'$&!4$&K:!ObY6:!776!,1-!)4!*#'!6&,-2'M*)M5&,-2'!.))I!,1-!
%9.%'N9'1*!(&)L'5*%A!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
"#)K,%!7$1-#N<$%*!
<,4G)kM,@;'9-393@*@'1'G*:,4,;,34':3-'2S;*4G*G'E-3G/.*-'
#*@934@,N,0,;6':3-';)*':,-@;';,5*',4';)*'2480,@)'0148/18*'
=7$1-#N<$%*:!CDDD@!
JeeL!
'
j'2$1%I$!et!al.!
b))Ie!Industrial!
ecology:!concepts!
and!approaches!
B,-@;'N337'34'%4G/@;-,10'2.30386'
Rc6QY!
3'()&*e!Agenda!
21,!6#,(*'&!d!
F/@;1,41N0*'+34@/59;,34''
"#'!R1$*'-!c,*$)1%!6)14'&'15'!)1!Q1<$&)1K'1*!,1-!
Y'<'2)(K'1*!=Rc6QY@!'%*,.2$%#'%!*#'!5)15'(*!)4!%9%*,$1,.2'!
5)1%9K(*$)1!!
Jee[!
'
Rc!
T@03'F6593@,/5'34'F/@;1,41N0*'+34@/59;,34'
j)#1!Q2I$1G*)1!
+3,4,48'3:';)*';*-5'g(-,90*'X3;;35'<,4*h'
=W'1&$N9'%!,1-!3$5#,&-%)1:!CDDd@!
O,GQ
Jeec@'
O,1/!,9*#)&%!
F.,*4;,:,.'1-;,.0*@'34'2.3G*@,84'@;1-;';3'N*'9/N0,@)*G''
JeeZ'
j,1$1'!b'1/9%!
b))Ie!
Biomimicry!
X,35,5,.-6:!,!1,*9&'M$1%($&'-!-'%$G1!(#$2)%)(#/:!$%!2,915#'-'
Lccc@'
25*-8*4.*'3:'g*.3038,.10';-14@,;,34h'=,1-!,%%)5$,*'-!*'&K%@!$1!
%5$'1*$4$5!(9.2$5,*$)1%!.9*!,2%)!)1!*#'!()2$5/!2'<'2A!
LccJ'
3)*K,1%:!
m'K(:!
<,1!>%%'2*!
3'()&*e!More!
evolution!than!
revolution:!
transition!
management!in!
public!policy!
(-14@,;,34'51418*5*4;'
3'()&*!*#,*!+)92-!2',-!*)!*#'!,-)(*$)1!)4!,!*&,1%$*$)1!
K,1,G'K'1*!,((&),5#!$1!*#'!B)9&*#!Y9*5#!c,*$)1,2!
Q1<$&)1K'1*,2!8)2$5/!82,1!=cO8d@:!K,$12/!4)&!'1'&G/!=3)*K,1%!
et!al.:!CDDE@A!
LccL'
!
R1$*'-!c,*$)1%!
3'()&*e!
Johannesburg!
Plan!of!
Implementation!
(JPOI)!of!the!
World!Summit!on!
Sustainable!
Development!
F/@;1,41N0*'.34@/59;,34'14G'9-3G/.;,34!!
;9%*,$1,.2'!5)1%9K(*$)1!,1-!(&)-95*$)1!=;68@!$%!,1!
)<'&,&5#$1G!).L'5*$<'!)4!,1-!,1!'%%'1*$,2!&'N9$&'K'1*!4)&!
%9%*,$1,.2'!-'<'2)(K'1*A!0*!$%!.,%'-!)1!4&,K'+)&I!$1!+#$5#!2$4'!
5/52'!('&%('5*$<'!$%!5'1*&,2!,1-!*#'!G),2!$%!*)!,5#$'<'!&'%)9&5'!
'44$5$'15/!*#&)9G#!*#'!-'5)9(2$1G!)4!1,*9&,2!&'%)9&5'!9%'!,1-!
'1<$&)1K'1*,2!$K(,5*%!4&)K!'5)1)K$5!G&)+*#!=RcQ8:!CDE`,@A!
;9%*,$1,.2'!(&)-95*$)1!,1-!5)1%9K(*$)1!5,1!.'!-'4$1'-!,%!
(&)-95*$)1!,1-!9%'!)4!(&)-95*%!,1-!%'&<$5'%!$1!,!K,11'&!*#,*!$%!
%)5$,22/!.'1'4$5$,2:!'5)1)K$5,22/!<$,.2'!,1-!'1<$&)1K'1*,22/!
.'1$G1!)<'&!*#'$&!+#)2'!2$4'!5/52'!=;9%*,$1,.2'!8&)-95*$)1!,1-!
6)1%9K(*$)1:!CDE`@A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!C`!
!
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
RcQ8!,1-!
;Q">6!
!
+-*1;,34'3:';)*'<,:*'+6.0*'%4,;,1;,M*''
>!(,&*1'&%#$(!.'*+''1!RcQ8!,1-!;Q">6!+#$5#!,$K%!*)!(&)K)*'!
2$4'!5/52'!*#$1I$1G!G2).,22/!,1-!4,5$2$*,*'!*#'!'F5#,1G'!)4!
I1)+2'-G'!)4!)<'&!C:DDD!'F('&*%!+)&2-+$-'A!
O5Y)1)9G#!
,1-!b&,91G,&*!
b))Ie!Cradle-to-
cradle:!Remaking!
the!Way!We!Make!
Things!
E/N0,.1;,34'3:';)*'N337'l+-1G0*Q;3Q.-1G0*A'-*517,48';)*'P16'
P*'517*';),48@h'
LccW'
RcQ8!,1-!Rc!YQ;>!
+-*1;,34'3:';)*'O1--17*.)'E-3.*@@'
"#'!O,&&,I'5#!8&)5'%%!$%!,1!$14)&K,2!,1-!G2).,2!
K92*$%*,I'#)2-'&!(&)5'%%!2,915#'-!$1!&'%()1%'!*)!6#,(*'&!000!)4!
*#'!j)#,11'%.9&G!82,1!)4!0K(2'K'1*,*$)1!=j8h0@A!0*!#,%!C!K,$1!
).L'5*$<'%e!
E@!*)!(&)K)*'!%9%*,$1,.2'!5)1%9K(*$)1!,1-!(&)-95*$)1!=;68@!
()2$5$'%:!(&)G&,KK'%!,1-!(&)L'5*%!*#'!-'<'2)(K'1*!,1-!
$K(2'K'1*,*$)1!,1-!*)!(&)<$-'!%9(()&*!4)&!G)<'&1K'1*%:!*#'!
(&$<,*'!%'5*)&!,1-!)*#'&!,5*)&%!$1!;68!$K(2'K'1*,*$)1!,*!
1,*$)1,2!,1-!&'G$)1,2!%5,2'%l!!
C@!*)!4,5$2$*,*'!,!ED!g',&!B&,K'+)&I!)4!8&)G&,KK'%!=EDgB8@!)1!
;68!=RcQ8:!CDE`.@A!
Lcc]!
'
3).!W)(I$1%!,1-!c,&'%#!?$,1G&,1-'!
B3/4G,48'3:'(-14@,;,34'(3P4'(3;4*@'=(((>:!$1!*#'!5$*/!)4!")*1'%!
+#$5#!.'5,K'!*#'!4$&%*!*&,1%$*$)1!*)+1:!,1-!+#)%'!'F,K(2'!
+)92-!%))1!.'!4)22)+'-!./!)*#'&!5$*$'%A!"#'!"&,1%$*$)1!c'*+)&I!
+,%!%'*!9(!,!4'+!/',&%!2,*'&!*)!%9(()&*!'K'&G$1G!2)5,2!
"&,1%$*$)1!01$*$,*$<'%A!
T,2*'&!3A!
;*,#'2!
b))Ie!The!
Performance!
Economy!
()*'E*-:3-514.*'2.34356'
>2%)!I1)+1!,%!*#'!B915*$)1,2!Q5)1)K/:!*#'!8'&4)&K,15'!
Q5)1)K/!$%!,1!'5)1)K/!*#,*!%''I%!*)!-'5)9(2'!G&)+*#!4&)K!
&'%)9&5'%!5)1%9K(*$)1!,1-!5&',*'!1'+!.9%$1'%%!K)-'2%!.,%'-!
)1!%'22$1G!('&4)&K,15'!=)&!%'&<$5'@!&,*#'&!*#,1!G))-%A!
Lccb'
6#$1,!,-)(*%!,!6$&592,&!Q5)1)K/!
2'G$%2,*$)1!
()*'+,-./01-'2.34356'E-353;,34'<1P'3:';)*'E*390*a@'#*9/N0,.'
3:'+),41',@'1G39;*G'
RcQ8!
#*M,M10'3:';)*'g8-**4'*.34356h'.34.*9;:!1)*,.2/!*#&)9G#!
RcQ8J%!?&''1!Q5)1)K/!01$*$,*$<':!+#$5#!,$K!$%!*)!(&)<$-'!
,1,2/%$%!,1-!()2$5/!%9(()&*!4)&!$1<'%*K'1*!$1!G&''1!%'5*)&%!,1-!
4)&!G&''1$1G!)*#'&!%'5*)&%!=>22'1!,1-!62)9*#:!CDEC@A'
Lcce'
Rm!?)<'&1K'1*!
g<3P'+1-N34'(-14@,;,34'E014h'
LcJc'
Q22'1!O,5>&*#9&!
+-*1;,34'3:';)*'200*4'O1."-;)/-':3/4G1;,34'
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
I1;*'
T-,8,41;3-'
I3./5*4;''
=,:'1990,.1N0*>'
V*6'.34.*9;=@>'
!
3,5#'2!b)*%K,1!
b))Ie!What’s!
Mine!is!Yours!
+3,4,48'3:';)*';*-5'g+3001N3-1;,M*'+34@/59;,34h'
T$22$,K!O5Y)1)9G#!,1-!!
O$5#,'2!b&,91G,&*!
+-*1;,34'3:';)*'g+-1G0*Q;3Q.-1G0*'E-3G/.;@'%443M1;,34'
%4@;,;/;*h'
O5Y)1)9G#!,1-!b&,91G,&*!G$4*'-!*#'!6C6!2$5'1%'!*)!*#'!
8&)-95*%!011)<,*$)1!01%*$*9*':!+#$5#!*#'1!.'5,K'!*#'!6&,-2'M
*)M5&,-2'!8&)-95*%!011)<,*$)1!01%*$*9*'!=6&,-2'M*)M5&,-2'!
8&)-95*%!$11)<,*$)1!01%*$*9*':!CDEd@A!
LcJJ!
O$5#,'2!QA!
8)&*'&!,1-!
O,&I!&A!m&,K'&!
>&*$52'e!Creating!
Shared!Value!
g!)1;',@'833G':3-'@3.,*;6',@'833G':3-'N/@,4*@@hm'5,22!4)&!
*&,1%4)&K,*$)1!)4!5,($*,2$%K!
%443M1;,34',@'N1@*G'34';)*'N/@,4*@@'.1@*'3:'/45*;'@3.,10'4**G@'
W'.3-*'1-*1@'3:'39*-1;,3410,f1;,34A'
3'-'%$G1$1G!(&)-95*%!,1-!K,&I'*%!
3'-'4$1$1G!*#'!<,29'!5#,$1!
6&',*$1G!2)5,2!5)KK91$*/!-'<'2)(K'1*!529%*'&%'
LcJL!
'
B&'15#!G)<'&1K'1*!
<1/4.)'3:';)*'g*.3038,.10';-14@,;,34h:!,!K92*$M%*,I'#)2-'&%!
(&)5'%%!*)+,&-%!,!%9%*,$1,.2'!'5)1)K$5!-'<'2)(K'1*A'
Rc!
82,1e!10YFP!
<1/4.)'3:';)*'JcQC*1-'B-15*P3-7'3:'E-38-155*@'34'
F/@;1,41N0*'+34@/59;,34'14G'E-3G/.;,34'E1;;*-4@'=JcCBE>'
LcJW'
Q6hBh70h:!mQY?Q!b9%$1'%%!;5#))2:!
BQYQ3Q6:!B)1-,*$)1!c$5)2,%!W92)*:!
?&YB:!7'!?&)9('!7,!8)%*'!,1-!;B06!
B3/4G1;,34'3:';)*'+,-./01-'2.34356'%4@;,;/;*'=B&,15'@'
LcJ['!
WQ6!O)1*&P,2:!8)2/*'5#1$N9'!
O)1*&P,2!,1-!R1$<'&%$*P!-'!
O)1*&P,2!!
B3/4G1;,34'3:'2II2+'%4@;,;/;*':3-'+,-./01-'2.34356'=S9P.'5:!
6,1,-,@'
!
!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!C]!
!
W What%is,!or#what#should#be,!Circular(Economy?'
"#$%!5#,(*'&!,$K%!*)!5&',*'!,!5)K('1-$9K!)4!K,L)&!6Q!5)15'(*9,2!,1-!)('&,*$)1,2!-'4$1$*$)1%A!b9$2-$1G!
)1! %'5*$)1! C:! $*! ,2%)! ,$K%! *)! %955$15*2/! -'2$1',*'! *#'! -$44'&'15'%! .'*+''1! +#,*! 5'&*,$1! )&G,1$H,*$)1%!
*#$1I!6Q!$%!,1-!+#,*!$*!u%#)92-v!.':!$1!*#'!%'1%'!*#,*!6Q!$%!1)*!,1!'F$%*$1G!(&,5*$5'!*#,*!5,1!.'!-'%5&$.'-!
.9*!,!(&)()%'-!<$%$)1!)4!,!%)5$,22/!5)1%*&95*'-!'5)1)K$5!,1-!$1-9%*&$,2!%/%*'KA!;'5*$)1!VAE!(&'%'1*%!*#'!
K,L)&!-'4$1$*$)1%!)4!6Q!,1-!%'5*$)1!VAC!-$%59%%'%!*#'!K,L)&!$K(2'K'1*,*$)1!(&)()%$*$)1%!$K(2'K'1*$1G!
6QA!b&$'4!-$%59%%$)1%!,1-!I'/!*,I',+,/%!,&'!,2%)!(&'%'1*'-A!
WKJ I*:,4,;,34@'3:'+,-./01-'2.34356'
01!*#'!2,%*!`!/',&%:!K,1/!*/('%!)4!)&G,1$H,*$)1%!#,<'!.''1!$1*'&'%*'-!$1!6Q!,1-!#,<'!+&$**'1!)&!*#')&$H'-!
,.)9*! $*%! 5)15'(*%! ,1-! $*%! ()*'1*$,2! .'1'4$*%A! b9%$1'%%! &#'*)&$5! ,1-! K,&I'*$1G! u.9HHv! #,%! ,2%)! .''1!
(&)-95'-! ,.)9*! *#'! 5)15'(*:! K,I$1G! $*! %)K'*$K'%! -$44$592*! *)! -$%5'&1! .'*+''1! *#'! #)('%! ,1-!
,%($&,*$)1%!*#,*!,&'!$1L'5*'-!$1*)!*#'!5)15'(*!,1-!*#'!%9(()&*'-!4,5*%A!"#$%!%'5*$)1!*#'&'4)&'!,**'K(*%!
*)!5)15'1*&,*'! )1! 4,5*%!,1-!1'9*&,2! 5)15'(*%! ,1-!-)'%!1)*!,**'K(*! *)! $1*&)-95'!,!.$,%! )&! ,1! )($1$)1!
,.)9*!*#'K!,*!*#$%!%*,G'A!!
3.1.1 The'Ellen'MacArthur'Foundation'
6&',*'-!$1!CDED:! *#'!Q22'1!O,5>&*#9&!B)91-,*$)1!=#'&',4*'&!1,K'-!uQOBu@!$%!,!*#$1I!*,1I!+#)%'!%)2'!
K$%%$)1!$%!*)!%(&',-!*#'!+$-'%*!()%%$.2'!9%'!)4!6QA!"#'!QOB!<$'+%!6Q!,%e!!
“an!industrial!system!that!is!restorative! or!regenerative!by!intention! and! design.!It!replaces! the!
‘end-of-life’!concept!with!restoration,!shifts!towards!the!use!of!renewable!energy,!eliminates!the!
use! of! toxic! chemicals,! which! impair!reuse,! and! aims! for! the! elimination! of! waste! through! the!
superior! design! of! materials,! products,! systems,! and,! within! this,! business! models.”!=Q22'1!
O,5>&*#9&!B)91-,*$)1:!CDEV.:!(A]@!
6Q!$%!(&'%'1*'-!,%!,!&'%$2$'1*:!2)1GM*'&K!K)-'2!%9(()%'-!*)!'1,.2'!*#'!-'5)9(2$1G!)4!'5)1)K$5!G&)+*#!
,1-!-'<'2)(K'1*!4&)K!*#'!4$1$*'!&'%)9&5'%!5)1%9K(*$)1:!,%!+'22!,%!(&)<$-$1G!$11)<,*$)1!)(()&*91$*$'%!
$1!,22!%'5*)&%!=Q22'1!O,5>&*#9&!B)91-,*$)1:! CDEV.@A! "#'! K)-'2!$%!('GG'-!,G,$1%*!*#'!u2$1',&u!'5)1)K/!
+#$5#!$%!,&G9,.2/!4)59%'-!)1!*#'!k*,I':!K,I':!-$%()%'J!K)-'2!=.,%$5,22/e!5&,-2'!*)!G&,<'!<'&%9%!5&,-2'M*)M
5&,-2'@! +#$2'! 9%$1G! =*))! K95#@! &'%)9&5'%! ()+'&'-! ./! =)4*'1@! 1)1M&'1'+,.2'! '1'&G/A! 6Q! *#'&'4)&'!
&'(2,5'%!-$%()%,.$2$*/!+$*#!&'%*)&,*$)1!=cG9/'1!et!al.:!CDEd@A!
>!5$&592,&!'5)1)K/!5&',*'%!<,29'!.,%'-!)1!9%'!$1%*',-!)4!5)1%9K(*$)1!,1-!5&',*'%!)&!K,$1*,$1%!<,29'!
./! 9%$1G! *#'! %K,22'%*! ()%%$.2'! $1-9%*&$,2! 2))(%:! -$%*$1G9$%#$1G! .'*+''1! u*'5#1$5,2u! ,1-! u.$)2)G$5,2u!
$1(9*%!,1-! )9*(9*%!=5,22'-! 19*&$'1*%@A! 0*! ,2%)!$1*'22$G'1*2/! K,1,G'%!%*)5I%! =,%! )(()%'-! *)! K,1,G$1G!
*#&)9G#(9*@!=Q22'1!O,5>&*#9&!B)91-,*$)1:!CDEV!$1! b9**'&+)&*#!et!al.:!CDEd@:!+#$5#! 5,1!,22!.'!%9KK'-!
9(!,%!uK,*'&$,2%!%*'+,&-%#$(vA!>55)&-$1G!*)!*#'!QOB:!6Q!$%!4)59%'-!)1!*.3Q*::*.;,M*4*@@!&,*#'&!*#,1!)1!
*.3Q*::,.,*4.6' ,1-! )1! ,! #)2$%*$5! )(*$K$H,*$)1! )4! ,22! 5)K()1'1*%:! K,I$1G! $*! ,! 4&,K'+)&I!+#$5#! (2,5'%!
G&',*!4)59%!)1!-'%$G1!,1-!)1!%/%*'K%!*#$1I$1GA!!
!
!
!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
Efficiency'versus'effectiveness,'and'equity'
"#'!QOB!*,I'%!5,&'!*)!K,I'!,!52',&!-$%*$15*$)1!.'*+''1!'5)M'44$5$'15/!,1-!'5)M'44'5*$<'1'%%A!>55)&-$1G!
*)! *#'! QOB! =CDEV.@:! '5)M'44$5$'15/! $%! %*&)1G2/!,%%)5$,*'-! +$*#! *#'! 2$1',&!'5)1)K/! $1! *#,*!$*! .,%$5,22/!
,$K%! *)! K$1$K$H'! *#'! u<)29K':! <'2)5$*/! ,1-! *)F$5$*/v! )4! *#'! u*,I'MK,I'M+,%*'v! =)&! 5&,-2'! *)! G&,<'@!
K,*'&$,2%!42)+!.9*!$%!1)*!,.2'!*)!K,I'!*#'!42)+!4922/!u5$&592,&v:!1)*+$*#%*,1-$1G!&'5/52$1G!'44)&*%!=+#$5#!
,&'!5)1%$-'&'-!-)+15/52$1G@A!Q5)M'44$5$'15/!$%!%)K'+#,*!G'1'&,22/!-$%5&'-$*'-!$1!6Q!2$*'&,*9&'A!
>*!*#'! )(()%$*'! '1-!)4! 5)&'! 6Q!<,29'%! $%! '5)M'44'5*$<'1'%%:!+#$5#!4,<)9&%!,!*&,1%4)&K,*$<'!,((&),5#!
.,%'-!)1!5&',*$1G!5&,-2'M*)M5&,-2'!kK'*,.)2$%K%J!=<)5,.92,&/!*,I'1!-$&'5*2/!4&)K!6C6!2$*'&,*9&'@!+#$5#!
'1,.2'!K,*'&$,2%! *)!K,$1*,$1!<,29'!,1-!5&',*'!,!u()%$*$<'!k&'5)9(2$1GJ!)4!'5)1)K/! ,1-!'5)2)G/v!=Q22'1!
O,5>&*#9&!B)91-,*$)1:!CDEV.:!(ACV@A!"#$%!-$5#)*)K/!.'*+''1!'5)M'44'5*$<'1'%%!,1-!'5)M'44$5$'15/!5,1!
.'!*&,5'-!.,5I!-$&'5*2/!*)!6C6J%!%*,15'!)1!*#'!%9.L'5*:!,%!#,%!.''1!(&'%'1*'-!$1!%'5*$)1!CA\A!
"#'!Tb6;Y!4922/!'K.&,5'%! '5)M'44$5$'15/!,%!u*#'!.9%$1'%%!'1-!)4!%9%*,$1,.2'!-'<'2)(K'1*v! =Tb6;Y:!
CDDD:!(A! E@A! "#'! T b6;Y! =CDDD@! 5)1%$-'&%! '5)M'44$5$'15/! ,%! ,! K,1,G'K'1*! (#$2)%)(#/! +#$5#! '1,.2'%!
5)K(,1$'%! *)! .'! K)&'! '1<$&)1K'1*,22/! &'%()1%$.2'! +#$2'! %*$22! .'$1G! (&)4$*,.2':! ./! '15)9&,G$1G!
5)K(,1$'%!*)!5&',*'!K)&'!<,29'!4&)K!2)+'&!&'%)9&5'%!5)1%9K(*$)1!,1-!&'-95'-!'K$%%$)1%!*#&)9G#!V!
I'/! ).L'5*$<'%e! E@! &'%)9&5'%! 5)1%9K(*$)1! &'-95*$)1:! C@! '1<$&)1K'1*,2! $K(,5*%! &'-95*$)1! ,1-! V@!
(&)-95*!%'&<$5'!<,29'!$15&',%'A!!
0*!%#)92-!#)+'<'&!.'!1)*'-!*#,*!'44'5*$<'1'%%!,1-!'44$5$'15/!=+$*#)9*!*#'$&!'1<$&)1K'1*,2!(&'4$F@!#,<'!
K',1$1G%! $1! )*#'&! %5$'1*$4$5! 4$'2-%! *#,*! K,/! 5)1*&$.9*'! *)! &'4&,K'! *#'! *'&KJ%! 5)K(&'#'1%$)1! $1! *#'!
5)1*'F*!)4!-'5$(#'&$1G!6QA!!
",I'1! 4&)K! ,! -$44'&'1*! .9*! &'2,*'-! 4$'2-! ='5)1)K$5! ()2$5/! $1! %9(()&*! *)! 52$K,*'! 5#,1G'! ,-,(*,*$)1@:!
'5)1)K$5!'44'5*$<'1'%%!K',1%!*#,*!,1!$1%*&9K'1*!$%!,.2'!*)!,((&)(&$,*'2/! ,--&'%%!K92*$M2'<'2!.,&&$'&%!
*)!,-,(*,*$)1A!Q5)1)K$5!'44$5$'15/!K',1%!*#,*!,1!$1%*&9K'1*!$%!,.2'!*)!,((&)(&$,*'2/!,5#$'<'!*#'!K)%*!
%)5$,2! .'1'4$*%! 4)&! *#'! 2)+'%*! 5)%*A! >! *#$&-! ('&4)&K,15'! 5&$*'&$,! $%! ,2%)! $1*'G&,*'-! $1! *#'! 4&,K'+)&Ie!
*k/,;6:! +#$5#! $1! *#'! ,-,(*,*$)1! 5)1*'F*! &'2,*'%! *)! *#'! <,&$)9%!'44'5*%!=k-$%*&$.9*$)1,2! $K(,5*%J@! )4!
$1%*&9K'1*%J! $K(,5*%! )1! -$44'&'1*! ()(92,*$)1%:! +$*#! %('5$,2! 5,&'! *)! ,<)$-! %)5$,2! ('&<'&%'! '44'5*%! )&!
5)142$5*$1G!$15'1*$<'%!=6$K,*)!,1-!O922,1:!CDED@A!QN9$*/!&'2,*'%!*)!*#'!)4*'1!4)&G)**'1!%'5)1-! (,&*! )4!
;9%*,$1,.2'! Y'<'2)(K'1*J%! b&91-*2,1-! -'4$1$*$)1:! 1,K'2/! u*#'! 5)15'(*! )4! 1''-%:! $1! (,&*$592,&! *#'!
'%%'1*$,2!1''-%!)4!*#'!+)&2-p%!())&:!*)!+#$5#!)<'&&$-$1G!(&$)&$*/!%#)92-!.'!G$<'1v!=T6QY:!EZa]@A!!
RcQ8!$%!'F(2$5$*!)1!*#'!4,5*!*#,*!$*!+$22!.'!$K()%%$.2'!*)!,5#$'<'!'5)1)K$5!,1-!%)5$,2!G),2%!$1!-'<'2)($1G!
5)91*&$'%! +$*#)9*! ,5#$'<$1G! *#'! '1<$&)1K'1*,2! ;9%*,$1,.2'! 6)1%9K(*$)1! ,1-! 8&)-95*$)1! =;68@!
).L'5*$<'%!,%!+'22!,%!'1%9&$1G!'1<$&)1K'1*,2!%9%*,$1,.$2$*/!=O$22'11$9K!Y'<'2)(K'1*!?),2!]@A!39&,2!,1-!
())&!(')(2'!2$<$1G!$1!-'<'2)($1G!5)91*&$'%!,&'!*#'!(&$15$(2'!.'1'4$5$,&$'%!)4!'5)1)K$5!-'<'2)(K'1*!,%!
+'22!,%!*#'!K)%*!2$,.2'!*)!1'G,*$<'!'1<$&)1K'1*,2!,1-!52$K,*$5!<,&$,*$)1%!=QI$1%!,1-!7'K,$&':!CDEC@A!!
QN9$*/! $1! 6Q! %#)92-! *#9%! -$5*,*'! *#,*! .'5,9%'! *#'/! ,&'! *#'! K)%*! ()*'1*$,22/! ,44'5*'-! ./! *#'! 2$1',&!
'5)1)K/:! ())&! ,1-! &9&,2!()(92,*$)1%! $1! -'<'2)($1G!5)91*&$'%!%#)92-! .'! *#'! (&$K'!.'1'4$5$,&$'%!)4! ,!
K)&'! 5$&592,&! '5)1)K/A! W)+'<'&:! *#'%'! N9'%*$)1%! *#,*!5,1! .'! %,$-! *)! 2$'! ,*! *#'! #',&*! )4! *#'! %)5$,2!
-$K'1%$)1!)4!;Y:!,&'!,2K)%*!5)K(2'*'2/!,.%'1*!4&)K!6Q!2$*'&,*9&'A!"#$%!,%5'&*,$1K'1*!$%!(&).2'K,*$5:!,*!
.'%*A!
!!
"#'!QOB!()%*92,*'%!*#,*!4)59%$1G!%)2'2/!)1!'44$5$'15/!+$22!4,$2!*)!4)%*'&!2)1G'&M*'&K!%)29*$)1%A!"#'/!()%$*!
*#,*!u,!5#,1G'! )4! *#'! '1*$&'! )('&,*$1G! %/%*'K! %''K%! 1'5'%%,&/v!=Q22'1!O,5>&*#9&! B)91-,*$)1:!CDEV.:!
(ACC@A!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!CZ!
!
6Q! ,5*%! ,%! ,! 4&,K'+)&I! +$*#$1! +#$5#! (&)-95'&%! &'*,$1! *#'! )+1'&%#$(! )4! *#'$&! G))-%:! (&)<$-$1G! )12/!
4915*$)1%!*)!*#'$&!52$'1*'2':!+#)!%#$4*!*#'$&!%*,*9%!4&)K!.9/'&%!)4!(&)-95*%!*)!.9/'&%!)4!,!%'&<$5':!+#$5#!$%!
5)&'!*)!B915*$)1,2!Q5)1)K/A! "#$%! +,/!)4! (&)-95$1G!,1-!2$<$1G!$K(2$'%!*#,*!1'+!%/%*'K%! =%95#! ,%! *,I'M
.,5I! )&! 'F*'1-'-! $1%9&,15'!5)<'&,G'@! 1''-! *)! 'K'&G':! 5)1G&9'1*! +$*#! 1'+! .9%$1'%%! K)-'2%:! +#$5#!
%#)92-!,22!5)1<'&G'!)1!*#'!G'1'&,2!$-',!)4!-9&,.2'!(&)-95*%!,1-!-'K,*'&$,2$H,*$)1!=*9&1$1G!(&)-95*%!$1*)!
%'&<$5'%@A!B$G9&'!VME!<$%9,22/! (&'%'1*%!*#'!QOBJ%!5)15'(*9,2$H,*$)1!)4!6QA!"#'! QOBJ%!$%!)1'!)4! *#'!K)%*!
+$-'2/!,55'(*'-!5)15'(*9,2!-'4$1$*$)1%!,*!*#'!K)K'1*!,1-!#,%!G,&1'&'-!,!+$-'!,-)(*$)1A!
!
!
B,8/-*'WQJA'()*'+,-./01-'2.34356'G,18-15K'
B&)Ke!Q22'1!O,5>&*#9&!B)91-,*$)1!=CDEC,@!
!
3.1.2 Other'definitions'
O,1/!)&G,1$H,*$)1%!#,<'!*,I'1!*#'!QOBJ%!-'4$1$*$)1!,1-!K).$2$H'-!$*:!+#)2':!*&915,*'-!)&!K)-$4$'-:!$1!
*#'$&! 5)KK91$5,*$)1%! ,1-! )44$5$,2! -)59K'1*,*$)1:! %95#! ,%! *#'! 01%*$*9*! -'! 2JP5)1)K$'! 5$&592,$&':! +#)!
<$'+! 6Q! ,%! $1%($&'-! ./! 1,*9&,2! '5)%/%*'K%!+$*#! *#'!92*$K,*'! G),2!)4!,5#$'<$1G! '5)1)K$5! G&)+*#!
-'5)9(2'-!4&)K!&'%)9&5'%!-'(2'*$)1'=01%*$*9*!-'!2pP5)1)K$'!5$&592,$&':!CDEV@A!"#'!c'*#'&2,1-%!+$*#$1!$*%!
u?&''1!Y',2v:!#,%!,-)(*'-!,!6Q!4&,K'+)&I!+#$5#!*,I'%!*#'!QOBJ%!K,$1!5)15'(*9,2!'2'K'1*%!+$*#$1!$*%!
)+1!-'4$1$*$)1!=?)<'&1K'1*!)4!*#'!c'*#'&2,1-%:!CDEd@A!!
>2*#)9G#!*#'&'!$%!,&G9,.2/!1)!%*,.$2$H'-!-'4$1$*$)1!,55)&-$1G!*)!*#'!B&'15#!Agence!de!l'environnement!et!
de! la! maîtrise! de! l'énergie! =>YQOQ@:!6Q!5,1!1'<'&*#'2'%%! .'! -'4$1'-!,%! u,1! 'F5#,1G'!,1-! (&)-95*$)1!
.,%'-! '5)1)K$5! %/%*'K! *#,*:! ,*! ,22! %*,G'%! )4! *#'! (&)-95*! )&! %'&<$5'! 2$4'! 5/52':! ,$K%! *)! $15&',%'! *#'!
'44$5$'15/!)4!&'%)9&5'!9%'!,1-!&'-95'!*#'!$K(,5*!)1!*#'!'1<$&)1K'1*!+#$2'!-'<'2)($1G!*#'!+'22!.'$1G!)4!
$1-$<$-9,2%v!=?'2-&)1:!CDEV@A!!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
6QJ%!G'1'&,2!,$K!$%!*)!-&,%*$5,22/!&'-95'!+,%*'!)4!&'%)9&5'%:!$1529-$1G!.9*!1)*!2$K$*'-!*)!&,+!K,*'&$,2%!
,1-! '1'&G/:!$1! )&-'&! *)! -'5)9(2'!&'%)9&5'%! 5)1%9K(*$)1!4&)K!?Y8! G&)+*#!+#$2'! '1%9&$1G!
'1<$&)1K'1*,2!$K(,5*%! &'-95*$)1! ,1-!$15&',%'!#9K,1! +'22M.'$1G:!$1529-$1G!K,$1*,$1$1G! )&!$15&',%$1G!
'K(2)/K'1*A!01! %#)&*:!u$*!$%!*)! -)! K)&'!,1-!.'**'&! +$*#! 2'%%! ,1-! ,((',&%! *)!.'!,1! )('&,*$)1,2$H,*$)1!
4&,K'+)&I!)4!%9%*,$1,.2'!-'<'2)(K'1*!$1!,!5)1*'F*!)4!'5)1)K$5!5&$%$%v!=?'2-&)1:!CDEV:!(A!Vl!*&,1%2,*$)1!
./!*#'!076!6#,$&@A!"#$%!<$'+!$%!,2%)!K).$2$H'-!./!j9$22,&-!=CDEV!$1!B'&1,1-'H!et!al.:!CDEd@:!+#)!1)*'%!*#,*!
;Y! $%! ,! (&$K'&! *)! ,1! '1'&G/! *&,1%$*$)1! ,1-! 6Q! 5,1! .'! $*%!5,*,2/%*!=B'&1,1-'H! et! a2A:! CDEd@:! 5&',*$1G! ,!
.&$-G'!,5&)%%!;Y:!Q5)2)G$5,2!"&,1%$*$)1!,1-!6QA!!
"#$%!*&,1%$*$)1,2:!)&! .&$-G':! ,%('5*! )4! 6Q! $%!%9(()&*'-!./!$1-'('1-'1*:! (9.2$5! )&G,1$H,*$)1! "ch:! +#$5#!
()%$*%!*#,*!6Q!$%!,! *&,1%$*$)1!'5)1)K/!*)+,&-%!&'1'+,.2'!,1-!%9%*,$1,.2'!'1'&G/!%9((2$'%:!+#$5#!,$K%!
*)! K,1,G'! K)&'! 5)1%5$)9%2/! '1'&G/! ,1-! &,+! K,*'&$,2%:! 1)*+$*#%*,1-$1G! '<)29*$)1,&/! -'%$G1%! )&!
%/%*'K%A! 0*! K,I'%! *#'! 5,%'! 4)&! *#'! 4,5*! *#,*! %)K'! &'G$)1%! =1,K'2/e! *#'! c'*#'&2,1-%@! ,2&',-/! ()%%'%%!
%)K'! 5)K()1'1*%! )4! 6Q! %/%*'K%:! %95#! ,%! %'5)1-M#,1-! K,&I'*(2,5'%:! $1-9%*&$,2! %/K.$)%$%! (,&I%! ,1-!
&'(,$&U&'49&.$%#K'1*!K,&I'*%!=b,%*'$1!et!al.:!CDEd@A!
>YQOQ!$-'1*$4$'%!V!5)15'(*9,2!,1-!&'%',&5#!4$'2-%e!!
E-3G/.;,34'3:'833G@'14G'@*-M,.*@A!+#'*#'&!*,2I$1G!,.)9*!%9%*,$1,.2'!%9((2/!5#,$1!K,1,G'K'1*!
,1-! '5)-'%$G1:! $1-9%*&$,2! '5)2)G/! ,1-! )('&,*$)1,2$H,*$)1!)4! *#'! 4915*$)1,2! =)&! ('&4)&K,15'@!
'5)1)K/!
+34@/59;,34A!$1!*'&K%!)4!-'K,1-!,1-!.'#,<$)9&:!*#$%!4$'2-!,&*$592,*'%!$*%'24!,&)91-!&'%()1%$.2'!
(9&5#,%$1G:!*#'!,((&)(&$,*'!9%'!)4!G))-%!,1-!*#'!*&'1-!*)+,&-%!&'9%'!,1-!&'(,$&!
!1@;*' 51418*5*4;A!+#$2'! &'%()1%$.2'! (&)-95*$)1! ,1-! 5)1%9K(*$)1! 2$K$*! +,%*'! (&)-95*$)1:!
K,1,G'K'1*!)4!*#'!&'%$-9,2!+,%*'!K9%*!*,I'!$1*)!5)1%$-'&,*$)1!&'5/52$1G!,1-:!$4!,((&)(&$,*':!
'1'&G/!&'5)<'&/!=?'2-&)1:!CDEV@!
B$G9&'!VMC!(&'%'1*%!*#'!+,/!>YQOQ!5)15'$<'%!)4!6QA!
!
B,8/-*'WQLA'+,-./01-'2.34356'G,18-15K'
B&)Ke!?'2-&)1!=CDEV@:!(A!d!
!
01! *#$%! 5)15'(*9,2$H,*$)1:! *#'! %/%*'K$5:! &'%*)&,*$<'U&'G'1'&,*$<'U&'%$2$'1*:! -'%$G1! ,1-! K92*$(2'! 2))(%!
,%('5*%!,&'!K9*'-:!=$4!1)*!,2*)G'*#'&!(9*!,%$-'@!*)!*#'!.'1'4$*!)4!K)%*2/!K,*'&$,2%!%*'+,&-%#$(!,%('5*%A!!!
"#'!Environnement,!développement!durable!et!économie!circulaire!=QYYQ6@!01%*$*9*'!$1!O)1*&',2!4)22)+%!
*#'! >YQOQ! -'4$1$*$)1! .9*! ,--%! *)! $*! *#'! ,%($&,*$)1! *#,*! 6Q! 5,1! .'! ,!5)#'&'1*! 4&,K'+)&I! +#$5#! 5,1!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!VE!
!
4'-'&,*'!)15'!$%)2,*'-:!.9*!(&'<$)9%2/!(&)<'1!'44)&*%:!$1$*$,*$<'%! ,1-!%*&,*'G$'%A!0*!,2%)!#,%!,!%*&)1G!,$K!
*)! 91$4/! ,1-! K).$2$H'! ,5*)&%! *#&)9G#! 1'+! *'5#1)2)G$'%! ,1-! .9%$1'%%! K)-'2%! =QYYQ6:! CDEd@A! QYYQ6!
#$G#2$G#*%! *#'! 9%'! )4! 1'+! )&! (&)<'1! %*&,*'G$'%! %95#! ,%! '5)-'%$G1! =9(%*&',K@:! $1-9%*&$,2! '5)2)G/!
=(&)-95*$)1@:! 4915*$)1,2! '5)1)K/! =(&)-95*$)1@! ,1-! 5)22,.)&,*$<'! 5)1%9K(*$)1! =9%'@! ,%! (,&*! )4! 6QJ%!
*))2.)F!=QYYQ6:! CDEd@A! "#$%! <$'+! $%! %9(()&*'-! ./! *#'! 0K(2'K'1*,*$)1! 6'1*&'! 4)&! 6$&592,&! Q5)1)K/!
=066Q@!+#)!,--%!*)!*#'!2$%*'6C6!(&$15$(2'%'=066Q:!CDE`@!,1-!,2%)!%9(()&*'-!./! >55'1*9&'!=CDEd@A'B$G9&'!
VMV!(&'%'1*%!QYYQ6J%!<$%$)1!)4!6QA!!
!
!
B,8/-*'WQWA'+,-./01-'2.34356'G,18-15K'
B&)Ke!QYYQ6!=CDEd@!
!
"#'!Q9&)(',1!Q1<$&)1K'1*!>G'15/!=QQ>@!,--%!*)!*#'!5)15'(*!*#'!4,5*!*#,*!6Q!4)%*'&%!,!(&)-95*$)1!,1-!
5)1%9K(*$)1! %/%*'K! *#,*'uG'1'&,*'%! ,%! 2$**2'! 2)%%! ,%! ()%%$.2'v! =QQ>:! CDEd:! (AEC@A! 0*%! <$%9,2! -$,G&,K! $%!
(&'%'1*'-!,*!B$G9&'!VMdA!'
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'WQ[A'D3P'.14'P*'517*'3/-'*.34356'.,-./01-'14G'-*@3/-.*'*::,.,*4;Y'
B&)Ke!QQ>!=CDEd@:!(A!EV!
!
"#'!Institut!de! préparation! à!l’administration! et!à!la! gestion! =08>?@!b9%$1'%%!;5#))2!$1*&)-95'%!*#'!4,5*!
*#,*!,!%)5$,2!,((&),5#!$%!'15)K(,%%$1G!+$*#$1!*#'!4&,K'+)&I!)4!G'1'&,2!'5)1)K$5! ,1-! '1<$&)1K'1*,2!
(&'%'&<,*$)1!&'5)15$2$,*$)1!=B'&1,1-'H!et!al.:!CDEd@A!08>?!-'4$1'%!6Q!,%!,1!$11)<,*$<'!K,1,G'K'1*!%*/2'!
*#,*!$1*'G&,*'%!%)5$,2:!'5)1)K$5!,1-!'1<$&)1K'1*,2!-$K'1%$)1%!$1!,!.9%$1'%%!,((&),5#!*#,*!%*$K92,*'%!
2)5,2! '5)1)K$5! -'<'2)(K'1*! ,1-! L).! 5&',*$)1! +#$2'! &'-95$1G! *#'! $K(,5*! )4! #9K,1! ,5*$<$*/! )1! *#'!
'1<$&)1K'1*!,1-! &'%)9&5'%!*#&)9G#!5))('&,*$)1!)4!2)5,2!,5*)&%A!0*!%#)92-!.'!1)*'-!*#,*!08>?!$%!)1'!)4!
*#'! )12/! )&G,1$H,*$)1%! +#)! ()%$*$)1%! *#'! %)5$,2! -$K'1%$)1! ,%! .'$1G! (,&*! )4! *#'! 6Q! 5)15'(*:! +#$2'!
(,&,-)F$5,22/!K'1*$)1$1G!*#,*!*#'!%)5$,2!%(#'&'!-)'%!1)*!%''K!*)!4$*!'F(2$5$*2/!$1! 'F$%*$1G! 6Q! 2$*'&,*9&'A!
"#'! ,9*#)&%! -'<'2)('-! ,! .)-/! )4! #/()*#'%'%! 52,$K$1G! *#,*! *#'! %)5$,2! %(#'&'! #,%! 1)! (2,5'! $1! *#'! 6Q!
5)15'(*:! .9*! *#,*! $*! 5)92-! .'! $1*&)-95'-!,%! ,! &'% 92*! )4! 2)1GM*'&K! 6Q! '44'5*%l! +#'&',%!6;3! $%! ,! 9%'492!
,((&),5#! 4)&! $1*'G&,*$)1! )4! %)5$,2! G),2%! $1! 6Q:! +#$5#! &'N9$&'%! ,-,(*,*$)1:! &'5)G1$*$)1! ,1-! 'K($&$5,2!
%9(()&*!*,$2)&'-!*)!*#'!6Q!5)15'(*!=B'&1,1-'H!et!al.:!CDEd@A!
>55'1*9&'!=CDEd@!4)59%'%!)1!6QJ%!-'4$1$*$)1!,%! $*! ('&*,$1%! *)!5)K(,1$'%J!5)K('*$*$<'1'%%A!>55)&-$1G!*)!
>55'1*9&':! 5)K(,1$'%! K9%*! 4$1-! &'<'19'! G'1'&,*$)1! $-',%! +$*#$1! (&)-95*%J! 9%'! ,1-! -$%()%,2! 5/52'%!
+$*#$1! *#'! <,29'! 5#,$1! *)! ,**,$1! *#'! &'N9$&'-! 6Q! .9%$1'%%! K)-'2%A!"#'/! #$G#2$G#*! *#'! 4,5*! *#,*! '<'&/!
,%('5*!)4!,!5)K(,1/!K9%*!.'5)K'!k5$&592,&J:!.&$1G$1G!,.)9*!,!5&95$,2!&'M,2$G1K'1*!)4!.)*#!59%*)K'&!,1-!
.9%$1'%%!$15'1*$<'%:!2'<'&,G'-! 4&)K! -$%&9(*$<'!*'5#1)2)G$'%!,1-!(9**$1G!-'%$G1!,*!*#'!4)&'4&)1*!)4!*#'!
$11)<,*$)1!(&)5'%%A!"#'/!()%*92,*'!*#,*!6Q!$%!,1!'<)29*$)1!)4!.9%$1'%%!*#,*!'1,.2'%!5)K(,1$'%!*)!G,$1!,!
K,L)&!5)K('*$*$<'!'-G'A!>55'1*9&'!5,22%!*#$%!*#'!k5$&592,&!,-<,1*,G'JA!!
;)!4,&:!$*!%''K%!52',&!*#,*!6Q!-'4$1$*$)1%!&,1G'!4&)K!'15)K(,%%$1G!2,&G'!5)15'(*%!*)!($1()$1*$1G!%('5$4$5!
%*&,*'G$'%A!"#'!QOB!(9*%!4)&+,&-!*#'!K)%*!5)K(&'#'1%$<'!,1-!5)K(2'F!-'4$1$*$)1:!./!()%$*$)1$1G!$*!,%!,!
1'+!$1-9%*&$,2!%/%*'K!*#,*!$%!=,K)1G%*!)*#'&!*#$1G%@!&'%*)&,*$<'!,1-!&'G'1'&,*$<':!+#$2'!,-<)5,*$1G!1'+!
.9%$1'%%! K)-'2%! *#,*! ,&'! K)%*2/!$1%($&'-! ./! B915*$)1,2! Q5)1)K/! ,1-! 01-9%*&$,2! Q5)2)G/A! >YQOQJ%!
-'4$1$*$)1!$1*&)-95'%!*#'!%)5$,2!-$K'1%$)1!$1!*'&K%!)4!#9K,1!+'22M.'$1G:!+#$2'!,-)(*$1G!,!<$'+!,I$1!*)!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!VV!
!
;9%*,$1,.2'!8&)-95*$)1!,1-!6)1%9K(*$)1!=;86@!,1-!*#'!?&''1!Q5)1)K/!(9*!4)&+,&-!./!*#'!Rc:!$1!+#$5#!
*#'!-'5)9(2$1G!.'*+''1!'5)1)K$5!G&)+*#!,1-!'1<$&)1K'1*,2!$K(,5*%!$%!I'/A!!
>%!+'22:!$*!%''K%!*#,*!*#'!-'4$1$*$)1%!)4!'44$5$'15/!,1-!'44'5*$<'1'%%!*#,*!*#'!QOB!5#,K($)1%!=,1-!+#$5#!
,&'!-'&$<'-!-$&'5*2/!4&)K!6C6!2$*'&,*9&'@!#,<'!1)*!N9$*'!('&5)2,*'-!*)!)*#'&!)&G,1$H,*$)1%!+#)!(&)K)*'!
-'4$1$*$)1%!)4!6Q:!+#)!4)59%!K)&'! )1! '44$5$'15/! ,1-! <,29'! 5&',*$)1A!>%! #,%!.''1!(&'%'1*'-!,*!%'5*$)1!
VAEAE:! *#'! Tb6;Y! <$'+%! '44$5$'15/! ,%! .9%$1'%%J! +,/! )4! %9(()&*$1G! ;Y:! +#$2'! -$%5$(2$1'%! %95#! ,%!
'5)1)K$5%:! *#&)9G#! ()2$5$'%! $1! %9(()&*! )4! 52$K,*$5! ,-,(*,*$)1:! <$'+! '44'5*$<'1'%%! ,%! ,! +,/! *)!
,((&)(&$,*'2/!,--&'%%! .,&&$'&%!*)!,-,(*,*$)1!=6$K,*)!,1-!O922,1:!CDED@A!Q44'5*$<'1'%%:!&'%*)&,*$)1!,1-!
%/%*'K%! *#$1I$1G!+#$5#! ,&'! 5)&'! $1! *#'! QOBJ%!-'4$1$*$)1!)4! 6Q! ,&'! %$-'.,&%!$1! )*#'&! -'4$1$*$)1%:!$4!1)*!
,2*)G'*#'&! ,.%'1*A! W)+'<'&:! $4! 6Q! $1! $*%! K)%*! 5)K(&'#'1%$<'! 'F(&'%%$)1! $%! *)! .'! -'(2)/'-:! *#'%'!
5)15'(*%!%''K!&,*#'&!5&95$,2A!"#'! -$44'&'15'! .'*+''1! ,! regenerative!and!restorative!system:! ,1-!)1'!
*#,*! $%! .,%'-! )1! material! stewardship!*&,5'%! *+)! -$44'&'1*! (,*#%! *#,*! K,/! .'! '$*#'&! 5)K('*$*$<'! )&!
5)22,.)&,*$<'A! 3)9G#2/:! *#'&'! %''K%! *)! .'! *+)! */('%! )4! -'4$1$*$)1%e! )1'! +#$5#! ,-<)5,*'%! ,! -$%&9(*$<'!
+,/!4)&!<,&$)9%!%*,I'#)2-'&%!*)!.'!+)&I$1G! *)G'*#'&! *)+,&-%!,!(2,1'*,&/!G),2:!,1-! *#'! )*#'&! w! K)&'!
+$-'%(&',-!w!+#$5#!*&,5'%!,!(,*#!*)+,&-%!,!*&,1%$*$)1!*#,*!(&'529-'%!-$%&9(*$)1!,1-!,22)+%!4)&!k.9%$1'%%!
,%!9%9,2J:!$149%'-!+$*#!$11)<,*$)1A!
01! $*%! K)%*! 5)K(&'#'1%$<'! ,1-! -$%&9(*$<'! 'F(&'%%$)1! =,%! 5#,K($)1'-! ./! *#'! QOB@:! 6Q! 1''-%! *)! .'!
$K(2'K'1*'-!,*!,22!2'<'2%!,1-!+)92-!*#9%!$1*&)-95'!91(&'5'-'1*'-:!&,*#'&!&,($-!,1-!-''(!5#,1G'!*#,*!
+)92-! K,I'! 5)22,.)&,*$)1! 1'5'%%,&/A! 04! G)<'&1K'1*%! ,1-! &'G$)1%! -'5$-'! *)! K)<'! 4)&+,&-! +$*#!
,K.$*$)9%!6Q!2'G$%2,*$)1:!(&$<,*'!,5*)&%!+)92-! 1''-!1)*!)12/!*)!,-,(*!$1! ,! 4,$&2/! %#)&*! *$K':!.9*! *#'/!
+)92-!,2%)!1''-!*)!2',&1!*)! 5))('&,*'!+$*#$1!,1! $1*'&2)5I$1G!%/%*'K! K,-'!9(!)4!<,&$)9%!K'*,.)2$%K%!
()+'&'-!)12/!./!&'1'+,.2'!'1'&G/!*#,*!+)92-!%955'%%4922/!'1%9&'!)9&!5)22'5*$<'!%9&<$<,2A!04!6Q!$%!*)!.'!
$K(2'K'1*'-! $1! ,! K) &'! K)-'%*! +,/:! ,%! ,! *&,1%$*$)1! *)+,&-%! ,! K)& '! %9%*,$1,.2'! =)&! 5$&592,&@! I$1-! )4!
'5)1)K/!)&!$1-9%*&$,2!%/%*'K:!>YQOQJ%!-'4$1$*$)1!$%!(&).,.2/!K)&'!$1!2$1'!+$*#!+#,*!5)92-!.'!,!&',2$*/!
=,*!2',%*!$1! Q9&)('@!+$*#$1!*#'!1'F*!`! *)! E`!/',&%A!"#9%:!$*!K,/! L9%*!.'!*#,*!*#'!QOBJ%!-'4$1$*$)1:!+#$2'!
%9(()&*'-! ./! *))2%! ,1-! %)K'! .9%$1'%%! 5,%'%:! $%! K)&'! )4! ,! (&)L'5*'-! <$%$)1! )4! *#'! 49*9&'! $1! CD ! )&! VD!
/',&%:!+#$2'!-'4$1$*$)1%! *#,*! ,&'! K)&'!G&)91-'-!$1! )('&,*$)1,2$H,*$)1!#,<'! 2'%%! )4! *#'! #)2$%*$5!,%('5*%!
,1-!,&'!K)&'! G9$-'-! ./! 5)15&'*'! %*&,*'G$'%! ,1-! -)+1! *)!',&*#!5)1%$-'&,*$)1%A!0*!K,/!,2%)!.'!*#,*! ,*!
(&'%'1*:!6Q!$%!.'%*!'F'K(2$4$'-!$1!$%)2,*'-!,1-!5)1*&)22'-!5,%'%!=&,1G$1G!4&)K!.9%$1'%%!5,%'%!*)!&'G$)1,2!
$K(2'K'1*,*$)1@:! .9*! 4,5'%! %'&$)9%! 5#,22'1G'%! +#'1! ('GG'-! ,G,$1%*! ,1! $1*'G&,*'-! G2).,2! )&! ,*! 2',%*!
1,*$)1,2!-'(2)/K'1*A!
7,%*! .9*! 1)*! 2',%*:! $*! 5,1! .'! N9'%*$)1'-! +#'*#'&! 6Q! $%! $1-''-:! ,%! $*%! 1,K'! $1-$5,*'%:! ,! &'<)29*$)1,&/!
G2).,2!economic!(&)G&,K!=$A'Ae!&,-$5,22/!5#,1G$1G!#)+!&'%)9&5'%!,&'!G'1'&,22/!,22)5,*'-!+$*#$1!*#'!G2).,2!
5)KK91$*/@! )&! ,! 1'+! industrial!%/%*'K:! 4)59%'-! )1! -''(2/! 5#,1G$1G! *#'! +,/! .9%$1'%%! $%! 5)1-95*'-:!
*'5#1$N9'%!,&'!-'<'2)('-!,1-!K,*'&$,2%!42)+A!"#$%!.29&&/!'($%*'K'!$%!(&).,.2/!)1'!)4!*#'!K,1/!&',%)1%!
+#/!6QJ%!-'4$1$*$)1!$%!%*$22!9152',&!,1-!<,&$'G,*'-!,*!*#'!K)K'1*A!!
6Q! K,/! +'22! 'K.'-! <,&$)9%! 5)K()1'1*%:! '5)1)K$5! ,%! +'22! ,%! %*&,*'G$5:! '1<$&)1K'1*,2! ,1-! ('&#,(%!
'<'1!%)5$,2:!.9*! *#'%'! 1''-! *)!.'! .'**'&! -'4$1'-A! 6Q! +$22!.'5)K'!52',&'&! *)! ,22!%*,I'#)2-'&%! +#'1! $*%!
K,$1!%*&'1G*#%!=,%!+'22!,%!$*%!.2$1-!%()*%@!+$22!.'!K,-'!K)&'!).<$)9%:!,%!$*!$%!-$44$592*!*)!$K,G$1'!*#,*!6Q!
5,1!.'!'<'&/*#$1G!*)!'<'&/)1'A!
"#'!1'F*!%9.M%'5*$)1!4)59%'%!)1!6QJ%!K,$1!(&$15$(2'%!
3.1.3 Circular'Economy'Principles''
>55)&-$1G!*)!*#'!Q22'1!O,5>&*#9&!B)91-,*$)1!=CDEV,@:!6Q!#,%!`!($22,&%e!!
;/%*'K%!*#$1I$1G!!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
T,%*'!$%!4))-!!
Y$<'&%$*/!$%!%*&'1G*#!!
Y'%$G1!)9*!+,%*'!
3'1'+,.2'!'1'&G/!
>55)&-$1G!*)!0O;>!=CDEV@:!k%/%*'K%!*#$1I$1GJ!$%!*#'!K)%*!491-,K'1*,2!)4!*#'!6Q!($22,&%A!"#'/!-'4$1'!$*!,%!
u*#'!,.$2$*/!*)!91-'&%*,1-!#)+!(,&*%!$1429'15'!)1'!,1)*#'&!+$*#$1!,!+#)2':!,1-!*#'!&'2,*$)1%#$(!)4!*#'!
+#)2'!*)!*#'!(,&*%v!=0O;>:!CDEV:!(A!E\@!
>%! *#'! QOB! -'%5&$.'%! *+)! */('%! )4! 19*&$'1*%! =*'5#1$5,2! ,1-! .$)*$5@:! *#'&'! ,&'! *+)! -$44'&'1*!+,/%! )4!
5)15'$<$1G!*#'!5/52'%!4)&!',5#!*/('!)4!19*&$'1*:!.'5,9%'!)4!*#'$&!$1#'&'1*!-$44'&'15'%!.9*!,2%)!$1!)&-'&!*)!
I''(:!G,$1!)&!5&',*'!,%!K95#!<,29'!,%!()%%$.2'A!!
B)&!*#'!*'5#1$5,2!19*&$'1*%:!*#'!4''-.,5I!2))(%!$1529-'e!
E-3G/.;@' 51,4;*414.*' 14G' -*91,-A' *#'!G),2!$%! *)!I''(! *#'K! $1! 5$&592,*$)1!,%!2)1G! ,%! ()%%$.2'!
+$*#!,%!#$G#!,!<,29'!,%!()%%$.2'@!
&33G@'-*/@*'14G'-*G,@;-,N/;,34e!*#$%!2))(J%!G),2!$%!*)!,<)$-!<,29'!2)%%!,1-!)(*$K$H'!5)1*&$.9*$)1!
*)! 6QA! 0*!$1529-'%! *#'! 'F$%*'15':! K,$1*'1,15'!,1-! )(*$K$H,*$)1! )4! ,1! )&G,1$H'-! %'5)1-M#,1-!
K,&I'*!
&33G@'-*:/-N,@),48'14G'-*514/:1.;/-,48A!*#'!G),2!)4!*#$%!2))(!$%!*)!&'(,$&!,1-U)&!&'(2,5'!4,$2'-!
(,&*%!,1-U)&!5)K()1'1*%:!+#$5#!&'%92*%!$1!,!(&)-95*!+$*#!,!%#)&*'&!2$4'!%(,1!*#,1!*#'!'N9$<,2'1*!
+#'1!1'+A!0*!$1<)2<'%!N9,2$*/!5)1*&)2!,1-!5)1%9K'&!G9,&,1*''%A!
#*.6.0,48e!*#$%!5$&592,&!(&)5'%%!,$K%!*)!&'5)<'&!'2'K'1*%!*#,*!5,1!%'&<'!,%!$1(9*!4)&!(&)-95*$)1!
(&)5'%%'%A!0*!&'%92*%!$1!2)%%!)4!)&$G$1,2!(&)-95*J%!,--'-!<,29'A!
B)&!.$)*$5!19*&$'1*%!*#,*!5,11)*!.'!I'(*!$1!5$&592,*$)1!*#'!%,K'!+,/!,%!*'5#1$5,2!19*&$'1*%:!*#'!G'1'&,2!
G),2!$%!*)!G,$1!,%!K95#!<,29'!,%!()%%$.2'!4&)K!*#'K!*#&)9G#!5,%5,-'%:!.'4)&'!'<'1*9,22/!&'*9&1$1G!*#'K!
*)!*#'!%)$2!,%!19*&$'1*%A!"#'%'!5,%5,-'!)4!(&)5'%%'%!$1529-'e!
2S;-1.;,34' 3:' N,3.)*5,.10' :**G@;3.7A!*#$%! $1<)2<'%! #$G#MN9,2$*/! &,+! K,*'&$,2%! 'F*&,5*$)1!4&)K!
.$)K,%%!='AGAe!.$)! &'4$1$1G@! $1! )&-'&! *)! /$'2-!)4*'1!%K,22!<)29K'%!)4!K,*'&$,2%:!()+'&:!49'2!,1-!
#$G#MN9,2$*/!5#'K$5,2%!
#*4*P1N0*'*4*-86'@/9906' ;)-3/8)'N,381@*@A!,1,'&).$5!-$G'%*$)1!)4!)&G,1$5!K,*'&$,2!./!K$5&)M
)&G,1$%K%!,1-!*#'!,.%'15'!)4!)F/G'1!5&',*'%!.$)G,%'%!%95#!,%!K'*#,1'!
U@*' 1@' 434Q;3S,.' 15*4G5*4;@' ,4' 18-,./0;/-*A!,22! .$)*$5! 19*&$'1*%! %#)92-! .'!9%'-! ,%! 1)1M*)F$5!
4'&*$2$H'&%!,1-!)*#'&!,G&$592*9&,2!,K'1-K'1*!!
Creating'value'in'CE'
>55)&-$1G! *)! *#'! QOB! =CDEd@:! %('5$4$5! 5$&592,&! (&)5'%%'%! #,<'! <,&$)9%! '5)1)K$5! /$'2-%! ,55)&-$1G! *)!
-$44'&'1*!5)K.$1,*$)1%!)4!(&)-95*%:!5)K()1'1*%!,1-!K,*'&$,2%A!W)+'<'&:!*#'!QOB!()$1*%!)9*!4)9&!.,%$5!
(&$15$(2'%!)4!<,29'!5&',*$)1!$1!6Qe!!
i()*' 93P*-' 3:' ;)*' ,44*-' .,-.0*jA!,! %#)&*'&U*$G#*'&! 2))(! 9%9,22/! &'%92*%! $1! K)&'! %,<$1G%! ,1-!
()*'1*$,2!.'1'4$*%!.'5,9%'!$1#'&'1*!5)%*%!%95#!,%!2,.)9&!,1-!'1'&G/!,&'!2'%%A!"#9%:!K)&'!<,29'!$%!
&'*,$1'-!$1!*#'!4$1,2!(&)-95*!.'5,9%'!*#'!%,<$1G%!,1-!()%%$.2'!.'1'4$*%!,&'!K)&'!,.91-,1*!*#,1!
G))-%!(&)-95'-!$1!2)1G'&!2))(%A!>%! ,1! 'F,K(2':!,!(&)-95*! &'*,$1%! K)&'! <,29'! ,4*'&! &'(,$&!,1-!
K,$1*'1,15'!*#,1!./!&'5/52$1G!%)K'!)4!$*%!5)K()1'1*%A!!
i()*'93P*-'3:'.,-.0,48'0348*-jA!<,29'!$%!5&',*'-!./!*#'!4&'N9'15/!,!(&)-95*!=&'@'1*'&%!,!5/52'!,1-!
*#'!2'1G*#!4)&!+#$5#!$*!$%!9%'-A!!
i()*' 93P*-' 3:' .1@.1G*G' /@*'14G' ,4N3/4G' 51;*-,10n9-3G/.;' @/N@;,;/;,34jA!,! 5,%5,-'!2))(! $%!
5&',*'-!+#'1!,!(&)-95*!)4!K)&'!)4*'1!,!5)K()1'1*!$%!9%'-!,5&)%%!-$44'&'1*!(&)-95*!5,*'G)&$'%:!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!V`!
!
,%!4)&!'F,K(2'!5)**)1!*#,*!K,/!.'!9%'-!$1!,!4$&%*!2))(!4)&!52)*#$1G:!*#'1!4)&!49&1$*9&'!4$22$1G:!,1-!
92*$K,*'2/! 4)&! $1%92,*$1GA! X,29'! $%! 5&',*'-! ./! *#'! -$44'&'15'! .'*+''1! *#'! 5)%*! =$1529-'-! *#'!
'K.'--'-!5)%*%@!)4!,!<$&G$1!K,*'&$,2:!,1-!*#'!K,&G$1,2!5)%*%!)4!*#'!K,*'&$,2!*#,*!$%!.&)9G#*!.,5I!
$1*)!,!2))(!4)&!&'(9&()%$1GA!!
'i()*' 93P*-' 3:' 9/-*' .6.0*@A!*#$%! <,29'! 5&',*$)1! (&$15$(2'! $%! K).$2$H'-! $4! *#'! '1-! )4! 2$4'! )4! ,!
(&)-95*!#,%!.''1!5)1%$-'&'-!,*!*#'!-'%$G1!(#,%'!./!'1%9&$1G:!4)&!'F,K(2':!*#,*!*#'!(&)-95*!$%!
',%/!*)!*,I'!,(,&*!,1-U)&!$%!K,-'!)4!1)1M*)F$5!K,*'&$,2%A!!
"#'!d!*/('%!)4!5/52'%!(&)K)*'-!./!*#'!QOB!,&'!(&'%'1*'-!<$%9,22/!,*!B$G9&'!VM`A!
!
B,8/-*'WQ\A'F3/-.*@'3:'M10/*'.-*1;,34':3-';)*'+,-./01-'2.34356K'
B&)Ke!Q22'1!O,5>&*#9&!B)91-,*$)1!=CDEd@:!(A!E\!
>55)&-$1G! *)! >55'1*9&'! =CDEd@:! *#'&'! ,&'! d! <,29'! 5&',*$)1! ,&',%! $1! 6Qe! E@! 2,%*$1G! &'%)9&5'%:! C@! 2$N9$-!
K,&I'*%:! V@! 2$1I'-! <,29'! 5#,$1%! ,1-! d@! 2)1G'&! 2$4'! 5/52'%A! "#'! d!<,29'! 5&',*$)1! ,&',%! ,&'! (&'%'1*'-!,*!
B$G9&'!VM\A!"#'%'!d!,&',%!,&'!'%%'1*$,22/!*#'!%,K'!,%!+#,*!*#'!QOB!()%$*%A!!
i603>0?!
B$1,2!3'()&*!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
h5*).'&!CDE`!
!
!
B,8/-*'WQ]A'"-*1@'3:'M10/*'.-*1;,34',4';)*'.,-./01-'*.34356K'
B&)Ke!>55'1*9&'!=CDEd@:!(A!\!
!
3.1.4 Discussion'and'key'takeaways'
01! *'&K%! )4! -'4$1$*$)1! ,1-! K',1$1G:! 6Q! 5#'&&/M($5I%! *#&)9G#! K,1/! ,((&),5#'%:! 5)15'(*%! ,1-!
4&,K'+)&I%:! K,1/! )4!+#$5#! #,<'!.''1! )9*2$1'-! $1!5#,(*'&! CA! 0*! *,I'%! 6C6J%!.,%$5! Yc>!,1-! ,--%! *)! $*!
(&$15$(2'%! 4&)K! B915*$)1,2! Q5)1)K/:! %)2$-$4/$1G! ,1-! 5&'-$.$2$H$1G! $*! +$*#! 01-9%*&$,2! Q5)2)G/! (&'5'(*%A!
T#,*!$%!2'4*!,%$-'!,&'!*#'!#$%*)&$5,2!2$1I%!,1-!K,1/!*$'%!*)!;Y:!1,K'2/!;68!,1-!*#'!O,&&,I'5#!8&)5'%%!
G),2%:!.9*!,2%)!K)&'!(&).2'K,*$5!'2'K'1*%!%95#!,%!*#'!*#$&-!-$K'1%$)1!)4!;Y!=%)5$,2@A!0*!$%!'$*#'&!,!%$G1!)4!
,!I1)+2'-G'!4$'2-!*#,*! $%! ',G'&! *)!(2',%'!*#'!.9%$1'%%!+)&2-!,1-! 2,5I%!,1!'($%*'K$5!4)91-,*$)1:!)&!*#'!
%/K(*)K!)4!,!/)91G!4$'2-!*#,*!,4*'&!,1!$159.,*$)1!('&$)-:!)('1%!$*%'24!*)!*#'!)9*%$-'!+)&2-!,1-!*&$'%:!$1!
*#'!(&)5'%%:!*)!*,I'!$1!,-L,5'1*!4$'2-%!=>9-'*:!CDE`@A!!
>%! +'22:! 6Q! 52,$K%! *)! .'! .,%'-! )1! '44'5*$<'1'%%! =u-)$1G! *#'! &$G#*! *#$1Gv@! .9*! K,1/! -'4$1$*$)1%! 4&)K!
<,&$)9%!)&G,1$H,*$)1%! %''K! *)! 4)59%!)1! '44$5$'15/! =u-)$1G! *#$1G%!&$G#*v@:!+#$2'! %)K'! 5)15'(*%!%95#! ,%!
B915*$)1,2!Q5)1)K/!,$K!*)!&'5)15$2'!.)*#!=u-)$1G!*#'!&$G#*!*#$1G!*#'!&$G#*!+,/v@A!QN9$*/!,1-!*#'!%)5$,2!
-$K'1%$)1!)4!;Y!,&'!,.%'1*!=)&!#,<'!,!<'&/!+',I!(&'%'15'@!$1!6Q!2$*'&,*9&'A!
B&)K!*#'!)<'&<$'+!)4!6QJ%!5)&'!(&$15$(2'%:!$*!5,1!.'!91-'&%*))-!*#,*!K,*'&$,2%!42)+!,1-! %*'+,&-%#$(!$%!
*#'!5)KK)1! -'1)K$1,*)&! ,5&)%%! ,22! <,29'!5#,$1%! ,1-! *#,*! .9%$1'%%! K9%*!,-,(*! $*%'24!*)! 5$&592,&$*/! ./!
5#,1G$1G! $*%! K)-'2%! $1!)&-' &!*)! G,$1! *#'! K)%*! <,29'! 4&)K! *#'! <,&$)9%!2))(%A! "#'&'! ,&'! 4$<'!$K()&*,1*!
*'5#1$5,2!=,1-!<,29'!5&',*$1G@! 2))(%!$1!6Q:!+#'&'!*#'!*$G#*'%*!2))(!=*#'!k$11'&!5$&52'J@!/$'2-%! *#'!#$G#'%*!
<,29'!,1-!*#'!2))%'&!)1'!/$'2-%!*#'!2',%*!<,29'e!!
EA 8&)-95*!K,$1*'1,15'!
CA 8&)-95*!&'9%'U&'-$%*&$.9*$)1!
VA 8&)-95*!&'49&.$%#K'1*U&'K,194,5*9&'!
dA 8&)-95*!&'5/52$1G!
`A 3'(&)5'%%$1G!)4!*'5#1$5,2!19*&$'1*%!
6!6$&592,&!Q5)1)K/!T)&I$1G!?&)9(!
i603>0?!!
!
6036R7>3!Q6hchOge!>!630"06>7!70"Q3>"R3Q!3QX0QT!hB!6hc6Q8";!
8,G'!V]!
!
WKL %590*5*4;,48'+,-./01-'2.34356''
3.2.1 Implementation'at'region'or'country'scale'
>55)&-$1G!*)!0O;>!=CDEV@:!5))('&,*$)1!.'*+''1!G)<'&1K'1*:!5$<$2!%)5$'*/!,1-!(&$<,*'!,5*)&%!$%!'%%'1*$,2!
4)&!%955'%%492!$K(2'K'1*,*$)1!)4!6Q:!%9GG'%*$1G!*#,*!$*!5,11)*!.'!$K(2'K'1*'-!./!5)K(,1$'%!,2)1'!,1-!
K9%*!.'!)('&,*$)1,2$H'-!,*!,!2,&G'&!%5,2':!+#'*#'&!&'G$)1,2!)&! 1,*$)1,2A! "#'! K)%*!'2,.)&,*'!&),-K,(!
*)+,&-%!,!1,*$)1,2!$K(2'K'1*,*$)1!)4!6Q!+,%!(&)-95'-!./!0O;>!4)&!*#'!Y9*5#!6$&52'!Q5)1)K/`A!!
>55)&-$1G!*)!0O;>:!*#'&'!,&'!k1$5#'J!%*'(%!,1-! K,$1%*&',K!%*'(%!*)! (9*!$1*)!K)*$)1:!$1!)&-'&!*)!,**,$1!
6QA! B$&%*:! ,! 5'&*,$1! 19K.'&! )4! .)**)KM9(! $1$*$,*$<'%! =1$5#'! %*'(%@! K9%*! .'! $1! K)*$)1:! +$*#$1! ,! 2$1',&!
4&,K'+)&I!.9*!+$*#!,!G),2!*)!*&,1%$*$)1!*)+,&-%!6QA!;'5)1-:!*)(M-)+1!%*'(%!1''-!*)!)559&!$1!)&-'&!*)!
*&,1%4)&K! .9%$1'%%! $1! *#'! 2)1G'&! *'&K! =0O ;>:! CDEV@A! ",.2'! VME! )44'&%!,1!)<'&<$'+! )4! 1$5#'!%*'(%!,1-!
).%*,52'%!*)!6Q!,*!,!&'G$)1,2!)&!5)91*&/!%5,2'A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`!6$&52'! Q5)1)K/! $%! ,! Y9*5#! 5))('&,*$<'! .,%'-! $1! >K%*'&-,K! +#)%'! K$%%$)1! $%! *)! 4,5$2$*,*'! ,1-! ,55'2'&,*'! *#'!
*&,1%$*$)1! *)+,&-%! ,! 5$&592,&! '5)1)K/A! 0*! 5)22,.)&,*'%! +$*#! )<'&! `D! 1,*$)1,2! ,1-! $1*'&1,*$)1,2! (,&*1'&%! ,1-!
K'K.'&%!)1!<,&$)9%!5)15'(*9,2!,1-!,((2$'-!(&)L'5*%A!#**(eUU+++A5$&52'M'5)1)K/A5)K!
!
©CIRAIG'
Final'Report'
'
Page'38'
CIRCULAR'ECONOMY:'A'CRITICAL'LITERATURE'REVIEW'OF'CONCEPTS'
October'2015'
'
' '
!"#$%&'()*&+,%-,.%/&01&0#23"4$%25&6.47%&23%82&"69&:".623-%":.6;&23%82&10-&"&4.-4<$"-&%4060:=&
+#23"4$%2&
>.47%&23%82&
?".623-%":.6;&23%82&
)@&?"A0-&<8(1-063&.6,%23:%63&40232'
1.'Set'up'a'simple'index'for'circular'performance.'
Organisations'(companies,'harbours,'
governments,'investors)'can'use'this'to'give'
incentives'to'their'value'chain'partners'
encouraging'circularity'
10.'Replace'traditional'financial'reporting'by'
mandatory'and'accountable'integrated'reporting'
and'develop'the'concept'of'True'Value'
B@&C6,.-06:%63"$&40232&D%E3%-6"$.3.%2F&"-%&603&3"G%6&.630&
"440<63'
'@&H7"-%70$9%-2&/.37&270-3(3%-:&";%69"&90:.6"3%&40-80-"3%&
;0,%-6"64%'
I@&J%4=4$%9&:"3%-."$2&"-%&013%6&23.$$&:0-%&%E8%62.,%&37"6&
,.-;.6'
11.'Create'a'tax'shift'from'labour'towards'natural'
resources'
K@&L.;7%-&40232&10-&:"6";%:%63&"69&8$"66.6;'
2.'Encourage'experimentation,'innovation'and'
redesign.'In'NL,'use'Green'Deals'to'remove'
legislative'obstacles'and'support'access'to'
finance'and'a'resource'passport'
M@&N6$%,%$&8$"=.6;&1.%$9&4-%"3%9&#=&4<--%63&.623.3<3.062'
12.'Implement'a'new'economic'indicator'beyond'
GDP'that'steers'towards'circularity'
O@&P.6"64."$&;0,%-6:%63"$&.64%63.,%2&2<880-3&37%&$.6%"-&
%4060:='
Q@&R.-4<$"-.3=&.2&603&%11%43.,%$=&.63%;-"3%9&.6&.660,"3.06&
80$.4.%2'
S@&R0:8%3.3.06&$%;.2$"3.06&.67.#.32&40$$"#0-"3.06&#%3/%%6&
40:8"6.%2'
3.'Gather'and'spread'successful'business'
examples'
13.'Establish'international'independent'systems'
to'organise'materials'flows,'including'data'
gathering'and'exchange,'labelling'and'
certification,'impact'assessment,'standardisation'
and'material'pooling'
)T@&J%4=4$.6;&80$.4.%2&"-%&.6%11%43.,%&30&0#3".6&7.;7&U<"$.3=&
-%4=4$.6;'
4.'Integrate'circular'economy'principles'in'
education'and'training'programmes'(leadership,'
inXcompany,'MBA,'economics,'engineering,'
design'and'policy'sciences)'
))@&V0,%-6"64%&.22<%2&4064%-6.6;&-%28062.#.$.3.%25&$."#.$.3.%2&
"69&0/6%-27.8'
)B@&W.:.3%9&"88$.4"3.06&01&6%/&#<2.6%22&:09%$2'
5.'Develop'a'longXterm'company'vision'
'
C'Circular'Economy'Working'Group'
©CIRAIG''
'
October'2015'
CIRCULAR'ECONOMY:'A'CRITICAL'LITERATURE'REVIEW'OF'CONCEPTS'
Page'39'
'
)'@&W"4G&01&"6&.610-:"3.06&%E47"6;%&2=23%:'
identifying'linear'risks'and'circular'economy'
opportunities'
)I@&R061.9%63."$.3=&"69&3-<23&.22<%2&7":8%-&%E47"6;%&01&
.610-:"3.06'
6.'Search'for'material'pooling'opportunities'
)K@&CE47"6;%&01&:"3%-."$2&.2&$.:.3%9&#=&4"8"4.3=&01&-%,%-2%&
$0;.23.42'
7.'Promote'circular'products'using'modern'
marketing'techniques'and'social'media'
)M@&W"4G&01&"/"-%6%22&"69&2%62%&01&<-;%64=5&"$20&.6&
#<2.6%22%2'
14.'Adjust'national'and'international'government'
policies'for'corporate'governance,'accounting,'
competition,'recycling,'and'health,'safety'and'
environment'
)O@&VXY&90%2&603&270/&37%&-%"$&8-0;-%22&0-&9%4$.6%&01&0<-&
204.%3='
8.'Prepare'roadmaps'for'established'economic'
sectors'
)Q@&J%2.23"64%&1-0:&80/%-1<$&23"G%70$9%-2&/.37&$"-;%&
.63%-%232&.6&23"3<2&U<0'
9.'Initiate'and'stimulate'stakeholder'fora'about'
the'circular'economy'Set'up'a'simple'index'for'
circular'performance.'
)S@&W.:.3%9&"33%63.06&10-&%69(01($.1%&87"2%&.6&4<--%63&8-09<43&
9%2.;62'
'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
'
!"#"# $%&'()*&+,'-.-/0+%.+1*&%-(2+)34%2)*5%-.2+
A)*B-'1G-'EHH5IJ'I-K-0+,'B/L*10)-I'G+K-')M.,-M-*1-N'M/0-'/0',-II'B/M.,-O'K-0I)/*I'/P'"8J'I1+01)*3'Q)1G'
&-0M+*R'1G0/L3G'1G-'S%K/)N+*B-J'$-NLB1)/*J'T)I./I+,UJ'QG)BG'-K-*1L+,,R'BL,M)*+1-N'Q)1G'1G-' ")0BL,+0'
8B/*/MR' +*N' @+I1-' 7+Q'V&/K-0*M-*1' /P' 1G-' :-1G-0,+*NIJ' D5E4WX' #*' 1G-' -+0,R' D555IJ' Y+.+*'.+II-N'
-OB-II'Q+I1-'+*N'0-I/L0B-I'IB+0B)1R'./,)B)-I'+I'Q-,,'+I'+'7+Q'P/0'1G-'20/M/1)/*'/P'8PP)B)-*1'61),)Z+1)/*'/P'
$-I/L0B-I'V8,,-*';+B%01GL0'(/L*N+1)/*J'D5E4WX'"G)*+'+N/.1-N')1I'")0BL,+0'8B/*/MR'20/M/1)/*'7+Q')*'+'
B,-+*-0' .0/NLB1)/*' P/BLIJ' QG)BG' Q),,' C-' N-K-,/.-N' +1' I-B1)/*' [XDX['Q)1G' 1G-' +)M' 1/' N-K-,/.' B,-+*-0'
.0/NLB1)/*'M-1G/NI'+1'ML,1).,-',-K-,IX''
#*' 8L0/.-J' 1G-' .0-M)I-'/P' +' "8' ./,)BR' B/L,N' C-' N)IB-0*-N' +I' /P'D5EE' )*' 1G-'P,+3IG).' )*)1)+1)K-' P/0' +'
0-I/L0B-\-PP)B)-*1'8L0/.-J'QG)BG'Q+I'-I1+C,)IG-N'Q)1G)*'1G-'ALI1+)*+C,-'+*N')*1-,,)3-*1'30/Q1G'I10+1-3R'
P/0' 8L0/.-' D5D5' V7+II+LOJ' D5EFWX' #*' D5EDJ' 8L0/.-+*' $-I/L0B-' 8PP)B)-*BR' 2,+1P/0M' V8$82W' M+*)P-I1/'
-*+C,-N' +*' +30--M-*1' +M/*3I1' 86' M-MC-0' I1+1-IJ' B/*B-0*)*3' 0-I/L0B-' -PP)B)-*BR'+*N' "8J' Q)1G' +*'
-M.G+I)I' /*' ]/C' B0-+1)/*' +*N' 3,/C+,' B/M.-1)1)K-*-II' V^L11-0Q/01G!et! al.J' D5E4WX' #*' D5E[J' 1G-'
/03+*)Z+1)/*'")0B,-'8B/*/MR'+*N'1G-'TL1BG'3/K-0*M-*1'I)3*-N'+'_&0--*'T-+,`'B/MM)1M-*1'1/'B0-+1-'+'
*+1)/*+,'"8'.0/30+M'V^L11-0Q/01G!et!al.J'D5E4WX' >G-'8L0/.-+*'6*)/*J'NL0)*3'1G-' T+K/I' P/0LM' /P'D5E[J'
B0-+1-N'+'"8'N)IBLII)/*' .,+1P/0MJ' QG)BG'-K-*1L+,,R',-N'1/'1G-'-I1+C,)IGM-*1'/P'+'*/*\C)*N)*3'0-I/L0B-'
.0/NLB1)K)1R' 1+03-1' P/0' 8X6X' M-MC-0' I1+1-IJ' 1G-'_&T2' 0-,+1)K-' 1/' $+Q' ;+1-0)+,' "/*ILM.1)/*`X' 91G-0'
*/1+C,-'8X6X'M-+IL0-I')*B,LN-'1G-'0-I/L0B-'I10-II'1-I1I'+)M-N'+1'B/M.+*)-IJ'30--*'.LC,)B'.0/BL0-M-*1'
+*N'"8'PL*N)*3')*)1)+1)K-IX'91G-0'8X6X'./,)B)-IJ'QG),-'*/1'-O.,)B)1,R'+C/L1'"8J'*/*-1G-,-II'G-,.'Q)1G'1G-'
N-.,/RM-*1'/P'I/M-'/P' )1I' B/0-' 1-*-1IJ' ILBG'+I' 1G-' 86'Q+I1-' P0+M-Q/0a' N)0-B1)K-' +*N' 1G-' -B/N-I)3*'
N)0-B1)K-'V$+aI)1J'D5E4WX''
#*'D5E4J'1G-' ;#A>$%' P/L*N+1)/*'A1/BaG/,M' ,+L*BG-N'+'"8'N-I)3*'B+,,' P/0' .0/./I+,I'C+I-N'/*'0-I/L0B-'
-PP)B)-*BRX'>G-'AB/11)IG'3/K-0*M-*1'+**/L*B-N'1G-' B0-+1)/*' /P' +' $-M+*LP+B1L0-' -O.-01)I-' B-*1-0J' P/0'
QG)BG'1G-'8L0/.-+*'.0/30+M'b/0)Z/*'D5D5'Q+I'+Q+0N-N'cEXFMX'%I'Q-,,J')*'1G-',+I1'D'R-+0IJ'"G)*+J'A/L1G'
d/0-+'+*N'1G-'6XAX'G+K-'C--*')*K-I1)*3')*'1G-)0'0-I.-B1)K-'0-M+*LP+B1L0)*3')*NLI10)-I'VA1+G-,J'D5EFWX'#*'
#0-,+*NJ' +' *+1)/*+,' "8' 3/+,' G+I' C--*' -I1+C,)IG-N' V")0B,-' 8B/*/MR'+*N' 2&&;J' D5E4WX' "8' )I' +,I/'
)*B0-+I)*3,R'C-)*3'M/C),)Z-N')*'AQ)1Z-0,+*N'V0-3L,+1/0R'P0+M-Q/0a'P/0'1G-'&0--*'8B/*/MR')*'D5EDW'+*N'
)*'1G-'6XdX'Q)1G'1G-'@+I1-'+*N'$-I/L0B-I'%B1)/*'20/30+M'V@$%2WX'?+0)/LI!B)1)-I'G+K-'+,I/'-MC0+B-N'"8J'
*+M-,R' %MI1-0N+MJ' $/11-0N+MJ' b++0,M-M-0M--0' V:-1G-0,+*NWJ' &L)R+*' V"G)*+WJ' 2G/-*)O' V6XAXWJ'
d+,L*NC/03'VT-*M+0aW'+*N';+IN+0'")1R'V6*)1-N'%0+C'8M)0+1-IW'V&/K-0*M-*1'/P'1G-':-1G-0,+*NIJ'D5E4WX'
%' 8L0/.-+*' .+Ba+3-' /*' "8'Q+I' .0/./I-N' )*' YL,R' D5E4' +*N' B/*1+)*-N' +' C0/+N' ,)I1' /P' ,-3+,,R' C)*N)*3'
1+03-1IJ')*B,LN)*3'0-BRB,)*3'0+1-IJ',+*NP),,)*3J'0-B/K-0+C,-'Q+I1-J'Q+I1-'0-NLB1)/*J'-1BX'V>/I1J'D5EFWX';/0-'
I.-B)P)B+,,RJ' 1G-'.+Ba+3-' B/*I)I1-N' /P' P/L0' "/MML*)B+1)/*I'/*' ILI1+)*+C,-' CL),N)*3IJ' 30--*' ]/CI' +*N'
A;8I' +*N' +' 3-*-0+,' "/MML*)B+1)/*' B+,,-N' e>/Q+0NI' +' ")0BL,+0' 8B/*/MR=' f-0/' @+I1-' 20/30+M' P/0'
8L0/.-e'V7+II+LOJ'D5EFWX'>G-'8L0/.-+*'"/MM)II)/*'Q/0a)*3'30/L.'+C+*N/*-N'1G)I' P)0I1'"8'.+Ba+3-')*'
Y+*L+0R'D5EFg'1G-'"/MM)II)/*'G+I'G/Q-K-0'L*N-01+a-*'1/'.0-.+0-'+'*-Q'"8')*)1)+1)K-'-O.-B1-N'1/'C-'
N-,)K-0-N')*'(+,,'D5EFX'>G)I'*-Q'.+Ba+3-'Q),,'P/0-I--+C,R')*B,LN-'*-Q',-3)I,+1)/*J'1+a-')*1/' +BB/L*1' 1G-'
0-+,)1)-I'/P'K+0)/LI'86'M-MC-0I'+*N'3/'C-R/*N'Q+I1-'M+*+3-M-*1')*'/0N-0'1/')*B,LN-'+'C0/+N-0'K)-Q'
)*B,LN)*3'-B/N-I)3*'+*N'M+0a-1I'P/0'0-LI-N'3//NI'+*N'0-BRB,-N'M+1-0)+,I'V8L0/.-+*'2+0,)+M-*1J'D5EFWX''
!"#"! $%&'()*&+,'-.-/0+%.+$6%.*+
(+B-N'Q)1G'I-0)/LI'0-I/L0B-I'BG+,,-*3-IJ'"G)*+`I'3/K-0*M-*1'K)-Q-N'"8'+I'+*'+,1-0*+1)K-'N-K-,/.M-*1'
M/N-,X'>G-' P)0I1'I1+3-'I1+01-N' )*'EHHh'QG-*'1G-'B/*B-.1'Q+I')*10/NLB-N'+*N'1G-/0-1)B+,'I1LN)-I'Q-0-'
B/*NLB1-NX' (0/M' D55E' 1/' D55FJ' B,-+*' .0/NLB1)/*' +*N' )*NLI10)+,' -B/,/3R' .+0aI' I1+01-N' 1/' C-'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'4E'
'
)M.,-M-*1-N' V^L11-0Q/01G!et!al.J'D5E4WX'#*' D55DJ' 1G-'3/K-0*M-*1' )M.,-M-*1-N' 1G-' ")0BL,+0'8B/*/MR'
)*)1)+1)K-'T-K-,/.M-*1'A10+1-3R'V&/K-0*M-*1' /P' 1G-' :-1G-0,+*NIJ'D5E4WX'%*N')*'D55hJ'1G-' 7+Q' P/0' 1G-'
20/M/1)/*'/P'")0BL,+0'8B/*/MR')*'D55h'Q+I')*10/NLB-N'V:+LI1N+,I,)NJ'D5E4WX'
763-&35%'*)+8313)-9/3.5+-:+563+$6%.323+$,+
&-*-0+,,RJ'"G)*+`I' C0+*N'/P'"8'B+*'C-'10+B-N'C+Ba'1/'B,+II)B+,'-B/,/3R'+*N'-B/*/M)BI'+L1G/0I'ILBG'+I'
$+BG-,'"+0I/*`I'_A),-*1'A.0)*3`' VEHiDW'+I' Q-,,' +I' 1/' B/*B-.1I' ILBG' +I' ^/L,N)*3`I' +*N' @+0N`I' _I.+B-IG).'
-+01G`' M-1+.G/0' V^/L,N)*3J' EHiig' @+0NJ' EHiiWX' #*' 1G-' EHj5I' +*N' EHh5IJ' 1G-' I-M)*+,' ",LC' /P' $/M-`I'
S7)M)1I'1/'&0/Q1GU' V;-+N/QI!et!al.J'EHjDW'B+*'+,I/'C-' P/L*N' Q)1G)*' "8`I')*)1)+,'P/L*N+1)/*IJ'1/3-1G-0'
Q)1G'1G-'^0L*N1,+*N'$-./01'V@"8TJ'EHhjWX''
>G-' a*/Q,-N3-' 1G+1' G+I' C--*' -OB,LN-N' P0/M' 1G-' 1G-/0-1)B+,' +*N' )N-/,/3)B+,' P/L*N+1)/*I' /P' "G)*+`I'
B/*B-.1)/*' /P' "8' +0-' IB+0B-' 0-I/L0B-I' M/N-,I' +*N' B/*K-*1)/*+,' M+0a-1' -B/*/M)BIJ' B,+)M)*3' 1G+1' 1G-'
*-/,)C-0+,'M+0a-1'P+),I'1/'.0/NLB-'+'1//,'1G+1')I'+C,-'1/'./)*1'1/Q+0NI'1G-'B0)1)B+,' +I.-B1'/P',)M)1-N'+*N'
-OG+LI1)C,-'0-I/L0B-IJ'C+I-N'/*'-O)I1)*3'.0/NLB1)/*'+*N'B/*ILM.1)/*' .+11-0*I'1G+1'N/'*/1'*-B-II+0),R'
1+a-' +CI/,L1-' .,+*-1+0R' ,)M)1I' )*1/' B/*I)N-0+1)/*X' >G)I' +I.-B1' )I' ./I)1)/*-N' N)0-B1,R' /../I)1-' "8`I'
./1-*1)+,' 1/' B/*NLB1' -B/*/M)B' +B1)K)1)-I' Q)1G)*' ,)M)1I' CL1' M/I1,RJ' )*' +*' +N+.1)K-' P+IG)/*J' CR' N-I)3*J'
+BB/0N)*3'1/'L,1)M+1-'.,+*-1+0R'C+,+*B-'+*N'+BB/0N)*3'1/'*+1L0+,',+QIX'#*'IG/01J'-B/*/MR'+*N'*+1L0-'+0-'
.+01'/P'1G-'I+M-',+03-0'IRI1-M'V:+LI1N+,I,)NJ'D5E4WX''
;/9)3/3.5*5%-.+-:+$,+
>G-'M/K-'1/Q+0NI'+'B)0BL,+0'-B/*/MR'V"8W')*'"G)*+'Q+I'I.L00-N')*'1G-',+1-'EHH5I'CR'1G-'0-+,)Z+1)/*'1G+1'
)M./01+*1' +*N' P+I1' -B/*/M)B' 30/Q1G' +*N' )*NLI10)+,' -O.+*I)/*' ,-+N' 1G-' B/L*10R' 1/' 0)I)*3'I/B)+,'
)*-kL+,)1)-I' +*N' -*K)0/*M-*1+,' N-30+N+1)/*X'"G)*+`I' /PP)B)+,I' 0-+,)Z-N'1G+1' )P' 1G)I'I)1L+1)/*' Q-0-',-P1' 1/'
B/*1)*L-'L*+C+1-NJ')1'Q/L,N'-K-*1L+,,R'G+M.-0'/0'-K-*'I1/.'30/Q1GX'>G)I'0-IL,1-N')*' 1G-'N-K-,/.M-*1'
/P'1G-'./,)BR'P0+M-Q/0a'/P'1G-'_G+0M/*)/LI'I/B)-1R`iJ'P/0ML,+1-N'CR'1G-'Ei1G'"G)*-I-'"/MML*)I1'2+01R'
"/*30-II')*'D55DJ'+)M-N'+1'C0)*3)*3'1/3-1G-0'*+1L0-'+*N'I/B)-1R')*'+'G+0M/*)/LI'0-,+1)/*IG).J'"8'C-)*3'
1G-' -*K)0/*M-*1+,' N)M-*I)/*' /P' 1G-' _G+0M/*)/LI' I/B)-1R`X' >G-' .0/ML,3+1)/*' /P' 1G-' 7+Q' P/0' 1G-'
20/M/1)/*'/P'1G-'")0BL,+0'8B/*/MR')*'D55h'-MC/N)-N'1G)I'BG+*3-J'+I')1'M+N-'"8'+*'/PP)B)+,'/K-0+0BG)*3'
-B/*/M)B'N-K-,/.M-*1'3/+,'P/0'"G)*+'V:+LI1N+,I,)NJ'D5E4WX''
>G)I'G+N'+,0-+NR'C--*')*N)B+1-N'QG-*'1G-'.0)M+0R'0-I./*I)C),)1R'/P')1I')M.,-M-*1+1)/*'Q+I'10+*IP-00-N'
P0/M' 1G-' A1+1-' 8*K)0/*M-*1+,' 20/1-B1)/*' %3-*BR' VA82%W' 1/' 1G-' :+1)/*+,' T-K-,/.M-*1' +*N' $-P/0M'
"/MM)II)/*'V:T$"W')*' D554J' 1GLI' 1+a)*3' "8' P0/M' 1G-'0-+,M'/P'-*K)0/*M-*1+,'./,)BRJ'+I')I' 1G-' B+I-' )*'
/1G-0' B/L*10)-I' ILBG' +I' &-0M+*RJ' T-*M+0aJ' AQ-N-*' +*N' Y+.+*J' )*1/' 1G-' 0-+,M' /P' N-K-,/.M-*1' +*N'
-B/*/M)B'./,)BR'+I')1'+)MI'+1' C-)*3' +' Q+R' /P' ,)*a)*3' -B/*/MR' +*N'-B/,/3R'I/'+I'1/'+BG)-K-'+' Q)*\Q)*'
I)1L+1)/*='-B/*/M)B'30/Q1G'+*N'N-K-,/.M-*1'IG/L,N'C-'IRI1-M+1)B+,,R'_N-B/L.,-N`'P0/M'-*K)0/*M-*1+,'
N-30+N+1)/*'VfGLJ'D55hg'>G-'@/0,N'^+*a'D55Hg';+1G-QI'l'>+*J'D5EE')*':+LI1N+,I,)NJ'D5E4WX'%01)B,-'D'/P'
1G-' "8' 20/M/1)/*' ,+Q' N-P)*-I' "8' +I'S+' 3-*-0)B' 1-0M' P/0'1G-' 0-NLB)*3J' 0-LI)*3' +*N' 0-BRB,)*3' +B1)K)1)-I'
B/*NLB1-N' )*' 1G-' .0/B-II' /P' .0/NLB1)/*J' B)0BL,+1)/*' +*N' B/*ILM.1)/*UJ' M+a)*3' 1G-' [$I' .0)*B).,-' 1G-'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
i'>G-' Eh1G'2+01R' "/*30-II' )*' D5ED' PL01G-0' I10-*31G-*-N' 1G-' /PP)B)+,' 0-I/,K-' 1/' N-K-,/.' "G)*+' +I' +*' _-B/,/3)B+,'
B)K),)Z+1)/*`' BG+0+B1-0)Z-N' CR' G+0M/*R' C-1Q--*' M+*' +*N' *+1L0-' L*N-0' 1G-' -.)1/M-' _^-+L1)PL,' "G)*+`X'>G-'
N-K-,/.M-*1' /P' 1G-' _G+0M/*)/LI' I/B)-1R`' B/*B-.1' Q+I' C+I-N' /*' +' B/MC)*+1)/*' /P' )N-/,/3)B+,' +*N' M/0+,' C+I)I'
QG/I-' +)M' Q+I' 1/' +BG)-K-' +' C+,+*B-N' V/0' ILI1+)*+C,-W' N-K-,/.M-*1' P/0' "G)*+X' #1' Q+I' C+I-N' /*' +' PLI)/*' /P'
10+N)1)/*+,'"/*PLB)+*)IM'+*N' >+/)IM' QG)BGJ'B/MC)*-NJ'Q/L,N'+BG)-K-' +',)C-0+,'M+0a-1' 3L)N-N'CR'1G-'I/B)+,')N-+,'
3-*-0+,'G+0M/*R'+*N' Q-,,\C-)*3'Q)1G)*'+' I1+C,-'+*N'/0N-0,R' N-I)3*'V<L+*'et! alX'D55ig';+G/*-R'D55hg'fG/*3Q-*'
D55hg'&L/'+*N'&L/'D55hg'@+*'D5E[')*':+LI1N+,I,)NJ'D5E4WX'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
B-*10+,'.),,+0'/P'"8X'b/Q-K-0J'"8')I'*/1']LI1'B/*B-0*-N'Q)1G'Q+I1-'M+*+3-M-*1'CL1')I'+'IRI1-M',)*a)*3'+,,'
IB+0B-' 0-I/L0B-I' V)*B,LN)*3' Q+1-0' +*N' ,+*NW' +*N' 1G-' -B/*/MRJ' M/K)*3' +Q+R' P0/M' 1G-' *+00/Q'
M)B0/-B/*/M)B'B/*B-.1'/P' )*NLI10)+,'-B/,/3R' 1/' +' M/0-'M+B0/-B/*/M)B' N)I1)*B1)/*' C-1Q--*' 1G-' *-/\
B,+II)B+,' _,)*-+0' -B/*/MR`' +*N' 1G-' _B)0BL,+0' )*1-0N-.-*N-*B-' C-1Q--*' *+1L0-' +*N' 1G-' -B/*/MR`' /P'
-B/,/3)B+,'-B/*/M)BI'V7L'et!alXJ'D55F'+*N'AGL'l'@LJ'D55j')*':+LI1N+,I,)NJ'D5E4WX''
"8')I'C-)*3')M.,-M-*1-N')*'"G)*+'+1'1G0--',-K-,I=''
Enterprises'VM)B0/W',-K-,'Q)1G'1G-'N-K-,/.M-*1'/P'B,-+*-0'.0/NLB1)/*')*)1)+1)K-I'
Inter+enterprise'VM-I/W',-K-,'Q)1G'1G-'N-K-,/.M-*1'/P'-B/\)*NLI10)+,'.+0aIj'
Societal'VM+B0/W' ,-K-,J' Q)1G'1G-' N-K-,/.M-*1'/P' -B/\B)1)-I' +*N'-B/\0-3)/*IJ' +11-*N)*3'1/' C/1G'
.0/NLB1)/*'+*N'B/*ILM.1)/*'
>G-'B+M.+)3*' P/0'+'M/0-' C+,+*B-N'N-K-,/.M-*1'C-1Q--*'*+1L0-'+*N'I/B)-1R'Q+I'+BB/M.+*)-N'CR'1G-'
,+L*BG'/P'1G-'*-Q'_IB)-*1)P)B'B/*B-.1'/P'N-K-,/.M-*1`J'1G-')N-+'1G+1'./,)B)-I' B+*' C-')M.,-M-*1-N' +I'+'
1/.\N/Q*'.0/B-II'C+I-N' /*'IB)-*1)P)B'a*/Q,-N3-X'>GLI'1G-'.0+B1)B+,')M.,-M-*1+1)/*' /P'"8')I'I--*'+I' +'
30+NL+,' 10+*I)1)/*' .0/B-II' N)0-B1-NJ' B/*10/,,-N' +*N' M/*)1/0-N' P0/M' +C/K-J' QG-0-+I' )*' 1G-' M/0-'
N-K-,/.-N' )*NLI10)+,)Z-N' B/L*10)-IJ' "8' )I' M+)*,R' .0/M/1-N' P0/M'C-,/Q' CR' :&9I' +*N' B)K),' I/B)-1RJ'
N)0-B1)*3' 1G-)0' M-II+3-I' +1' )*NLI10)-I' +*N' CLI)*-II-I' +*N' .L11)*3' .0-IIL0-' /*' 3/K-0*M-*1I' 1/' -*+B1'
,+QI' +*N' 0-3L,+1)/*IX' >G )I' M+B0/-B/*/M)B' +..0/+BG' 1/' "8' )I' M+)*,R ' P/L*N-N' /*' 1G-' C-,)-P' 1G+1' /*B-'
P+B1L+,'a*/Q,-N3-')I'+BkL)0-N'/*'1G-'+B1L+,'I1+1-'/P'I/B)-1RJ'1G-'+..0/.0)+1-'0-I./*I-'Q),,'P/,,/QJ'QG)BG'
.0/K-I')1I',)M)1I')*'1G-' B+I-'/P'+I'B/M.0-G-*I)K-'+'BG+*3-'+I' QG+1'1G-'_G+0M/*)/LI'I/B)-1R`'N-M+*NIX'
#*N--NJ'1G-'I-1'/P' )*N)B+1/0I' .0/./I-N'1/'M-+IL0-'"8' .0/30+MI'+*N'*+1)/*+,'.0/30-II',+BaI' I/B)+,'+*N'
Q-,P+0-\/0)-*1-N')*N)B+1/0I'+*N'/*,R'B/K-0I'1G-'M-I/'+*N'M+B0/',-K-,I'/P')M.,-M-*1+1)/*X'%,I/J'-K-*')P'
1G-' 3-*-0+,' ,-3)I,+1)/*' 1/' .0/M/1-' "8' G+I' C--*' .L1' )*' .,+B-J' ,)11,-' .0/30-II' G+I' C--*' M+N-' )*' 1G-'
G+0M/*)Z+1)/*'Q)1G'/1G-0',+QI'V:+LI1N+,I,)NJ'D5E4WX'
!"#"< ;/9)3/3.5%.4+$%&'()*&+,'-.-/0+*5+'-/9*.0+2'*)3=+.3>+?(2%.322+/-83)2+
%P1-0'30+I.)*3'1G-'M+)*'.0)*B).,-I'/P'"8J')*N)K)NL+,'/0'30/L.I'/P'B/M.+*)-I'MLI1'C-'+C,-'1/')M.,-M-*1'
"8' )*' 1G-)0' N+R\1/\N+R' +B1)K)1)-I' +*N' CLI)*-II' M/N-,IX' ?+0)/LI' -,-M-*1I'LI-PL,' P/0' +BG)- K)*3' 1G)I' 3/+,'
-O)I1'CL1'+0-'I1),,'P+)0,R'3-*-0+,X'>G)I'I-B1)/*'+)MI'1/'.0/K)N-'I/M-')*I)3G1I')*1/'1G)I'kL-I1)/*X'
%BB/0N)*3' 1/'1G-' TL1BG' 3/K-0*M-*1J' 1G-0-' -O)I1' 4' "8' -,-M-*1I' 1G+1' B+*' C-' )*1-30+1-N' )*1/' CLI)*-II'
.0+B1)B-IX'>G-R'+0-=''
EX ")0BL,+0'+*N')**/K+1)K-'N-I)3*'
DX :-Q'+*N'I-0K)B-\/0)-*1-N'CLI)*-II'M/N-,I'
[X #M.0/K)*3'B/M.-1-*B)-I'+,/*3'0-K-0I-'BRB,-I'+*N'B+IB+N-IJ')*B,LN)*3'.0/NLB1'B/,,-B1)/*'+*N'0-\
LI-'
4X 8*G+*B)*3' B0/II\BRB,-' +*N' B0/II\I-B1/0' .-0P/0M+*B-'V%,N-0I3+1-J' D5ED' +*N' 8,,-*' ;+B%01GL0'
(/L*N+1)/*J'D5E[')*'&/K-0*M-*1'/P'1G-':-1G-0,+*NIJ'D5E4WX'
%BB/0N)*3'1/'92%#'l';?9':-N-0,+*NIJ'H'.0)*B).,-I'MLI1'C-'+..,)-N'P/0'B/M.+*)-I'1/'10+*I)1)/*'1/Q+0NI'
"8='
EX 2/1-*1)+,'I--a)*3'
DX "8'/../01L*)1)-I'N)IB-0*M-*1'
[X ()*+*B)+,'I10+1-3RJ'-O1-0*+,'P--NC+Ba'+*N'B/M.-1-*B)-I'+N]LI1M-*1''
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
j'"G)*-I-'.+0aI'N)PP-0'P0/M'1G/I-'P/L*N')*'/1G-0'B/L*10)-IJ'+I'1G-R')*1-30+1-'.0/NLB1)/*'+*N'0-I)N-*1)+,'+0-+IX'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'4['
'
4X 6I-'/P'B,-+0'd2#I'
FX %K/)N+*B-'/P'1-BG*)B+,'N-1+),I'P/BLI'
iX ^L),N)*3'/P'I.+B-'+*N'P--NC+Ba'P/0'"8'I10+1-3R'N-K-,/.M-*1'
jX %BB/L*1'P/0')*1-0*+,'0-I)I1+*B-'
hX 8I1+C,)IG'CLN3-1'+*N'.,+*'B+.+B)1R'
HX ;+a-'I.+B-'P/0' ,-+0*)*3' P0/M' M)I1+a-I'V92%#'l';?9' :-N-0,+*NJ'D5E4J')*' &/K-0*M-*1'/P'1G-'
:-1G-0,+*NIJ'D5E4WX'
2+0+,,-,'1/'1G-I-'+B1)K)1)-IJ')1')I'+,I/'*-B-II+0R'P/0'B/M.+*)-I'1/'-K+,L+1-'G/Q'1G-)0'B/0-'CLI)*-II'M+R'C-'
,)*a-N' 1/' 1G-' "8' K+,L-' .0/./I)1)/*X' #*' /0N-0' 1/' N/' 1G)IJ' +' ILI1+)*+C,-'CLI)*-II' M/N-,,)*3' B+*' C-'
M/C),)Z-NJ' LI)*3' [' 1R.-I' /P' K+,L-=' EW' K+,L-' B+.1L0-NJ' DW' M)II-NmN-I10/R-N' /0' Q+I1-N' K+,L-J' +*N' [W'
/../01L*)1R' K+,L-X' A1+a-G/,N-0I' MLI1' +,I/' C-' 1+a-*' )*1/' B/*I)N-0+1)/*J' *+M-,R=' 1G-' -*K)0/*M-*1J'
I/B)-1RJ'BLI1/M-0IJ'+*N'*-1Q/0a'+B1/0I'V^/Ba-*J'D5E4')*'&/K-0*M-*1'/P'1G-':-1G-0,+*NIJ'D5E4WX''
^+I-N'/*'.0-K)/LI'I1LN)-IJ'%BB-*1L0-'VD5E4W'G+I')N-*1)P)-N'F'B)0BL,+0'CLI)*-II'M/N-,IX'>G-R'+0-='
EX >G-'_Circular!Supplies’'M/N-,')I')*PLI-N'Q)1G'"D"'.G),/I/.GR'+*N'C+I-N'/*'+',//.'/P'0-*-Q+C,-J'
0-BRB,+C,-'+*Nm/0'C)/N-30+N+C,-'0-I/L0B-X''
DX >G-'_Resource!Recovery’'M/N-,'P)1I'Q)1G'C+I)B'#*NLI10)+,'8B/,/3RX'#1'.0/M/1-I'K+,L-'B0-+1)/*'
1G0/L3G',)*a-N'.0/NLB1'+*N')*NLI10)+,',)P-'BRB,-I'+I'+'Q+R'1/'10+*IP/0M'Q+I1-')*1/')*.L1IX''
[X >G-'_Product!life!extension’'M/N-,'B/00-I./*NI'1/'/*-'/P'1G-'B/0-'B/*N)1)/*I'/P'(L*B1)/*+,'
8B/*/MRX'#1')I'C+I-N'/*'K+,L-'0-1-*1)/*'1G0/L3G'M+)*1+)*-N'+*Nm/0')M.0/K-N'I1/BaI'1G0/L3G'
0-.+)0J'L.30+N-J'0-M+*LP+B1L0-'+*N'0-M+0a-1)*3'/P'.0/NLB1IX''
4X >G-'_Sharing!platforms’'M/N-,')I'+a)*'1/'"/,,+C/0+1)K-'"/*ILM.1)/*'/0'1G-'AG+0-'8B/*/MR'
M/K-M-*1X'#1'G+I'+'1-BG*/,/3)B+,'P/L*N+1)/*'C+I-N'/*'-*+C,)*3'LI-0I'1/'B/**-B1J')*'/0N-0'P/0'
.0/NLB1I'/0'I-0K)B-I'1/'C-'-PP)B)-*1,R'IG+0-NJ'N)I10)CL1-N'+*N'1G-)0'K+,L-'M+O)M)Z-N'1G0/L3G'+'
G)3G'L1),)Z+1)/*'0+1-X''
FX >G-'_Product!as!a!Service’!M/N-,')I'1G-'C+I)I'/P'(L*B1)/*+,'8B/*/MRX'#1'I-0K-I'+I'+*'+,1-0*+1)K-'
1/'/Q*-0IG).'+*N'10+*IP/0MI'B/*ILM-0I')*1/'LI-0IX'#1')I'+'N/Q*I10-+M'M/N-,'1/'1G-'_20/NLB1'
,)P-'-O1-*I)/*`'M/N-,'+*N'3+)*I'BLI1/M-0I'1G0/L3G'+',-+I-'/0'.+R\P/0\LI-'-B/*/M)B'
+00+*3-M-*1X'#1')I'+,I/'IR*-03)I1)B'Q)1G'1G-'_AG+0)*3'.,+1P/0MI`'M/N-,J'QG)BG'M+R'-*+C,-')1X''
>G-'F'CLI)*-II'M/N-,I'+0-'.0-I-*1-N'+1'()3L0-'[\jX''
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
'
Figure!3+7:!The!5!circular!business!models.!
(0/M='%BB-*1L0-'VD5E4WJ'.X'ED'
'
'
>G-'+P/0-M-*1)/*-N'CLI)*-II'M/N-,I'+0-'IL../01-N'CR'E5'N)I0L.1)K-'1-BG*/,/3)-IJ'QG)BG'+0-'B,+II)P)-N'
Q)1G)*'['B+1-3/0)-I=''
EX Digital:')*P/0M+1)/*'1-BG*/,/3)-I'V#>W'-*+C,-'0-+,\1)M-'-OBG+*3-I'C-1Q--*'*/N-I'VQG-1G-0'
GLM+*IJ'M+BG)*-I'/0'IRI1-MIW'+*N'.-0M)1I'1G-'B0-+1)/*'+*N'M+)*1-*+*B-'/P'0-,+1)/*IG).I'1G+1'
B+*'C-'IG/01'/0',/*3'1-0MX'
DX Engineering'V.GRI)B+,'1-BG*/,/3RW='-*3)*--0)*3'M+a-I'V0-WM+*LP+B1L0)*3'/P'3//NI'P0/M'
0-3-*-0+1-N'0-I/L0B-I'./II)C,-J'+'B0LB)+,'+II-1'P/0'1G-'_")0BL,+0'IL..,)-I`'+*N'_$-I/L0B-'0-B/K-0R`'
M/N-,IX'
[X Hybrid:'+'PLI)/*'/P'1G-'P)0I1'D'B+1-3/0)-IJ'GRC0)N'1-BG*/,/3)-I'V.+01'N)3)1+,J'.+01'-*3)*--0)*3W'
+,,/QI'B/M.+*)-I'1/'N)3)1+,,R',/B+1-'+*N'P/,,/Q'M+1-0)+,'P,/QI'+*N'+,I/'IL../01'Q+RI'1/'B/,,-B1J'
10-+1'+*N'0-.0/B-II'1G-MX''
'
>G-'E5'N)I0L.1)K-'1-BG*/,/3)-I'+0-'.0-I-*1-N'+1'()3L0-'[\hX'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'4F'
'
'
Figure!3+8:!Circular!Economy's!10!disruptive!technologies.!
(0/M='%BB-*1L0-'VD5E4WJ'.X'Ei'
!"#"@ A*&&%3&2+5-+$%&'()*&+,'-.-/0+%/9)3/3.5*5%-.+
%I)N-' P/0M' 1G-' C+00)-0I' ,)I1-N' +1' I-B1)/*'[XDXEJ' :3LR-*' et! al.'VD5E4W' P0/M' 1G-' P)0M' ;Bd)*I-R' ,)I1'1G-'
P/,,/Q)*3'B/*I10+)*1I'P/0'B/M.+*)-I'B/*I)N-0)*3'"8')M.,-M-*1+1)/*='
EX Geographic! dispersion’:'1G-' I)Z-J' B/M.,-O)1R'+*N' 3,/C+,' N)I.-0I)/*' /P' IL..,R' *-1Q/0aI' +0-'+'
M+]/0'P+B1/0')*'1+Ba,)*3'"8')*)1)+1)K-IX'%I'Q-,,J')*'/0N-0'P/0'0-K-0I-',/3)I1)BIJ'1+a-\C+Ba'/0'/1G-0'
)*)1)+1)K-I'1/'Q/0a'3,/C+,,RJ'K+0)/LI',-3)I,+1)/*I'*--N'1/'C-'IR*BG-NJ'QG)BG')I'*/1'1G-'B+I-'+1'1G-'
M/M-*1X'>G-' .)B1L0-' /P' QG-0-J' -X3XJ' 0-PL0C)IGM-*1' IG/L,N' /BBL0' +*N' G/Q' 1/' .L1' K+,L-' /*' +'
B/M./*-*1'./I1\.0/NLB1'N)IM+*1,)*3'+0-'B/M.,-O'kL-I1)/*I'1G+1'Q),,')*-K)1+C,R'0-IL,1')*'10+N-\
/PPIX''
DX Complex!materials’:'B/M.,-O'P/0ML,+1)/*IJ'ML,1).,-'M+1-0)+,I'.+)0-N'Q)1G'1G-',+Ba' /P',+C-,,)*3'
M+a-'./I1\B/*ILM-0'M+1-0)+,')N-*1)P)B+1)/*'N)PP)BL,1J'+1'C-I1X'>G-I-' 0/+NC,/BaI' +0-' M+N-' -K-*'
M/0-'N)PP)BL,1'CR'+',+Ba'/P'10+Ba)*3'+*N'M+1-0)+,'I.-B)P)B+1)/*I'1G+1'+0-'/P1-*'M/0-'B/M.,-O'1G+*'
*--N'C-X'%I'Q-,,J'1G-')*+C),)1R'V/0'N)PP)BL,1RW'/P'I-.+0+1)*3'+*N'0-BL.-0+1)*3'K+,L+C,-' M+1-0)+,I'
P0/M'1G-'0-B/K-0R'.0/B-II'M+a-IJ'-X3XJ'K+,L+C,-'0+Q'M+1-0)+,'-O10+B1)/*'N)PP)BL,1'+*N',/I-I'K+,L-'
QG-*'B/M.+0-N'Q)1G'1G-'B/I1'/P'1G-'/0)3)*+,'M+1-0)+,X'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
[X The!curse! of! the! status! quo’:'V0-WN/)*3'1G-'1G)*3I'Q-'G+K-'+,Q+RI'N/*-')I'+'GLM+*' 10+)1' 1G+1'
+PP,)B1I' C/1G' B/M.+*)-I' +*N' B/*ILM-0IX' 9*' B/M.+*R' I)N-J')1' )I' -+I)-0' 1/' a--.' 3/)*3' Q)1G' 1G-'
0-IL,1)*3' P,/Q' /0)3)*+1)*3' P0/M'N-B)I)/*I' 1G+1' Q-0-' M+N-' )*' 1G-' .+I1'V-I.-B)+,,R' )P' 1G-R' G+K-'
.0/K-*' ILBB-IIPL,W' 0+1G-0' 1G+*' BG+*3)*3'B/L0I-J' -I.-B)+,,R' QG-*' 0)IaI' +*N' B/I1I' +0-'G)3G'+*N'
1G-0-' +0-' */' .0/K-*' 0/+NM+.IX' 9*' B/*ILM-0' I)N-J' B/*I)N-0)*3' 1G-' .L0BG+I-' /PJ' -X3XJ' +' M/0-'
-O.-*I)K-'.0/NLB1'1G+1'B/L,N'./II)C,R',+I1',/*3-0'+*N'-MC-N'C-11-0'K+,L-J'/0'-K-*'1/' B/*I)N-0'
,-+I)*3'V/0'IG+0)*3W')*I1-+N'/P'/Q*)*3J'B+*'C-'+'N+L*1)*3'.0/./I)1)/*'V:3LR-*'et!alXJ'D5E4WX''
!"#"B C3*2(&%.4+'%&'()*&%50+
>G-0-' +0-' */' 0-B/3*)Z-N' 1//,I' /0' )*N)B+1/0I' 1/' M-+IL0-' 1G-' 10+*I)1)/*' 1/Q+0NI' .0/NLB1' /0' B/M.+*R'
B)0BL,+0)1R'V8,,-*';+B%01GL0' (/L*N+1)/*!et!al.J'D5EFCWX'"L00-*1,RJ' 1G-' 8;('+*N'")0B,-' 8B/*/MR'+0-'1G-'
1Q/'M+)*' /03+*)Z+1)/*I' 1G+1' G+K-' .LC,)IG-N' B/M.,-1-' /0' .+01)+,')*P/0M+1)/*' /*' B)0BL,+0)1R'
M-+IL0-M-*1X'>G-)0'.LC,)B+1)/*I'/*'1G-'ILC]-B1'+0-'.0-I-*1-N')*'1G-'P/,,/Q)*3'.+0+30+.GIX'#1'IG/L,N'C-'
*/1-N'1G+1'1G)I'+0-+'/P'"8'Q/L,N',)a-,R'-O.+*N')*'1G-'B/M)*3'M/*1GI'+*N'R-+0IX'
C3*2(&%.4+'%&'()*&%50+*''-&8%.4+5-+563+,))3.+C*'D&56(&+E-(.8*5%-.+
>G-'8;(`I'I1+a-G/,N-0I' G+K-')N-*1)P)-N'7"%'+*N' "0+N,-\1/\B0+N,-'+I'./II-II)*3'LI-PL,J'CL1')*B/M.,-1-J'
)*N)B+1/0I'P/0'B)0BL,+0)1R'M-+IL0-M-*1'N-I)3*X'()3L0-'[\H'),,LI10+1-I'1G-'M+..)*3'/P'G/Q' 1G-R' K)-Q'1G-'
0-,-K+*B-'/P'1G-I-'1R.-I'/P')*N)B+1/0I'B/M.+0-N'1/'_M+1-0)+,'B0)1)B+,)1R`')*N)B+1/0IX''
'
Figure!3+9:!Stakeholder!perception!of!existing!indicators.!
(0/M='8,,-*';+B%01GL0'(/L*N+1)/*!et!al.'VD5EFCWJ'.X'j'
%BB/0N)*3'1/'1G-'8;('+*N'&0+*1+'T-I)3*'VD5E[WJ'1G-' kL+*1)P)B+1)/*'/P'M+1-0)+,'P,/Q'0-I1/0+1)/*'+*N'+'
;+1-0)+,'")0BL,+0)1R'#*N)B+1/0'V;"#W'+0-'K)+C,-'+K-*L-IJ'+I'1G-R'B+*'1G-/0-1)B+,,R'M-+IL0-'I/M-1G)*3'+a)*'
1/'_IRI1-MI' 1G)*a)*3`X' >G-';"#')*N)B+1-I' 1G-' kL+*1)1R'+*N')*1-*I)1R'/P'M+1-0)+,I'B)0BL,+1)/*'CL1'B+**/1'
)*P/0M' /*' 1G-'*+1L0-' /P' 1G-'M+1-0)+,I' +*N' ,+BaI'1G-' +C),)1R' 1/')*P/0M' /*' .0/NLB1')M.+B1IX' ()3L0-'[\E5'
-O.,+)*I'1G-';"#')*.L1m/L1.L1',/3)BX'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'4j'
'
'
Figure!3+10:!MCI!input!and!output!model.!
(0/M='8,,-*';+B%01GL0'(/L*N+1)/*!et!al.'VD5EFCWJ'.X'E['
'
>G-'M+)*'BG+,,-*3-')I'1/'+330-3+1-'I-K-0+,')*N)B+1/0I' )*1/'/*-'M+)*'SB)0BL,+0)1R')*N)B+1/0UX' ()3L0-' [\EE'
),,LI10+1-I'1G-'N-M+0B+1)/*'C-1Q--*'-O)I1)*3')*N)B+1/0I'+*N'1G-'"8')*N)B+1/0VIW'1G+1'MLI1'C-'B0-+1-N'+*N'
LI-N')*'/0N-0'1/'M-+IL0-'+'B/M.+*R`I'10+*I)1)/*'1/Q+0NI'B)0BL,+0)1RX'
'
Figure!3+11:!Demarcation!between!existing!indicators!and!those!to!be!defined.!
(0/M='8,,-*';+B%01GL0'(/L*N+1)/*!et!al.'VD5EFCWJ'.X'H'
'
>G-'8;(')*'+II/B)+1)/*'Q)1G'&0+*1+'T-I)3*'VQ)1G'PL*N)*3'.0/K)N-N'CR'7#(8hW'G+K-'.LC,)IG-N')*';+R'D5EF'
+*')*N)B+1/0I'.0/]-B1'/K-0K)-Q'+I'Q-,,'+I'1G-'+II/B)+1-N'M-1G/N/,/3RX'>G-')*N)B+1/0I'Q-0-'.),/1\1-I1-N'
Q)1G'h'B/M.+*)-I'V"b82J'")IB/'ARI1-MIJ'T-II/J'T/0-,J'b-Q,-11\2+Ba+0NJ'd)*3P)IG-0J':-I.0-II/'+*N'$/,,I'
$/RB-WX'T)IBLII)/*I'+C/L1'1G-'M-1G/N/,/3R'Q-0-'B/*NLB1-N'Q)1G'+*'+00+R'/P'[5'I1+a-G/,N-0I'P0/M'1G-'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
h'7#(8')I'1G-'86`I' P)*+*B)+,')*I10LM-*1'IL../01)*3'-*K)0/*M-*1+,'+*N' *+1L0-'B/*I-0K+1)/*'.0/]-B1I'1G0/L3G/L1'1G-'
86J'+I'Q-,,'+I')*'I/M-'B+*N)N+1-J'+BB-N)*3'+*N'*-)3GC/L0)*3'B/L*10)-I'V8,,-*';+B%01GL0'(/L*N+1)/*J'D5EFBWX'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
)*K-I1M-*1J' G)3G-0' -NLB+1)/*J' .LC,)BJ' .0)K+1-' +*N' :&9' I.G-0-I' +*N' Q-0-'.--0\0-K)-Q-N' CR' ED'
I.-B)+,)I1I'/.-0+1)*3'Q)1G)*'.LC,)BJ')*I1)1L1)/*+,'+*N'.0)K+1-'/03+*)Z+1)/*IX''
>G-'B)0BL,+0)1R')*N)B+1/0I'G+K-'C--*'N-K-,/.-N'+1'.0/NLB1'+*N'B/M.+*R',-K-,I'+*N'+'Q-C\C+I-N'1//,'+1'
.0/NLB1',-K-,'G+I'C--*'N-K-,/.-NHX'>G-'IB/.-'/P'1G-')*N)B+1/0I')I'*+00/Q-0'1G+*'QG+1'"8'I1+*NI'P/0'V)X-X='
IRI1-MI' 1G)*a)*3W' +*N' P/BLI-I' /*' 0-I1/0+1)/*J' C+I-N' /*' 4' .0)*B).,-I=' 0-LI-N' /0' 0-BRB,-N' )*.L1Ig'
B/M./*-*1I'0-LI-'/0'./I1B/*ILM-0'0-BRB,+C),)1Rg',/*3-0',)P-g'.0/NLB1'LI-')*1-*I)1RX'>G-')*N)B+1/0I'P/BLI'
-OB,LI)K-,R'/*'1-BG*)B+,'*L10)-*1I'+*N'1G-)0')*G-0-*1'BRB,-IX'
20/NLB1',-K-,')*N)B+1/0I'B+,BL,+1-'M+1-0)+,')*.L1J'LI-' ,-*31G' +*N')*1-*I)1R' +*N'Q+I1-' V8,,-*' ;+B%01GL0'
(/L*N+1)/*!et!al.J'D5EFCWX'"/M.+*R',-K-,' )*N)B+1/0I' +0-' C+I-N'/*'1G-'+IILM.1)/*'1G+1')1')I'./II)C,-' 1/'
+330-3+1-'ML,1).,-'.0/NLB1I`';"#I'+*N'LI-'1G)I'+330-3+1-'.-0P/0M+*B-'+I'.0/OR'P/0'B/M.+*R'B)0BL,+0)1R'
-K+,L+1)/*X' >G-' M-1G/N/,/3R' B+,,I' P/0' LI-' /P' 0-P-0-*B-' .0/NLB1IJ' QG)BG' 0-.0-I-*1' +' 0+*3-' /P' I)M),+0'
.0/NLB1I'V8,,-*' ;+B%01GL0' (/L*N+1)/*!et! al.J' D5EFCWX' %' I.0-+NIG--1' 1//,' )I' .0/K)N-N' )*' /0N-0' 1/'
+330-3+1-' ML,1)\.0/NLB1I' +I' Q-,,' +I' I/M-' 3L)N+*B-' /*' */0M+,)Z)*3' P+B1/0I' P/0' )*N)K)NL+,' .0/NLB1I`'
Q-)3G1'Q)1G)*' +' 3-*-0+,'./01P/,)/' V0-K-*L-IJ'.0/NLB1'M+IIJ'0+Q' M+1-0)+,I'B/I1IJ'-1BXWX'>G-'+330-3+1)/*'
M-1G/N/,/3R')I'),,LI10+1-N'+1'()3L0-'[\EDX'
'
'
Figure!3+12:!Company!level!indicators!computation.!
(0/M='8,,-*';+B%01GL0'(/L*N+1)/*!et!al.'VD5EFCWJ'.X'EH'
F&-8('5+)313)+C$;+
%' .0/NLB1`I' ;"#' M-+IL0-I' ,)*-+0' P,/Q' M)*)M)Z+1)/*' +I' Q-,,' +I' 0-I1/0+1)K-' P,/Q' M+O)M)Z+1)/*J' +*N'
B/M.+0-')1'1/'+'I)M),+0')*NLI10R\+K-0+3-'.0/NLB1X'#1')I'CL),1'LI)*3'1G0--'.0/NLB1'BG+0+B1-0)I1)BI=''
EX >G-'M+II'𝑉'/P'M+*LP+B1L0-N'K)03)*'0+Q'M+1-0)+,''
DX >G-'.0/NLB1`I'M+II'𝑊'/P'L*0-B/K-0+C,-'Q+I1-''
[X %' L1),)1R' P+B1/0' 𝑋'1G+1' +BB/L*1I' P/0' 1G-'.0/NLB1' LI-`I' ,-*31G' +*N' )*1-*I)1R' V8,,-*' ;+B%01GL0'
(/L*N+1)/*!et!al.J'D5EF+WX'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
H'&0+*1+'T-I)3*'G+I'N-K-,/.-N'1G)I'Q-C\C+I-N'1//,J'B+,,-N';#=20/NLB1'#*1-,,)3-*B-J'QG)BG'B+*'C-'LI-N'1G0/L3G'1G-'
;#=^/;'%*+,RI-0'/0'1G-';#\;+1-0)+,I'&+1-Q+R')*1-0P+B-'K)+'+'"%T'IRI1-M'V8,,-*';+B%01GL0'(/L*N+1)/*J'D5EFBWX'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'4H'
'
>G-';"#`I'+II/B)+1-N'M+1-0)+,'P,/QI'+0-'.0-I-*1-N')*'()3L0-'[\E[X''
'
Figure!3+13:!Circularity!indicators!materials!flow!diagram!
(0/M='8,,-*';+B%01GL0'(/L*N+1)/*!et!al.'VD5EFBWJ'.X'F'
'
T+1+')I'.0/K)N-N'LI)*3'+'C),,'/P'M+1-0)+,I'V^/;W'P/0' M+1-0)+,I'+*N'B/M./*-*1I'+*N'IG/L,N'.0/K)N-'1G-'
P/,,/Q)*3')*P/0M+1)/*='
Production! process!input:'C+I)B+,,R' )*' /0N-0' 1/' N-1-0M)*-' K)03)*' +*N' 0-BRB,-Nm0-LI-N'
B/M./*-*1IX'
Use!phase! utility:'N-1-0M)*-I'LI-')*1-*I)1R'+*N')*B0-+I-N'NL0+C),)1R'V)*B,LN)*3'0-.+)0'+C),)1R'+*N'
M+)*1-*+*B-W'B/M.+0-N'1/')*NLI10R'+K-0+3-'P/0'I)M),+0'.0/NLB1IX''
End+of+life!destination:'1G)I')*P/0M+1)/*'G-,.I')*'+IB-01+)*)*3',+*NP),,)*3'/0'-*-03R'0-B/K-0R'0+1-'
+I'Q-,,'+I'0-BRB,)*3'/0'0-LI-'0+1-X''
Recycling!efficiency:'1G)I'1R.-'/P')*P/0M+1)/*')I'LI-N'1/'0-K-+,'0-BRB,)*3'.0/B-II-I'-PP)B)-*BR'P/0'
C/1G')*.L1I'+*N'./I1\LI-'V8,,-*';+B%01GL0'(/L*N+1)/*!et!al.J'D5EFCWX'
6I)*3' 1G)I' ,/3)BJ' +' .0/NLB1' M+*LP+B1L0-N' LI)*3' E55n' K)03)*' M+1-0)+,' +*N' ,+*NP),,-N' +1' 1G-' -*N\/P\,)P-'
I1+3-'Q/L,N'C-'+'PL,,R' _,)*-+0`'.0/NLB1'1G+1'Q/L,N'IB/0-' 5J'QG),-' +'.0/NLB1' M+N-'/*,R' Q)1G'I-B/*N' ,)P-'
M+1-0)+,I' +*N'Q/L,N'+,I/' C-' B/,,-B1-N' P/0' 0-BRB,)*3' /0' 0-LI-' +1' -*N\/P\,)P-' Q/L,N' C-' +' PL,,R' _B)0BL,+0`'
.0/NLB1'+*N'Q/L,N'IB/0-'EX'#*'.0+B1)B-'G/Q-K-0J'M/I1'.0/NLB1I'Q/L,N' P+,,' I/M-QG-0-'Q)1G)*'5' +*N'E'
V8,,-*';+B%01GL0'(/L*N+1)/*!et!al.J'D5EF+WX'
"/M.,-M-*1+0R' )*N)B+1/0IJ' QG)BG' I--a' 1/' M-+IL0-' CLI)*-II' +*N' -*K)0/*M-*1+,' 0)Ia' ILBG' +I' .0)B-'
K+0)+1)/*IJ' M+1-0)+,' IL..,R' BG+)*' 0)IaIJ' M+1-0)+,' IB+0B)1R' +*N' 1/O)B)1RJ' -1BXJ' +0-' /.1)/*+,' +*N' M-+*1' 1/'
.0/K)N-' )*P/0M+1)/*'1G+1' )I' LIL+,,R' +*N' 10+N)1)/*+,,R' .0/K)N-N' CR' +' B/M.+*R`I' 0)Ia' M+*+3-M-*1'
N+IGC/+0NX' >G-R' B+*' G-,.' )*' N-B)I)/*' M+a)*3' CR' .0/K)N)*3' )*P/0M+1)/*' /*' QG)BG' .+01IJ' M+1-0)+,I' /0'
.0/NLB1I' IG/L,N' C-' C-11-0' M+*+3-N' +I' Q-,,' +I' /*' CLI)*-II' .0)/0)1)-IX' >R.)B+,,RJ' B/M.,-M-*1+0R'
)*N)B+1/0I'Q),,'C-'B/*30L-*1'Q)1G'&$#\1R.-')*N)B+1/0I'V8,,-*';+B%01GL0'(/L*N+1)/*!et!al.J'D5EFBWX+
$-/9*.0+)313)+C$;+
>G-'B/M.+*R\,-K-,';"#')I'C+I-N'/*' 1G-' GR./1G-I)I'1G+1'.0/NLB1I`';"#I'+330-3+1)/*' VLI)*3'+'Q-)3G1-N'
+K-0+3-' LI)*3' */0M+,)I)*3' P+B1/0IW' -kL)K+,-*1' 1/' B/M.+*R' ;"#J' )*10/NLB)*3' +'de! minimis'0L,-'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
V-I1+C,)IG-N' +1' Fn' 1/1+,' M+II' IG)..-N' /0' 1/1+,' 0-K-*L-W' +,,/Q)*3' 1G-' N)I0-3+0N' P/0' N-.+01M-*1I' /0'
.0/NLB1I'1G+1'G+K-',/Q'B/*10)CL1)/*'1/'/K-0+,,'B/M.+*R'.-0P/0M+*B-'V8,,-*';+B%01GL0'(/L*N+1)/*!et!
al.J'D5EFBWX'
A/M-',)M)1+1)/*I' Q)1G' ;"#' M-1G/N/,/3R'G+K-' C--*'.0-I-*1-NJ'*+M-,R'1G+1' +.+01'P0/M' 1G-' B)0BL,+0)1R'
.0)*B).,-J'/1G-0')M.+B1I'V+I)N-'P0/M'1G-'B/M.,-M-*1+0R')*N)B+1/0IW'+0-'*/1'.0/.-0,R'1+a-*')*1/'+BB/L*1X'
>GLIJ'B/M.,-M-*1+0R'+..0/+BG-I'+0-'IL33-I1-N')*'B/MC)*+1)/*'Q)1G'LI)*3';"#J'*+M-,RJ'7"%X'7)P-'BRB,-'
)*N)B+1/0I' .0-I-*1' B/MM/*+,)1)-I' +*N' N)PP-0-*B-I' Q)1G' ;"#' +*N' B+*' C-' LI-N' )*' +' B/M.,-M-*1+0R'
P+IG)/*X'%*/1G-0' )*1-0-I1)*3' ./)*1' )I'1G+1'+1',-+I1'I/M-'V)P'*/1' M/I1W' N+1+' *--N-N'P/0'7"%')I'I)M),+0' 1/'
1G+1'*-B-II+0R'1/'B+,BL,+1-';"#X'7"%'P/BLI-I'/*')M.+B1I'1G0/L3G/L1'1G-'.0/NLB1`I',)P-'BRB,-'+*N'B+*'C-'
B/M.+0+1)K-J' QG-0-+I' P/0' */QJ' ;"#' +*+,RZ-I' /*,R' M+1-0)+,' P,/QI' 1G0/L3G/L1' 1G-' LI-' +*N' -*N\/P\,)P-'
.G+I-I' P/0'/*-' I)*3,-' .0/NLB1X' >G-0-P/0-J' +*' -B/N-I)3*' +..0/+BG' B/L,N' B/MC)*-J' -X3XJ' 7"%' +*N' ;"#'
)*N)B+1/0I'V8,,-*';+B%01GL0'(/L*N+1)/*!et!al.J'D5EF+WX''
C3*2(&%.4+'%&'()*&%50+*''-&8%.4+5-+$%&')3+,'-.-/0+*.8+FGGC+
")0B,-'8B/*/MR'+*N'1G-'TL1BG'.-*I)/*'PL*N'2&&;'VD5E4W'+)M'1/'B0-+1-'+'")0BL,+0)1R'%II-IIM-*1'C+I-N'
/*'+CI/,L1-'ILI1+)*+C),)1R'+II-IIM-*1'V%A%WJ'M-+*)*3'1G+1'0-,+1)K-'M-+IL0-I' +0-'3)K-*'L.'1/'1G-'.0/P)1'
/P'M-+IL0-M-*1'QG)BG'1+a-I'.,+*-1+0R',)M)1I'VC)/.GRI)B+,J'-B/*/M)BJ'+*N'I/B)-1+,W')*1/' B/*I)N-0+1)/*X'
>G-'+)M'/P'1G)I'M/N-'/P'+II-IIM-*1')I'1/'IG/Q'+1'+'3,+*B-'+'B/M.+*R`I',-K-,'/P'B)0BL,+0)1R'I1-Q+0NIG).J'
I/')*K-I1/0I'B+*'0-,+1-')1'1/'P)IB+,'0)Ia'V")0B,-'8B/*/MR'+*N'2&&;J'D5E4WX'#*'1G-'B/*IL,1-N',)1-0+1L0-J'1G)I'
+II-IIM-*1'P0+M-Q/0a'I--MI'1G-'M/I1'B/M.,-1-'+*N'B/G-0-*1'Q)1G'"8'.0)*B).,-IX'
>G-' P)0I1' "8' +II-IIM-*1' N0+P1' )I'C+I-N' /*' 1G0--' ,-K-,I' /P' )*N)B+1/0IJ' *+M-,R=' M+1-0)+,IJ' .0/NLB1I'+*N'
B/M.+*RX'(/0'M+1-0)+,IJ'+',)I1'/P'B)0BL,+0)1R'P+B1/0I'G+I'C--*'N-K-,/.-N'1/'N-1-0M)*-'1G-'.0)/0)1R',-K-,'/P'
M+1-0)+,I' )*' "8X' >G-R' +0-=' N-.,-1)/*J' ./,,L1)/*J' G+Z+0NJ' C)/N-30+N+C),)1RJ' )*1-0+B1)/*' ./1-*1)+,' /0' CR\
.0/NLB1I'B/*B-0*J' 0-*-Q+C),)1RJ' ./1-*1)+,' 0-BRB,+C),)1RJ' 0-BRB,)*3' )*.L1' )*1-*I)1RJ' +K+),+C,-' 0-I-0K-IJ'
BL00-*1'0+1-'/P' B/*ILM.1)/*J' IB+0B)1RJ'B/M.-1)*3'N-M+*N' +*N' +K+),+C,-'ILCI1)1L1-IX'>G-I-' P+B1/0I' +0-'
Q-)3G1-N'+3+)*I1'['1R.-I'/P'0)Ia=''
$-BRB,)*3'.0)/0)1R'
;+1-0)+,'0)Ia'
AB+0B)1R'0)Ia'
>G-'M+1-0)+,I'P+B1/0I'+0-'K)IL+,,R'0-.0-I-*1-N'CR'()3L0-'[\E4X'
'
Figure!3+14:!Materials!factors!in!a!circularity!framework.!
(0/M='")0B,-'8B/*/MR'+*N'2&&;'VD5E4WJ'.X'E5'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'FE'
'
20/NLB1I'+0-'B,+II)P)-N'+BB/0N)*3'1/'['B+1-3/0)-I='B/*ILM+C,-I'VC)/,/3)B+,'*L10)-*1IWJ'*/*\B/*ILM+C,-I'
V1-BG*)B+,'*L10)-*1IW'+*N')*P0+I10LB1L0+,J'+I'.0-I-*1-N'+1'()3L0-'[\EFX'8+BG'.0/NLB1'B+1-3/0R'G+I')1I'/Q*'
0+*3-'/P'P+B1/0IJ'-X3X='B/M.,-O)1RJ',)P-'I.+*J'-+I-'/P'N)I+II-MC,RJ'-1BX''
'
'
Figure!3+15:!Products!classification!in!a!circularity!assessment!framework.!
(0/M='")0B,-'8B/*/MR'+*N'2&&;'VD5E4WJ'.X'EE'
'
>G-',+I1' +II-IIM-*1' ,-K-,' B/*B-0*I' IRI1-MIJ')X-X=' CLI)*-II' M/N-,IJ' ,/3)I1)BIJ'.,+*-1+0R' C/L*N+0)-I'+*N'
-1G)B+,'+,,/B+1)/*'N+1+X'>G)I'+II-IIM-*1')I'C+I-N'/*'K+,L-']LN3-M-*1'C+I-N'/*'+II-IIM-*1I'ILBG'+I'1G-'
2,+*-1+0R'^/L*N+0)-I'0-./01'CR'1G-'A1/BaG/,M'$-I),)-*B-'"-*1-0X'>G-'+II-IIM-*1')I'B/M./I-N'/P'4'a-R'
)*N)B+1/0'B+1-3/0)-IJ'-+BG'N)K)N-N')*'N)0-B1'+*N')*N)0-B1')M.+B1IJ'QG)BG'-K+,L+1-'/03+*)Z+1)/*+,'0-I/L0B-'
1G0/L3G.L1='
Planetary!Boundaries:'B/*I)I1')*'-*K)0/*M-*1+,')*N)B+1/0I'1G+1'+)M'1/'0-P,-B1'+'B/M.+*R`I'N)0-B1'
+*N')*N)0-B1'-PP-B1I'/*'a-R'+I.-B1I'/P'1G-'C)/I.G-0-`I'PL*B1)/*IX'
Economic!Risk:'1G-I-')*N)B+1/0I'-K+,L+1-'+'B/M.+*R`I'0-,)+*B-'/*'IB+0B-'/0'L*I1+C,-'0-I/L0B-IJ'
1G0-+1-*-N'-)1G-0'CR'GLM+*I'/0'1G-'C)/I.G-0-`I'C/L*N+0)-I'
Smart!Use:'1G)I')*N)B+1/0'B+1-3/0R'+II-II-I'/03+*)Z+1)/*+,'M+*+3-M-*1' /P'0-I/L0B-I'VM+1-0)+,J'
-*-03-1)BJ'-B/,/3)B+,J'+*N'GLM+*W')*K/,K-N')*'N-,)K-0)*3'+'.0/NLB1J'/0'I-0K)B-'
Ethical!Allocation:'1G)I'B+1-3/0R'/P')*N)B+1/0I'G+I'1/'N/'Q)1G'1G-'o'P+)0'IG+0-'p'.0)*B).,-'0-,+1)*3'
1/' S)*1-0\BL,1L0+,J' )*1-0\3-*-0+1)/*+,J' +*N' )*1-0\I.-B)-I' -kL)1RU' V")0B,-' 8B/*/MR'+*N' 2&&;J'
D5E4J'.XEFWX'
8+BG' B+1-3/0R' )I' PL01G-0' ILCN)K)N-N' )*1/' ILCB+1-3/0)-I' 1G+1' +0-' 0-,-K+*1' P/0' -+BG' N)0-B1' /0' )*N)0-B1'
B+1-3/0R')M.+B1X'T)0-B1')M.+B1I'+0-'1G/I-'1G+1'B+*'C-'+110)CL1-N'1/'1G-'B/M.+*R'QG),-')*N)0-B1')M.+B1I'
+0-' 0-,+1-N' 1/' C0/+N-0' -PP-B1I' V")0B,-' 8B/*/MR'+*N' 2&&;J' D5E4WX' >G-' IRI1-M' ,-K-,' +II-IIM-*1'
P0+M-Q/0a')I'.0-I-*1-N'+1'()3L0-'[\EiX'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
'
'
Figure!3+16:!System!level!indicator!overview.!
(0/M='")0B,-'8B/*/MR'+*N'2&&;'VD5E4WJ'.X'Ej'
!"#"H I%2'(22%-.+*.8+J30+5*J3*>*02+
>G-'IB+,-'/P'"8')M.,-M-*1+1)/*'B+**/1'/BBL0'+1'/*-',-K-,'/*,Rg')1')I'+'ML,1)\,-K-,'IRI1-M'1G+1'*--NI'1G-'
B//.-0+1)/*' /P' 3/K-0*M-*1J' B)K),' I/B)-1R' +*N' .0)K+1-' +B1/0I' )*' /0N-0' 1/'C-' ILBB-IIPL,X' @G),-' 1G)I' )I'
L*N-0I1+*N+C,-J')1'B+*' +,I/'B0-+1-'+' I10/*3' /CI1+B,-J' +I' B//0N)*+1)/*')I'+'M+]/0'-,-M-*1'1/'+BG)-K-')*'
/0N-0' 1/' +11+)*' B)0BL,+0)1RX' >G-0-P/0-J' "8' *--NI' 1/' C-' -O.,+)*-N' +*N' I.0-+N' 1/' K+0)/LI' *+1)/*+,'
3/K-0*M-*1IJ'0/,,-N'/L1'1/'0-3)/*I'+*N'B)1)-I'+*N'.0)K+1-'-B/*/M)B'+B1/0I'*--N'1/'C-'/*'C/+0N'+I'Q-,,X''
A)*B-' 1G-' EHH5IJ' I-K-0+,' ,-3)I,+1)/*I' Q/0,NQ)N-' G+K-' B/*B-)K-N' /P' +*N' )M.,-M-*1-N' M/0-' /0' ,-II'
B/M.,-O'K-0I)/*I'/P'"8X'>/'N+1-J'"G)*+' )I'1G-'/*,R'B/L*10R' 1G+1'G+I'+N/.1-N'+' I.-B)P)B' "8',+QJ')*'D55hX'
"G)*+`I'C0+*N'/P'"8')I'C+I-N'/*'IB)-*1)P)B'1G-/0R'CL1'+,I/'/*'"G)*-I-'10+N)1)/*+,'C-,)-PIJ'B0-+1)*3'+'L*)kL-'
.-0I.-B1)K-' 1G-' _G+0M/*)/LI' I/B)-1R`X' b/Q-K-0J' "G)*+`I' M+B0/-B/*/M)B' "8' )M.,-M-*1+1)/*' B+*'
3-*-0+,,R'C-'B/*I)N-0-N',+03-\IB+,-')*NLI10)+,'-B/,/3RX'>G-'8L0/.-+*'"/MM)II)/*J')*'/0N-0'1/'.0-.+0-'+*'
+03L+C,R'M/0-'+MC)1)/LI'+*N'1+),/0\M+N-'.+Ba+3-J'QG)BG'IG/L,N'C-' .0-I-*1-N'1/' 1G-'M-MC-0I')*'1G-'
B/L0I-'/P'D5EFJ'G+I'0-B-*1,R'N-+B1)K+1-N'+'"8'.+Ba+3-X'#*'1G-':-1G-0,+*NIJ'+'P)0I1'0/+NM+.'P/0'0-3)/*+,'
+*N'*+1)/*+,')M.,-M-*1+1)/*'G+I'C--*'.0/NLB-NJ'B/*1+)*)*3'I1-.I'1/'+11+)*'"8'+*N'.0/]-B1-N'/CI1+B,-I'
1/'/K-0B/M-X'>G)I'0/+NM+.' )I'LI-PL,'+*N' B+*' +,I/' I-0K-' P/0' B/M.+*)-I' 1/' .,+*' +G-+N' +*N'B0-+1-'-+0,R'
.+01*-0IG).IJ'QG)BG'B/L,N'-*IL0-'+'B/M.-1)1)K-'+NK+*1+3-X''
2-01+)*)*3'1/'CLI)*-IIJ'K+0)/LI'-,-M-*1I'+*N'.0)*B).,-I'G+K-'C--*'-I1+C,)IG-N'P/0'B/M.+*)-I'1/'+NG-0-'
1/'"8X'^LI)*-II'M/N-,I' G+K-' C--*'B+0K-N'/L1'+*N'N)I0L.1)K-' 1-BG*/,/3)-I' G+K-' C--*')N-*1)P)-NX'>G-I-'
+0-' */1' *-QJ' B/M)*3' P0/M' K+0)/LI' a-R' +II/B)+1-N' B/*B-.1I' VM/I1,R' (L*B1)/*+,' 8B/*/MRW' CL1' 1G-)0'
B/M.-*N)LM'I-0K-I'1/'.0-I-*1'+*'+110+B1)K-'IG/QB+I-'P/0'B/M.+*)-IJ'QG/'MLI1'1G-*']LN3-')P'1G-0-')I'+'
P)1'C-1Q--*'1G-)0'BL00-*1'CLI)*-II'.0/./I)1)/*'+*N'"8'CLI)*-II'M/N-,IX''
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'F['
'
"8' M-+IL0-M-*1' )I' +,I/' L*N-0Q+R' )*' M/0-' /0' ,-II' M+1L0-' I1+1-IX' >G-' 8;(`I' B)0BL,+0)1R' )*N)B+1/0I'
M-1G/N/,/3R' +*N' Q-C' 1//,' +0-' N-I)3*-N' /*' +' .0/NLB1' +*N' B/M.+*R' ,-K-,J' Q)1G' B/M.+*R' ,-K-,'
-K+,L+1)/*'C+I-N'/*'+' I+M.,)*3' /P'0-P-0-*B-'.0/NLB1I'.-0P/0M+*B-J'+330-3+1-N'LI)*3' BG+0+B1-0)Z+1)/*'
P+B1/0IX'>G-'P0+M-Q/0a')I'C+I-N'/*'+'M+)*';"#'Q)1G'B/M.,-M-*1+0R')*N)B+1/0I'.-01+)*)*3'1/')IIL-I'ILBG'
+I'.0)B-' K+0)+1)/*IJ'M+1-0)+,'IL..,R'BG+)*'0)IaIJ'M+1-0)+,'IB+0B)1R'+*N'1/O)B)1RJ'-1BX'T+1+')I'.0/K)N-N'CR'+'
^/;J'B0-+1)*3'+'kL+*1)P)+C,-'+*N' B0-N)C,-'M-1G/N'1G+1'IG/L,N'3+0*-0' +BB-.1+*B-'P0/M'M+*R' ./II)C,-'
+NG-0-*1IX'b/Q-K-0J'+I')1'P/BLI-I'I/,-,R'/*'0-I1/0+1)/*'+*N'P+),I'1/'+NN0-II'/1G-0'B/0-'"8')IIL-IJ'ILBG'+I'
IRI1-MI'1G)*a)*3X'>G)I'B/L,N'V+*N'IG/L,NW'C-'.+01'/P'PL1L0-'N-K-,/.M-*1IX'
")0B,-' 8B/*/MR' +*N'2&&;`I' +II-IIM-*1' M-1G/NJ' QG)BG' )I' ,-II' N-K-,/.-N' 1/' N+1-' )*' 1-0MI' /P'
/.-0+1)/*+,)Z+1)/*J' 1+a-I' +' M/0-' G/,)I1)B' ./)*1' /P' K)-Q' C+I-N' /*' +NG-0-*B-' 1/' %A%' .0)*B).,-IX' >G-'
+II-IIM-*1' P0+M-Q/0a' )I' C+I-N' /*' M+1-0)+,J' .0/NLB1' +*N' IRI1-M' ,-K-,IJ' QG-0-+I' M+1-0)+,I'+0-'
-K+,L+1-N' +3+)*I1' +' B-01+)*' *LMC-0' /P' P+B1/0IJ' QG)BG' .-0M)1I' .0/NLB1' B,+II)P)B+1)/*X' 903+*)Z+1)/*+,'
0-I/L0B-' 1G0/L3G.L1' )I' -K+,L+1-N' +3+)*I1' .,+*-1+0R' C/L*N+0)-IJ' -B/*/M)B' 0)IaJ' IM+01' LI-' +*N' -1G)B+,'
+,,/B+1)/*J')*10/NLB)*3'-K+,L+1)/*'.0)*B).,-I'1G+1'1+a-')*1/'+BB/L*1'M/0-'1G+*'I)M.,-'^/;'N+1+J'CL1'+,I/'
)*10/NLB-' L*B-01+)*1R'+*N' +' ,+03-0' 0-I-+0BG' +3-*N+' P/0'1G-' M-1G/N' 1/'B/M-' 1/' P0L)1)/*X'>G-' IRI1-M)B'
,-K-,' /P' +II-IIM-*1' )I' IB/0-N' +3+)*I1' +CI/,L1-' C/L*N+0)-I' +*N' C+I-N' /*' K+,L-' ]LN3M-*1J' QG)BG' M+R'
M+a-' 1G)I' 1//,' ,-II' 0/CLI1' )*' +' kL+*1)P)+C,-' V)X-X=' +03L+C,R' ,-II' BG+,,-*3-+C ,-W' .-0I.-B1)K-X' ^/1G' 1G-I-'
+II-IIM-*1'M-1G/NIJ'G/Q-K-0J'N/'*/1'1+a-')M.+B1I'.0/.-0,R')*1/'B/*I)N-0+1)/*J')*B,LN)*3'./II)C,-'IG)P1I'
C-1Q--*' ,)P-' BRB,-' I1+3-IJ' -*K)0/*M-*1+,' )IIL-I' /0' -K-*1L+,,R' I1+a-G/,N-0' B+1-3/0)-IJ' )P' 1G-'
M-1G/N/,/3)-I' -K-0' 1+a-' 1G-' I/B)+,' N)M-*I)/*' )*1/' B/*I)N-0+1)/*X' >G)I' )I' .0/C,-M+1)BJ' CL1' B/L,N'
./1-*1)+,,R' C-' +NN0-II-N' CR' +' B/M.,-M-*1+0R' 7"%' +II-IIM-*1J' 1G-0-P/0-' )*1-30+1)*3' -PP)B)-*BR' )*1/'
-PP-B1)K-*-II'C+I-N'M/N-,X'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
4 Positioning(and(mapping'the'concepts!
%P1-0'G+K)*3'N-P)*-N'+'*LMC-0'/P'a-R'B/*B-.1I'1G+1'B+*'C-'+II/B)+1-N'Q)1G'"8'+I'Q-,,'+I'1G-'I1+1-'/P'1G-'
+01' /*' "8' B/*B-.1L+,' a*/Q,-N3-J' +' ./I)1)/*)*3' /P' 1G-I-' B/*B-.1IJ' )*' 0-,+1)/*'1/' "8' CL1' +,I/' +M/*3'
1G-MI-,K-IJ')I'+11-M.1-N')*'BG+.1-0'4X'>G-'B/*B-.1'./I)1)/*)*3')I'N/*-'LI)*3'[' 1R.-I'/P'M+..)*3J'LI-N'
1/'C0)*3'+'I.-B)P)B'.-0I.-B1)K-'C+I-N'/*'K+0)/LI'N)IB0)M)*+1)*3'+I.-B1IX'
4.1 Methodology!
>G-' 3-*-0+,' +)M' /P' 1G-' 1Q/'.0/./I-N'M+..)*3I' )I' 1/' B0-+1-' -*/L3G' N)IB0)M)*+1)*3'K+0)+C,-I' +*N'
.+0+M-1-0I'+I'1/'C-'+C,-'1/'N)IB-0*'G/Q'B/*B-.1I'+0-'N)PP-0-*1J'/0'1G-'I+M-J'+*N'1/'QG+1'N-30--X'#1'Q+I'
L*N-0I1//N'1G+1'1G)I'B0)1)B+,',)1-0+1L0-' 0-K)-Q'G+N'1/'C-' LI-PL,J' 3)K-'+*')N-+'/P' G/Q' "8' +*N')1I'0-,+1-N'
B/*B-.1I' Q/L,N' ./I)1)/*' 1G-MI-,K-I' +3+)*I1' +' ,+03-0' B/*B-.1L+,m+..,)B+C),)1R' K)-Q'+*N' +,I/' G/Q' 1G-'
K+0)/LI'B/*B-.1I'Q/L,N'0-,+1-'1/'"8`I'1-*-1IX'^+I-N'/*'1G-'.0-K)/LIJ'1G-'1Q/'M+..)*3I'+0-=!
EX Scope! and! concreteness!mapping:'M+N-'1/'-O.,+)*'K-0R'C0)-P,R'+*N'K)IL+,,R'1G-'./I)1)/*)*3'/P'
1G-' K+0)/LI' B/*B-.1I' )*' +' I)M.,-' Q+RJ' 1G)I' M+..)*3' )I' C+I-N' /*' +' D' +O)I' M+10)O' 1G+1' -+BG'
-K+,L+1-I'N)PP-0-*1'-,-M-*1IJ'P0/M'M)B0/'1/'M+B0/X'>G-'_R`'+O)I' .0-I-*1I'+'IB/.-'/P'+..,)B+1)/*'
IB+,-' P0/M' _B/M.+*R' ,-K-,`' VM)B0/W' 1/' _I/B)-1Rm.,+*-1' ,-K-,`' VM+B0/WX' >G-' _O`' +O)I' .0-I-*1I' +'
B/*B0-1-*-II'30+N+1)/*'P0/M'_1//,I`'VM)B0/W'1/'_.G),/I/.GR`'VM+B0/WX''
DX EMF! circularity! thinking'mapping:'1G)I' M+..)*3' ./I)1)/*I' -+BG' B/*B-.1' +3+)*I1' 1G-' F' M+)*'
.),,+0I'/P'"8'+BB/0N)*3'1/'1G-'8;(J')*'/0N-0'1/'M+a-'1G-)0'1)-I'M/0-'/CK)/LIX''
>G)I'./I)1)/*)*3'Q+I'N/*-')*1-0*+,,R'+1'1G-'#7"'"G+)0'+*N')I'C+I-N'/*'-O)I1)*3'a*/Q,-N3-'+*N'/*'-O.-01'
]LN3-M-*1X' %I' M/I1' B/*B-.1I'+0-'ML,1)N)M-*I)/*+,'+*N'-K/,K)*3'+*N'.0-I-*1'0//M' P/0' )*1-0.0-1+1)/*J'
I/M-'ILC]-B1)K)1R' 0-M+)*I' )*' 1G)I'+*+,RI)IX'#*' /0N-0' 1/' M)*)M)Z-'./1-*1)+,'C)+I'+*N')M.0/K-'*-L10+,)1RJ'
P)K-' )*N)K)NL+,I' /P' 1G-' #7"' "G+)0' Q-0-' )*K/,K-N' )*' 1G-' ./I)1)/*)*3X' (L01G-0M/0-J' 1G-' M+..)*3' +)MI' +1'
B/G-0-*B-'+*N'LI-PL,*-IIJ'0+1G-0'1G+*'.0-I-*1)*3'+*'+CI/,L1-'10L1GX''
#1' IG/L,N' C-' */1-N' 1G+1' I/B)+,' +*N' I/B)-1+,' +I.-B1I' VILBG' +I' -kL)1RJ' ]/C' B0-+1)/*J' -1BXWJ' 1G-'
LI-0mB/*ILM-0`I'.,+B-')*'"8'+I'Q-,,'+I'/1G-0'B/*I)N-0+1)/*I'+0-'*/1')*B,LN-N')*'1G)I'./I)1)/*)*3'-O-0B)I-J'
+*N'+0-'B/*I)N-0-N'1/'C-',+Ba)*3')*'/0N-0'1/'PL,,R'L*N-0I1+*N'+,,'1G-')M.,)B+1)/*I'/P'"8'+*N')1I'+II/B)+1-N'
B/*B-.1IX''
4.2 !Scope!versus!concreteness!mapping!
()3L0-'4\E'C-,/Q'.0-I-*1I'1G-'./I)1)/*)*3'/P'1G-'K+0)/LI'B/*B-.1I'+BB/0N)*3'1/'D'IB+,-I='
AB/.-'V<\+O)IW='>G-',/Q-0'-*N'/P'1G-'+O)I'I)3*)P)-I'1G+1'1G-'B/*B-.1'0-,+1-I'1/'+*')M.,-M-*1+1)/*'
/0' +' K)I)/*' +1' +' I)*3,-'B/M.+*R`I',-K-,J' QG),-' +' B/*B-.1' ,/B+1-N' +1' 1G-' G)3G-0' -*N' 0-,+1-I'
L,1)M+1-,R'1/'I/B)-1R'+1',+03-X'#*1-0M-N)+1-',-K-,I'+0-'+,I/'./I)1)/*-N'+,/*3'1G-'+O)I')*'/0N-0'1/'
),,LI10+1-' 1G-' B/*1)*LLM=' SML,1).,-' B/M.+*)-IUJ' SK+,L-' BG+)*IU'+*N' S3,/C+,' -B/*/MRUX' >G-'
SK+,L-'BG+)*IU',-K-,' B+*' )*B,LN-' B/M.+*)-I'N)0-B1,R')*K/,K-N')*' 1G-' .0/NLB1)/*' .0/B-II-IJ'CL1'
+,I/',/B+,'B/MML*)1)-I')*K/,K-N'/0'+PP-B1-N'CR'1G-I-'.0/B-II-IX'
"/*B0-1-*-II'Vq\+O)IW='>G)I'+O)I'.0-I-*1I'1/'QG+1'-O1-*1'1G-'B/*B-.1'3)K-I'B/*B0-1-')*N)B+1)/*I'
P/0' )M.,-M-*1+1)/*X' >G)I' +O)I' )I' +,I/' +' B/*1)*LLMJ' ),,LI10+1-N' CR' 1G-' P/,,/Q)*3' I1-.I=' S1//,IU'
VM/I1' B/*B0-1-' Q+R' 1/' 3L)N-' )M.,+*1+1)/*WJ' S.0/B-NL0-IUJ' SP0+M-Q/0am3L)N-,)*-IU' +*N'
S.G),/I/.GRUX'>G-',+I1'I1-.'B/00-I./*NI'1/'+'B/*B-.1'QG)BG'3)K-I'+'3-*-0+,')N-+'/0'K)I)/*'+I'1/'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'FF'
'
G/Q'I/B)-1R'r'/0'.+01I'/P')1'r'IG/L,N')M.,-M-*1'1G-'B/*B-.1J'CL1'N/-I'*/1'N)0-B1,R'3)K-'.0+B1)B+,'
)*N)B+1)/*I' 0-3+0N)*3' )M.,-M-*1+1)/*' /P' 1G)I' )N-+' /0' K)I)/*X' "-01+)*,RJ' M/I1' B/*B-.1I' +1' 1G-'
S.G),/I/.GRU' ,-K-,' B+*' 3)K-' C)01G' 1/' )M.,-M-*1+1)/*' B/*B-.1IJ' CL1' 1G-' B/*B-.1I'N/' */1'
)*10)*I)B+,,R'B+00R'+*')M.,-M-*1+1)/*'M+*L+,X''
>G-I-'1Q/'IB+,-I'/0'.+0+M-1-0I'+0-')*N)B+1/0I'/P' how'1G-'B/*B-.1I'B+*'C-' .L1' )*1/' +B1)/*' CL1'N/'*/1'
3)K-')*P/0M+1)/*'/*'1G-)0'0-I.-B1)K-'content')*'1-0MI'/P'QG+1'+I.-B1I'/P'ILI1+)*+C,-'N-K-,/.M-*1' +0-'
)*B,LN-N'/0'/P'QG+1'a)*N'/P'+B1)/*I'/0',-K-0+3-I'+0-'.0/M/1-NX''
()3L0-' 4\E' +)MI' 1/' -*+C,-'1G-' L*N-0I1+*N)*3' /P' 1G-' N)PP-0-*B-I' +*N' I)M),+0)1)-I' +M/*3' 1G-' I1LN)-N'
B/*B-.1IJ'+BB/0N)*3'1/'1G-'.+0+M-1-0I'SIB/.-U'+*N'SB/*B0-1-*-IIUX''
@G-*')*1-0.0-1)*3'1G)I'M+..)*3J')1')I')M./01+*1'1/'a--.')*'M)*N'1G+1='
>G-' M+..)*3' )I' C+I-N' /*' 1Q/' .+0+M-1-0I' +*N' N/-I' */1' /PP-0' +' B/M.,-1-' B/M.+0)I/*=' 1Q/'
B/*B-.1I' ,/B+1-N' /*' 1G-' I+M-' I./1' /*' 1G)I' 30+.G' +0-' */1')N-*1)B+,' /0' -kL)K+,-*1J' CL1' +0-'
BG+0+B1-0)I-N'CR'+'I)M),+0'N-30--'/P'B/*B0-1-*-II'+*N'+'I)M),+0'IB/.-X''
#*1-0.0-1+1)/*' /P'-,,).I-I=' +0-+I' Q-0-' LI-N' 0+1G-0'1G+*' N/1I'1/' ./I)1)/*' 1G-' B/*B-.1I'C-B+LI-'
M/I1'/P'1G-M'.0-I-*1'+'B-01+)*',-K-,'/P'K+0)+C),)1R'0-3+0N)*3'1G-)0'B/*B0-1-*-II'+*N'IB/.-X'>G-'
P+B1'1G+1'+*'-,,).I-')I',+03-0'1G+*'+*/1G-0'.L0-,R'0-P,-B1I'+',+03-0'K+0)+C),)1R'0-3+0N)*3'1G-I-'1Q/'
.+0+M-1-0IX'9K-0,+.I'C-1Q--*'-,,).I-I'/0' )*B,LI)/*I' /P' /*-' -,,).I-' )*1/' +*/1G-0'IG/L,N'*/1'C-'
)*1-0.0-1-N' )*' 1-0MI' /P' content'/P' 1G-' B/*B-.1I' V-X3X' S)*NLI10)+,' -B/,/3R' )I' +' ILC\+II-MC,R' /P'
.-0P/0M+*B-'-B/*/MRU='Q0/*3WX'
'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
'
Figure!4+1:!Scope!versus!concreteness!mapping.!
:/1-='"/,/0I'+0-'LI-N'1/'P+B),)1+1-'1G-'+II/B)+1)/*'/P'+*'+0-+'Q)1G')1I'*+M-'CL1'N/'
*/1'G+K-'+'I)3*)P)B+1)/*X'
'
>G-'M+..)*3'B,-+0,R'),,LI10+1-I'1G+1'1G-'-O+M)*-N'B/*B-.1I'0-.0-I-*1'+'Q)N-'+00+R'/P'0-+,)1)-I')*'1-0MI'
/P'1G-'IB/.-'1G-R'B/K-0'+*N'/P' )*'G/Q'P+0'1G-R'3L)N-'1G-'LI-0I')*1/'1G-)0'.0+B1)B+,')M.,-M-*1+1)/*X'%I'
B+*'C-'I--*J'1G-'B/*B-.1I' +0-'0/L3G,R'./I)1)/*-N'+,/*3' +'N)+3/*+,J' 0-P,-B1)*3'1G-' 3-*-0+,' )N-+' 1G+1'1G-'
,+03-0' 1G-' IB/.-' /P' 1G-' K)I)/*' B+00)-N' CR' 1G-' B/*B-.1J' 1G-' ,-II' B/*B0-1-' 1G-' B/*B-.1' )I' 0-3+0N)*3' )1I'
)M.,-M-*1+1)/*X'>G-'N)IBLII)/*'C-,/Q'0/L3G,R'P/,,/QI'1G)I'N)+3/*+,J'I1+01)*3'Q)1G'1G-'1/.'0)3G1'-*NX'
1)!Sustainable!Development,!Ecological!Transition,!Green!Economy,!Circular!Economy!
>G-I-'P/L0'B/*B-.1I',)-'B,/I-'1/' -+BG'/1G-0'/*'1G-'M+..)*3J' 0-P,-B1)*3'1G-'P+B1' 1G+1'1G-R'+,,'.0/./I-' +'
G)3G',-K-,'K)I)/*'P/0'V.+01I'/PW'I/B)-1RX'
$-3+0N)*3'1G-' IB/.-'IB+,-'V<\+O)IWJ'&0--*'-B/*/MR'+*N'")0BL,+0'-B/*/MR',)-',/Q-0'1G+*'1G-'/1G-0'1Q/'
B/*B-.1I'C-B+LI-'1G-)0'P/BLI')I'1G-'-B/*/M)B'+B1/0I'Q)1G)*'1G-'I/B)-1RX'"8',)-I'-K-*'I,)3G1,R',/Q-0'1G+*'
30--*'-B/*/MR' +I' )1'G+I'+'I10/*3-0'P/BLI' /*' K+,L-' BG+)*IJ' 1G/L3G'L,1)M+1-,R'+)M)*3'1/'C0)*3' +C/L1' +'
3,/C+,' -B/*/M)B' IRI1-M' .+0+N)3M' IG)P1X' ALI1+)*+C,-' N-K-,/.M-*1' +*N' -B/,/3)B+,' 10+*I)1)/*' ,)-' +1' 1G-'
G)3G-I1'-*N'/P' 1G-' +O)IJ'+I' 1G-R' -O.,)B)1,R'1+03-1'I/B)-1R'+1',+03-')*'1G-)0'K)I)/*J'+*N'*/1'/*,R'-B/*/M)B'
)*1-0+B1)/*IX''
$-3+0N)*3' 1G-' B/*B0-1-*-II' IB+,-' Vq\+O)IWJ' +,,' P/L0' B/*B-.1I' B/00-I./*N' 1/' 1G-' S.G),/I/.GRU' ,-K-,' +I'
*/*-'/P'1G-M'/PP-0'r')*'1G-)0'-II-*B-'r'3L)N-,)*-I'0-3+0N)*3'1G-)0')M.,-M-*1+1)/*X'"8',)-I'I,)3G1,R'M/0-'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'Fj'
'
1/'1G-',-P1'+I'1G-')N-+'/P'B)0BL,+0)1R'r'+1')1I'B/0-'r'3)K-I'+'0/L3G'N)0-B1)/*'0-3+0N)*3'1G-'SG/QUX'%3+)*J')1')I'
)M./01+*1' 1/' a--.' )*' M)*N' 1G+1' 1G)I' -K+,L+1)/*' )I' C+I-N' /*' B/0-' B/*B-.1L+,' 1-*-1IJ' +*N' */1' /*'
)M.,-M-*1+1)/*',)1-0+1L0-',)*a-N'1/'1G-MX'(/0'-O+M.,-J'-B/N-I)3*'B/L,N'C-'+*')M.,-M-*1+1)/*'/P'+*R'/P'
1G-'P/L0' B/*B-.1IJ' CL1')1' )I' L.'1/'.0+B1)1)/*-0I' 1/' N-B)N-' )*' QG)BG' G)3G-0\,-K-,'/.-0+1)/*+,)Z+1)/*'K)-Q'
1G-R',/B+1-'1G-)0'-PP/01IX''
2)!Shared!Value!
AG+0-N' ?+,L-' G+I' +' P/BLI' /*' K+,L-' BG+)*I' +*N' ,/B+,' B/MML*)1)-IX' #1' 3)K-I' +' 3-*-0+,' P0+M-Q/0a' CL1'
)M.,-M-*1+1)/*' )I'3-*-0+,,R' ,-P1' )*'1G-' G+*NI' /P'B/M.+*)-IJ'QG)BG' M-+*I'I10+1-3)B' )M.,-M-*1+1)/*' )I'
*/1'.L1' )*1/' +B1)/*' +BB/0N)*3' 1/'+' B/G-0-*1' P0+M-Q/0a' +*N' N/-I' */1' -*+C,-'B/M.+0)I/*' C-1Q--*'
B/M.+*)-IX' T-.-*N)*3' /*'1G-' N-.1G'/P')1I' )M.,-M-*1+1)/*J' AG+0-N'?+,L-'B+*' C-' P+0'0-+BG)*3'+*N' B/\
-O)I1'Q)1GJ'-X3XJ'AT'+*N'"A$'+*N'-*+C,-'B/M.+0)I/*'LI)*3'1G-'&,/C+,'$-./01)*3'#*)1)+1)K-'V&$#WX'#1')I'K-0R'
K+,L-'BG+)*\B-*10)B'CL1'B/L,N'./1-*1)+,,R'I.+*'M/0-'1G+*'1G-'K+,L-'BG+)*J'1GLI')1I'G-)3G1'1G+1'/K-0P,/QI'
I,)3G1,R'1G-' K+,L-'BG+)*X'A)*B-')1')I'VCR'N-I)3*W'*/1'+'.0-IB0).1)K-'+..0/+BGJ')1')I'I)1L+1-N'I/M-QG+1'+I'+'
M/0-'3-*-0+,'./I)1)/*'1G+*'P0+M-Q/0aIm3L)N-,)*-IJ'CL1'*/1'kL)1-'+1'1G-'.G),/I/.G)B+,',-K-,J'+I')1'N/-I'
B/*1+)*'I/M-')*N)B+1)/*I'/P'/.-0+1)/*+,)Z+1)/*X''
3)!Cradle+to+cradle!
>G-' G)3G-0' -*N' /P' 1G-' -,,).I-' 0-,+1-I' 1/' 1G-' P+B1' 1G+1' "D"'1G)*a)*3' -*K)I)/*I' +*' -B/*/MR' QG-0-' +,,'
M+1-0)+,' )*.L1I' +*N' /L1.L1I' +0-' I--*' +I' 1-BG*)B+,' /0' C)/,/3)B+,' *L10)-*1Ig' 3,/C+,' -B/*/MR' C-B/M-I'
-II-*1)+,,R' Q+I1-' P0--X' >G)I' K)I)/*' 3)K-I' +' P0+M-Q/0a' /*'G/Q' 1/' +BG)-K-' 1G)IJ' )X-X' CR' 0-N-I)3*)*3'
.0/NLB1)/*' IRI1-MI' +I' B,/I-N' ,//.IX' #*' .0+B1)B-J' 1G-' B/*B-.1' 3)K-I' 3L)N-,)*-I' 1/' C-' +..,)-N' +1' 1G-'
SML,1).,-'B/M.+*)-IU'/0' SK+,L-'BG+)*U',-K-,J'-K-*'1G/L3G'1G-'1//,'1G+1')I'M+)*,R'LI-N')I'1G-'"0+N,-\1/\
B0+N,-'B-01)P)B+1)/*'VP/0'.0/NLB1IWX''
4)!Life!Cycle!Thinking,!Life!Cycle!Management!and!Life!Cycle!Assessment!
7)P-' "RB,-' >G)*a)*3' )I' +' M)*NI-1'/0' ./I1L0-'VS.G),/I/.GRU' ,-K-,W' 1G+1' )M.,)-I' ,//a)*3' +1' 1G-' B/M.,-1-'
K+,L-'BG+)*IJ'+Q+R'P0/M'1G-'P/BLI'/*')*N)K)NL+,'.-0P/0M+*B-X'7">')I'.L1')*1/'+B1)/*'1G0/L3G'7";J'QG)BG'
B+*'C-'I--*' +I'+'CLI)*-II'M+*+3-M-*1'+..0/+BG'/0'+I'+'1//,C/OX'A.-B)P)B'1//,I'+,I/'-O)I1J'ILBG'+I'7"%'
V-*K)0/*M-*1+,J'I/B)+,'/0'-B/*/M)BWX'>G-'P/BLI')I'+,Q+RI'/*'1G-',)P-'BRB,-IJ'/0'K+,L-'BG+)*IX''
5)!Functional!Economy!
>G)I' B/*B-.1' .0-I-*1I' +' *-Q' K)I)/*' /P' B/M.+*)-I`' +*N' 3/K-0*M-*1I`'0/,-I' /*' 1G-' .+1G' 1/Q+0NI' +'
ILI1+)*+C,-' -B/*/MRX' (L01G-0M/0-J' )1' +,I/' 3)K-I' M/0-' .0-B)I-' 3L)N+*B-' P/0' )M.,-M-*1)*3' B/*B0-1-'
CLI)*-II' M/N-,I' V-X3X' I-,,)*3' I-0K)B-I' )*I1-+N' /P' .0/NLB1IWX' %..,)B+1)/*I' 0-,+1)*3' 1/' .-0P/0M+*B-'
-B/*/MR'B+*'C-')M.,-M-*1-N'CR'/*-'B/M.+*R'/*')1I'/Q*'/0'B+*')*K/,K-'I-K-0+,'+B1/0I'/P'+'K+,L-'BG+)*X'
6)!Industrial!Ecology!
#*NLI10)+,'8B/,/3R`I'3/+,')I'1G+1')*NLI10)-I'Q/0a'1/3-1G-0')*'/0N-0'1/' M/K-' P0/M'+',)*-+0'1/'+'BRB,)B+,'/0'
B,/I-N' ,//.' IRI1-MX' >G-' B/*B0-1-' )M.,-M-*1+1)/*' N-.-*NI' /*' 1G-' I.-B)P)B' B/*1-O1J' CL1' 1G-' B/*B-.1'
/PP-0I'+'B,-+0'+..0/+BG'0-3+0N)*3'G/Q'1/'I1LNR'1G-')*NLI10)+,'IRI1-M')*'/0N-0'1/'P)*N'I/L*N'I/,L1)/*IX'^R'
N-P)*)1)/*J'#*NLI10)+,'8B/,/3R')*K/,K-I'M/0-'1G+*'/*-'B/M.+*RX'>G-I-'B/M.+*)-I'+0-'3-*-0+,,R'.GRI)B+,,R'
B,/I-'1/'-+BG'/1G-0'I/'+I'1/'C-'+C,-'1/'-OBG+*3-'P,/QI'/P'-*-03R'/0'M+1-0)+,Ig'1G-0-'+0-'G-*B-'*/1'per!se'
.+01I'/P'1G-'I+M-'.0/NLB1'BG+)*X'
7)!Extended!Producer!Responsibility!
8O1-*N-N' 20/NLB-0' $-I./*I)C),)1R' )IJ' )*' 1G-/0RJ' +..,)B+C,-' 1/' I)*3,-' B/M.+*)-I' +,1G/L3G' )1I'
)M.,-M-*1+1)/*' B+*'0-kL)0-'B/,,+C/0+1)/*' Q)1G' I)M),+0'B/M.+*)-I'V*/1' .+01I'/P' 1G-' I+M-'K+,L-' BG+)*W'
+*N' /1G-0' I1+a-G/,N-0I' V-X3X' P/0' )M.,-M-*1)*3' +' ,+03-\IB+,-' 1+a-\C+Ba' +*N' 0-BRB,)*3' IRI1-M' P/0' +,,'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
@888WX' >G-' B/*B-.1' )I' M+)*,R' .L1' )*1/' +B1)/*' 1G0/L3G' ./,)B)-IJ' 3)K)*3' )*B-*1)K-IJ' 3L)N-,)*-I' +*N'
/C]-B1)K-I'1/'B/M.+*)-I'/P'I/M-'I.-B)P)B'I-B1/0IX''
8)!Ecodesign!
8B/N-I)3*' +,,/QI' 1G-' )*1-30+1)/*' /P' -*K)0/*M-*1+,' B/*I)N-0+1)/*' )*1/' .0/NLB1' N-K-,/.M-*1X' >G)I' )I' +'
K-0R' .0+B1)B+,' B/*B-.1J' +K+),+C,-' L*N-0' K+0)/LI' P/0MIJ' ILBG' +I' BG-Ba,)I1I' /0' +*+,R1)B+,' 1//,IX' #1I'
+..,)B+1)/*')I'M/I1,R'+1'.0/NLB1',-K-,J'CL1')1'B+*')*K/,K-'1G-'K+,L-'BG+)*'1G0/L3G'1G-')*1-30+1)/*'/P'7">X'
;:8I'Q),,'/P1-*')M.,-M-*1'+P1-0J'/0')*'B/*]L*B1L0-'Q)1G'7"%J'-X3X':-I1,s'QG)BG'G+I'CL),1'+*'-B/N-I)3*'
1//,J' 8B/N8qJ' )*' /0N-0' 1/' 0-NLB-' 1G-' *LMC-0' /P' 7"%I' .-0P/0M-N' +*N' -*+C,-' K+0)/LI' :-I1,s' .0/NLB1'
M+*+3-0I'+*N'N-I)3*-0I'1/'+II-II'.0/NLB1I'+*N'P+B),)1+1-'$lT'VABG-*a-0!et!al.J'D5E4WX'''
4.3 EMF!circularity!thinking!mapping!
>G)I'M+..)*3'-O.,/0-I'1G-'-O1-*1'1/'QG)BG' "8`I'.0)*B).,-I'+0-'.0-I-*1')*'1G-'+II/B)+1-N'a-R' B/*B-.1I`'
N-P)*)1)/*IX'(/0'-+BG'.0)*B).,-J'1G-'+L1G/0I'-K+,L+1-N'QG-1G-0'1G-')N-+'C-G)*N')1',)-I'+1'1G-'B/0-'/P'1G-'
-O+M)*-N' B/*B-.1J' QG-1G-0' )1' )I' I)M.,R' .0-I-*1J' +1' 1G-' M+03)*' /0' +CI-*1X' @G-*' +' .0)*B).,-' B+*' C-' +'
B/*I-kL-*B-' /P' 1G-' B/*B-.1' +..,)B+1)/*' CL1' )I' */1' .+01' /P' 1G-' B/*B-.1`I' N-P)*)1)/*J' )1' Q+I' M+0a-N' +I'
S+CI-*1UX'%'IB/0-')I'3)K-*'1/'0+*a'1G-'B/*B-.1I'+BB/0N)*3'1/'1G-)0'+NG-I)/*'1/'1G-'"8'.0)*B).,-I'VIB/0-'t'
ILM' /P' I1+0IWX' "8' )I' */1' +*+,RZ-N' Q)1G' 1G-' /1G-0' B/*B-.1IJ' I)*B-' )1' P/0MI' 1G-' 0-P-0-*B-' +BB/0N)*3' 1/'
QG)BG'1G-'+*+,RI)I')I'.-0P/0M-NX'$-IL,1I'+0-'.0-I-*1-N')*'>+C,-'4\EX'
Table!4+1:!Circularity!thinking!mapping!based!on!the!pillars!underlying!the!Ellen!
MacArthur!Foundation!definition!
!
Systems!
thinking!
Waste!is!
food!
Design!out!
waste!
Diversity!is!
strength!
Renewable!
energy!
Score!
Sustainable!
Development!!
★★★'
\\'
'
★★'
★★'
h'
Ecological!
Transition!
★★★'
\\'
\\'
\\'
★★'
F'
Green!Economy!
\\'
\\'
\\'
\\'
★★'
D'
Functional!
Economy!
★★★'
\\'
'
'
\\'
F'
Life!Cycle!
Thinking!
★★★'
'
\\'
\\'
\\'
4'
Cradle+to+
cradle!thinking!
★★★'
★★★'
★★★'
★★★'
★★★'
EF'
Shared!Value!
★★'
\\'
\\'
★★'
\\'
4'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'FH'
'
!
Systems!
thinking!
Waste!is!
food!
Design!out!
waste!
Diversity!is!
strength!
Renewable!
energy!
Score!
Industrial!
Ecology!
★★★'
★★★'
'
★★'
\\'
E5'
Extended!
Producer!
Responsibility!
★★★
\\
★★
\\
\\'
i'
Ecodesign!
★★★'
\\'
'
\\'
\\'
4'
7-3-*N='A)3*)P)B+*B-'/P'1G-'8"'.0)*B).,-I'P/0'1G-'N-P)*)1)/*'/P'1G-'+II/B)+1-N'a-R'B/*B-.1I'
"/0-='★★★'g'20-I-*1='★★'g';+03)*+,='g'%CI-*1='\\''
AB/0-'t'*LMC-0'/P'I1+0I'
'
>G)I' M+..)*3' IG/QI' 1G+1' +,,' "8' .0)*B).,-I' +0-' .0-I-*1' )*' 1G-'+II/B)+1-N' a-R' B/*B-.1IJ' Q)1G'K+0R)*3'
)*1-*I)1RX'&-*-0+,,R'I.-+a)*3J'1G-'SIRI1-MI'1G)*a)*3U'.0)*B).,-')I'1G-'M/I1'B/MM/*,R'IG+0-N'C-1Q--*'+,,'
B/*B-.1IJ'./)*1)*3' 1/' +'*/Q' 3-*-0+,)Z-N' 0-B/3*)1)/*' 1G+1' ILI1+)*+C,-'N-K-,/.M-*1' BG+,,-*3-I' *--N' 1/'
C-' 1+Ba,-N' +1' +' IRI1-M' ,-K-,X' A-B/*N' B/M-I'SN)K-0I)1RUX' S$-*-Q+C,-' -*-03RUJ' SQ+I1-' )I'P//NU' +*N'
SN-I)3*'/L1'Q+I1-U'B/M-'1/3-1G-0'+I'1G)0NX''
"/*B-.1I'+0-'N)IBLII-N'C-,/Q'CR'N-B0-+I)*3'/0N-0'/P'IB/0-X'
EX C2C!thinking'IG+0-I'1G-' I+M-' B/0-' .0)*B).,-I' +I' "8' /0J' QG)BG' Q/L,N' C-' BG0/*/,/3)B+,,R'+*N'
B/*B-.1L+,,R'M/0-'+..0/.0)+1-J'"8'-MC0+B-I'1G-'.0)*B).,-I'/P'"D"X'>G)I'I10/*3,R'),,LI10+1-I'1G+1'"D"'
,)-I'+1'1G-'G-+01'/P'1G-'N-K-,/.M-*1'/P'1G-'"8'B/*B-.1X'
DX Industrial! Ecology'IG+0-I' M/I1' "8' .0)*B).,-IJ' M+)*,R' 1G-' SIRI1-MI' 1G)*a)*3UJ' SQ+I1-' )I'P//NU' +*N'
SN)K-0I)1RU'.0)*B).,-IX'
[X Sustainable!Development'Q+I'.+01)BL,+0,R'N)PP)BL,1'1/'+II-IIJ'+I')1I'*LM-0/LI')*B+0*+1)/*I'1-*N' 1/'
M-03-'Q)1G' )1I'/0)3)*+,'N-P)*)1)/*X'^-I)N-IJ' 1G-' S10L-U'N-P)*)1)/*'/P'ILI1+)*+C,-'N-K-,/.M-*1')I'I1),,'
N-C+1-NX' <-1J' Q)1G' 1G-' IL../01' /P' +' P-Q' P/L*N)*3' 1-O1IJ' )1' Q+I' +II-II-N' 1G+1' ILI1+)*+C,-'
N-K-,/.M-*1')*B,LN-I'1G-'P/,,/Q)*3'.0)*B).,-I='
+X 'ARI1-MI' 1G)*a)*3=' I10/*3' ,)*aI' G+K-' 1/' C-' M+N-' +M/*3' 1G-' 1G0--' I.G-0-I'VI/B)+,J'
-*K)0/*M-*1+,'+*N'-B/*/M)BW'+*N'C-1Q--*'BL00-*1'+*N'PL1L0-'3-*-0+1)/*IX'
CX T)K-0I)1R')I'I10-*31G='20/1-B1)/*'/P'C)/,/3)B+,'N)K-0I)1R')I'B-*10+,')*'1G-'/L1B/M-I'/P' 1G-'
EHHD' $)/' "/*P-0-*B-' VI.-B)P)B' "/*K-*1)/*' +*N' %3-*N+' DEWX' "L,1L0+,' N)K-0I)1R' )I' +,I/'
.0-I-*1J' */1+C,R' )*' 1G-' %3-*N+' DE' L*N-0' 1G-' 0-B/3*)1)/*' /P' 1G-' K)1+,' )M./01+*B-' /P' +'
3-*L)*-' )*K/,K-M-*1' /P' +,,' I/B)+,' 30/L.I' P/0' ILBB-IIPL,' )M.,-M-*1+1)/*' /P' %3-*N+' DE'
./,)B)-I' +*N' )*)1)+1)K-IX' >G-' Y/G+**-ICL03' T-B,+0+1)/*' /*' ALI1+)*+C,-' T-K-,/.M-*1'
VD55DW'+,I/'0-+PP)0MI'1G+1'/L0'0)BG'N)K-0I)1R')I'/L0'B/,,-B1)K-'I10-*31GX'
BX $-*-Q+C,-'-*-03R=' >G-' 0-*-Q+C,-' BG+0+B1-0' /P' 0-I/L0B-IJ' +M/*3' QG)BG' -*-03R'
0-I/L0B-IJ')I'a-R'1/'1G-')*1-0\3-*-0+1)/*+,'-kL)1R'.L1'P/01G'CR'ATX'
NX T-I)3*' /L1' Q+I1-=' SA1+1-I' IG/L,N' 0-NLB-' +*N' -,)M)*+1-' L*ILI1+)*+C,-' .+11-0*I' /P'
.0/NLB1)/*'+*N'B/*ILM.1)/*U'VRio!Declaration!on!Environment!and!DevelopmentJ'EHHDW'
4X Functional!Economy'*-B-II)1+1-I'IRI1-MI'1G)*a)*3J'+I'1G)I'B/*B-.1')M.,)-I'0-N-I)3*)*3'K+,L-'BG+)*I'
+*N'K+,L-'B0-+1)/*')*'/0N-0'1/'M+O)M)Z-'0-I/L0B-'LI-'-PP)B)-*BRX'T)K-0I)1R')I'.0-I-*1')*'1G-'B/*B-.1'
+I'1G-'*--N'P/0'B/M.,-M-*1+0)1R'+M/*3'+B1/0IX'()*+,,RJ'Q+I1-')I'I--*'+I'1G-'S)*+C),)1R'1/'LI-'3//NI'
,/*3-0UX'
FX Ecological!Transition'Q+I'+,I/'N)PP)BL,1'1/'+II-II'I)*B-')1')I'+' K-0R' ML,1)N)M-*I)/*+,'B/*B-.1J'Q)1G'+'
K+0)+C,-'+*N'I1),,'-K/,K)*3'B/*1-*1X'#1'Q+I'+II-II-N'1G+1'IRI1-MI'1G)*a)*3')I'+*')M./01+*1'P-+1L0-J'+I'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
1G-' B/*B-.1' P/BLI-I' /*' 10+*I)1)/*' .0/B -II-IJ' )*B,LN)*3' 1G-' *LM-0/LI' )*1-0+B1)/*I' /BBL00)*3' +,/*3'
1G-'Q+RX'^-I)N-IJ' +I'1G-'B/*B-.1')I'/P1-*'LI-N')*'+' B/*1-O1' /P'-*-03R'/0',/Q'B+0C/*'./,)B)-IJ'+I'P/0'
)*I1+*B-'Q)1G' 1G-' +II/B)+1-N'1-0M'S10+*I)1)/*'1/Q+0NI' +' ,/Q' B+0C/*'-B/*/MR'eJ')1')I'+IILM-N' 1G+1'
1G-'S0-*-Q+C,-'-*-03RU'.),,+0')I'+,I/'M+03)*+,,R'.0-I-*1X''
iX Life!Cycle!Thinking'G+I'IRI1-MI'1G)*a)*3'+1')1I'B/0-J'1G-'IRI1-M'G-0-'C-)*3'1G-'.0/NLB1'/0'I-0K)B-',)P-'
BRB,-X'>G-')N-+'/P'B,/I)*3'1G-',//.'1G0/L3G'0-BRB,)*3')I'+,I/'.0-I-*1X'
jX Ecodesign'-MC/N)-I'1G-')N-+'1G+1'1G-' K-0R' L.I10-+M' N-I)3*' .G+I-' )*P,L-*B-I'+,,'1G-'N/Q*I10-+M'
I1-.I'/P'+'.0/NLB1',)P-'BRB,-X'ST-I)3*'/L1'Q+I1-U')I'/P1-*'*/1+C,-'P-+1L0-X'
hX Shared!Value'P/BLI-I'/*'K+,L-'BG+)*IJ'G-*B-'+'*/1)/*'/P'IRI1-MIX''
HX Extended! Producer! Responsibility=' >G-' /0)3)*+,'N-P)*)1)/*' /P' 1G-' B/*B-.1' CR' 7)*NGkK)I1' )*B,LN-I'
IRI1-MI'1G)*a)*3'CR'-O1-*N)*3'+'.0/NLB-0`I'0-I./*I)C),)1R'1G0/L3G'1G-'QG/,-',)P-'BRB,-'/P')1I'.0/NLB1I'
V1G/L3G' )1I' )M.,-M-*1+1)/*' ,+03-,R' P/BLI-I' /*' -*N\/P\,)P-' I1+3-IWX'ST-I)3*' /L1' Q+I1-U' )I' +,I/'
-K+,L+1-N'+I'C-)*3'K-0R'MLBG'.0-I-*1J'+I'1G)I')I'1G-'M+)*'/C]-B1)K-'P/0'3)K)*3'C+Ba'1G-'/Q*-0IG).'/P'
+'.0/NLB1`I'-*N\/P\,)P-'1/'1G-'.0/NLB-0X'
E5X Green! Economy`I'P/BLI')I'-II-*1)+,,R' */1' /*' "8' .0)*B).,-IX'20/M/1)/*' /P' S30--*' 1-BG*/,/3)-IU' r'
QG)BG')I')M./01+*1'P/0'30--*'-B/*/MR'r'B+*'C-'0-,+1-N'1/'1G-'S0-*-Q+C,-'-*-03RU'.0)*B).,-X'
#1')I' )*1-0-I1)*3'1/'*/1-' 1G+1'1G-'8B/,/3)B+,'>0+*I)1)/*'+*N'&0--*'8B/*/MR' B/*B-.1IJ'QG)BG'.0-I-*1-N'+'
./I)1)/*' I)M),+0' 1/' "8' /*' 1G-' IB/.-mB/*B0-1-*-II' M+..)*3J' /*,R' R)-,N' K-0R' ,/Q' IB/0-I' Q)1G' 1G-'
B)0BL,+0)1R\1G)*a)*3'M+..)*3X'>G-0-'+0-'G-*B-'I)3*)P)B+*1'N)PP-0-*B-I')*'1G-'N-P)*)1)/*I'/P'1G-I-'B/*B-.1IJ'
1G/L3G'1G-R'B+*'+3+)*'M--1'/*'1G-'30/L*N'/P'B/*B0-1-'+..,)B+1)/*IX'
4.4 Key!takeaways!
>G-'a-R'1+a-+Q+RI'+0-'P/0ML,+1-N'+I'B/M.+0)I/*I'/P'-+BG'B/*B-.1'Q)1G'"8J'C+I-N'/*'1G-'1Q/'M+..)*3I'
+C/K-'CL1'+,I/'/*'1G-'-O.,+*+1)/*I'3)K-*')*'"G+.1-0'DX'
K(25*%.*?)3+8313)-9/3.5+13&2(2+$%&'()*&+,'-.-/0+
ALI1+)*+C,-' N-K-,/.M-*1' +*N' ")0BL,+0' 8B/*/MR' +0-' C/1G' G)3G' ,-K-,' B/*B-.1I' r' 1G/L3G' AT' )I' Q)N-0' r
.0-I-*1)*3' +' K)I)/*' P/0' I/B)-1R' +1' ,+03-' /0' P/0' 1G-' 3,/C+,' -B/*/MRJ' 0-I.-B1)K-,RX' ")0BL,+0' 8B/*/MR' )I'
I/M-QG+1'M/0-'SB/*B0-1-UJ')*'1G+1')1'3)K-I'+'P0+M-Q/0a'1/'3L)N-'+B1)/*'+1'CLI)*-II',-K-,X'
A/M-'/03+*)Z+1)/*IJ'*+M-,R'%MI1-0N+M'C+I-N'")0B,-'8B/*/MR'+*N';-1+C/,)BJ'G+K-'N-K-,/.-N'+'I-1'/P'
B)0BL,+0)1R'N+1+I-1I'QG)BG'+)M'1/'B/**-B1'G)3G',-K-,'/C]-B1)K-I'Q)1G'N+),R'CLI)*-II'N-B)I)/*I'+,,'Q)1G)*'+'
B)0BL,+0)1R'P0+M-Q/0aX'@G+1'+0-'1G-I-'G)3G',-K-,'/C]-B1)K-Iu':/*-'/1G-0'1G+*'1G/I-'1G+1'+,I/'+..-+0')*'
M/I1'AT',)1-0+1L0-J'*+M-,R='-*IL0)*3'1G-'B/*1)*L)1R'/P',)P-'/*'-+01G'CR'+N/.1)*3'+..0/.0)+1-'I1-Q+0NIG).'
)*'/0N-0'1/'B/*10)CL1-'1/'P,/L0)IG)*3'-B/IRI1-MI'V*+1L0+,'+I'Q-,,'+I'GLM+*WJ'LI)*3'+*'-1G)B+,'.-0I.-B1)K-'
V")0B,-'8B/*/MR'+*N'2&&;J'D5E4WX''
,'-)-4%'*)+7&*.2%5%-.+13&2(2+$%&'()*&+,'-.-/0+
8B/,/3)B+,'>0+*I)1)/*')I'+'Q)N-0'B/*B-.1'1G+*'")0BL,+0'8B/*/MRJ'+I'"8'B+*'C-' I--*' +I' /*-' /P' 1G-' M+*R'
P/0MI'/0'N)0-B1)/*I'1G+1'1G)I'S10+*I)1)/*U'B+*'1+a-X''
G&33.+3'-.-/0+13&2(2+$%&'()*&+,'-.-/0+
>G-'1Q/'B/*B-.1I'.0-I-*1'Q)N-'+0-+I'/P'/K-0,+.')*'1G-)0'B/*B-.1I'+*N')M.,-M-*1+1)/*X'^/1G'+)M'1/'0-\
/0)-*1'1G-'-B/*/MR'+1',+03-'1/Q+0NI'-*K)0/*M-*1\P0)-*N,R'.0/NLB1IJ'I-0K)B-I'+*N'.0/B-II-IX'^/1G'.,+B-'
-B/*/M)B'+B1/0I'+1'1G-'B-*1-0'/P'1G-)0'B/*B-.1'+I'-B/*/M)B'+B1)K)1)-I'+0-'1G-',-K-0+3-'1G-R'LI-'1/Q+0NI'
SILI1+)*+C,-'N-K-,/.M-*1UX''
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'iE'
'
>G-0-' +0-' +,I/' )M./01+*1' N)PP-0-*B-IJ' *+M-,R=' EW' +I' +' B/*B-.1' B+00)-N' CR' ,+03-' )*1-0*+1)/*+,'
/03+*)Z+1)/*I'ILBG'+I'1G-'6:J'&0--*'8B/*/MR')*B,LN-I'./K-01R'-0+N)B+1)/*'+*N'3-*-0+,'N-K-,/.M-*1'/P'
B/L*10)-I' +M/*3' )1I' /C]-B1)K-Ig' DW' P/0' )1I' .+01J' "8')I' M/0-' .0-B)I-' +I' 1/' QG)BG' -B/*/M)B' IRI1-MI' /0'
CLI)*-II'.,+*I'+0-'1/'C-'.L0IL-NX'
A/M-'I.-B)P)B' +B1)K)1)-I' B+*' G-*B-' C-'I--*' +I' +..,)B+1)/*I'/P'C/1G' B/*B-.1I'V-X3X' (L*B1)/*+,' 8B/*/MR'
)*)1)+1)K-IWJ'QG),-'/1G-0I'*/1'V-X3X'1G-'B+0C/*'M+0a-1J'QG)BG'P)1I'Q-,,')*1/'1G-'&0--*'8B/*/MR'CL1'*/1')*'
"8WX'
E(.'5%-.*)+,'-.-/0+13&2(2+$%&'()*&+,'-.-/0+
%BB/0N)*3'1/'A1+G-,J'"8')I'P)0M,R'0//1-N')*'1G-'(L*B1)/*+,'/0'2-0P/0M+*B-'8B/*/MR'+*NJ')1'M)3G1'-K-*'C-'
I+)NJ')I'/*-'/P'1G-'B/0-'I10+*NI' /P' )1I'T:%' V+I'+0-'"D"'+*N'^)/M)M)B0RWX'9*-'/P'1G-'I10/*3-I1']L*B1L0-'
./)*1I')I'1G-'P/BLI'/*',/*3-K)1R'+*N')*1-,,)3-*1'Q+I1-\+I\)*.L1'M+*+3-M-*1J'.0/.-,,-N'CR')**/K+1)/*'+*N'
*-Q'CLI)*-II'M/N-,IX'9*-'M)3G1'I+R'1G+1'1G-'(L*B1)/*+,'8B/*/MR')I'1G-'Ia-,-1/*'/P'"8'QG),-'+,I/'C-)*3'
+'P+)0,R'1G/0/L3G'0/+NM+.'1/')1I')M.,-M-*1+1)/*X''
2),,+0I'ILBG' +I'N)K-0I)1R'+*N'SN-I)3*'/L1'Q+I1-U'+0-'M/0-'/0',-II')*1-30+,'.+01I'/P'(L*B1)/*+,'8B/*/MRJ'
Q)1G' +*' +NN-N' I-*I-' /P' CLI)*-II' +*N' B/M.-1)1)K-*-IIX' 7)a-' "8J' 1G-' (L*B1)/*+,' 8B/*/MR' +)MI' 1/'
N-B/L.,-'30/Q1G'P0/M'0-I/L0B-I'N-.,-1)/*'+*N')*10/NLB-I'I10+1-3)B'./)*1I'1G+1'*--N'1/'C-'+NN0-II-N'
V*+M-,R='1G-'0/,-'/P'I1+1-IW')*'-*+C,)*3'K+,L-I'BG+)*I'1/'C-B/M-'M/0-'B)0BL,+0X''
(L*B1)/*+,'8B/*/MR'3/-I'PL01G-0'1G+*'"8'CR')1I'P/BLI'/*']/CI'B0-+1)/*J'C+I-N'*-K-01G-,-II'/*'1G-'I+M-'
C+I)B'.0)*B).,-='B+0-'+*N'+..0/.0)+1-'I1/BaI'M+*+3-M-*1X'^/1G'(L*B1)/*+,'8B/*/MR'+*N'"8'B/+,-IB-'/*'
1G-' kL-I1)/*' /P' 1G-' 30-+1' I10LB1L0+,' BG+*3 -I' 1G+1' *--N' 1/' /BBL0' )*' /0N-0'P/0' "8' 1/' 1+a-' 0//1'VA1+G-,J'
D5E[+WX''
L%:3+'0')3+56%.J%.4+13&2(2+'%&'()*&+3'-.-/0+
>Q/'M+]/0'B/*B-.1L+,'N)PP-0-*B-I'B+*'C-'G)3G,)3G1-N'C-1Q--*'7">'+*N'"8='
EX 7"%'1//,I' +)M' 1/' -K+,L+1-' +' .0/NLB1' /0' I-0K)B-`I')M.+B1I' /K-0' )1I' ,)P-' BRB,-' +*N' 1/' )N-*1)PR'
G/1I./1I' +*N' )M.0/K-M-*1' /../01L*)1)-IX' #*' 1G)I' I-*I-J' 7"%' B+*' C-' I--*' +I' 3)K)*3' +' 0-,+1)K-'
M-+IL0-'/P'ILI1+)*+C),)1R='QG)BG'/.1)/*m,)P-'BRB,-'I1+3-m-1BX'.-0P/0MI'worse!or!better'0-3+0N)*3'
-*K)0/*M-*1+,J'I/B)+,'+*N'-B/*/M)B'./1-*1)+,')M.+B1IX'#1')I'M/0-'N)PP)BL,1'1/'./I)1)/*'"8'/*'1G)I'
1/.)BJ' +I' 1G)I' B/*B-.1' -*B/M.+II-I'ML,1).,-'B/*B-.1I'+*N' N)M-*I)/*IJ' CL1'M/I1,R' C-B+LI-')1I'
C+I)B'+IILM.1)/*I')I'1G+1'+CI/,L1-'ILI1+)*+C),)1R' +II-IIM-*1'V%A%W'IG/L,N'C-'1G-'B/0*-0I1/*-X'
"D"'1G)*a)*3J'+,I/'+1')1'"8`I'B/0-J'G+I'+'N-P)*)1-'%A%' +..0/+BGJ' )X-X' S)I' 1G)I' .0/NLB1m/.1)/*m-1BX'
ILI1+)*+C,-'/0'*/1UX'^/1G'+..0/+BG-I'.0-I-*1' I10-*31GI' +*N' Q-+a*-II-I' V^]v0*'+*N'b+LIBG),NJ'
D5E[WX'
DX 7">'1//,I'P/BLI'/*'impact'+II-IIM-*1'+*N'L,1)M+1-,R'/*'0-I/L0B-'-PP)B)-*BRJ'QG),-'"8'P/BLI-I'/*'
.0)*B).,-I' 1G+1' +0-' .0)M+0),R'/0)-*1-N' 1/Q+0NI' 0-I/L0B-' -PP-B1)K-*-IIX' >G-0-' +0-' G-*B-'
/../01L*)1)-I'P/0')*1-0-I1)*3'B/M.,-M-*1+0)1R'C-1Q--*'C/1G'+..0/+BG-IX'
$&*8)3M5-M$&*8)3+56%.J%.4+13&2(2+$%&'()*&+,'-.-/0'
"D"' 1G)*a)*3' )I' +1' 1G-' K-0R' G-+01' /P' "8X' ")0BL,+0' 8B/*/MR`I' M+)*' .),,+0I' +0-' N)0-B1,R' 1+a-*' P0/M' "D"='
Q+I1-')I'P//NJ'IRI1-M)B'1G)*a)*3J'-1BX' "8`I' K/B+CL,+0R' V-X3X='*L10)-*1IJ'M-1+C/,)IMJ' -1BXW' )I' +,I/' N)0-B1,R'
)*PLI-N'CR'"D"J' +I' )I' 1G-' N)PP-0-*B-'1G+1'1G-'8;('M+a-I'C-1Q--*' -B/\-PP)B)-*BR' +*N'-B/\-PP-B1)K-*-II'
VI--'I-B1)/*'[XEXEWX'#1')I'B,-+0'1G+1'"D"'N--MI')1I-,P')*B/M.+1)C,-'Q)1G',)P-'BRB,-'1G)*a)*3J'+,1G/L3G')1I'K-0R'
*+M-' )I' 1+a-*' P0/M' 7"%`I' B/0-' K/B+CL,+0RX' #1' )I' G/Q-K-0' 10L-' 1G+1' "D"' P/BLI-I' M/0-' /*' +CI/,L1-'
ILI1+)*+C),)1R' +*N' /*' -PP-B1)K-*-IIJ' 0+1G-0' 1G+*' /*' -PP)B)-*BR' +*N' /*' 0-,+1)K-' .-0P/0M+*B-X' 9*-' M+R'
Q/*N-0'QG-1G-0'1G)I'S,)*-+0'N-1-0M)*)IMU'.L1'P/0Q+0N'CR'^0+L*3+01'+*N';BT/*/L3G')I'+'P+1+,'P,+QJ'/0')P'
I)M.,RJ'7"%'B/L,N'-K/,K-')1I'Q+R'/P'1G)*a)*3')*'/0N-0'1/'+NN0-II'+CI/,L1-'ILI1+)*+C),)1RX''
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
"D"')I'C+I)B+,,R'+'N-I)3*'I10+1-3R'1G+1'+B1I'+I'1G-'N0)K)*3'C-,1'C-1Q--*'#*NLI10)+,'8B/,/3R'+*N'(L*B1)/*+,'
8B/*/MRX' #1I' #;2' B/*B-.1' 1+a-I' 0//1' .+01,R' )*' #*NLI10)+,' 8B/,/3RJ' CL1' +,I/' ,-*31G-*I' 1G-' ,//.' CR'
)*B,LN)*3'1G-'N/Q*I10-+M'.+01'/P'1G-'K+,L-'BG+)*J'N-I)3*)*3'+',)P-'BRB,-\,)a-',//.'1/'M+a-')1'B)0BL,+0X'#1')I'
+,I/')*1-0-I1)*3'1/'*/1-' 1G+1' "8' 1+a-I' )*'"D"`I'K)-Q'/P' 1G-' -B/\-PP)B)-*BRm-B/\-PP-B1)K-*-II' N)BG/1/MR'
QG),-'Q+1-0)*3'N/Q*' 1G-'I10/*3',+*3L+3-'^0+L*3+01'+*N';BT/*/L3G'LI-'1/'N)I1+*B-'1G-M'P0/M'-B/\
-PP)B)-*BR'+*NJ'CR' .0/ORJ' P0/M' 7"%X' #1')I'+,I/'*/1-Q/01GR'1G+1'P/0'1G-MJ'-kL)1R' )I' +' M-0-' I)N-' -PP-B1'/P'
-PP)B)-*BR' +*N' */1' S+*' -*K)0/*M-*1+,' *-B-II)1RUJ' IL33-I1)*3' +*' -B/B-*10)B' +..0/+BG' QG)BG' de! facto'
-OB,LN-I'1G-'I/B)+,'N)M-*I)/*'/P'ILI1+)*+C),)1RX''
K6*&38+N*)(3+13&2(2+$%&'()*&+,'-.-/0+
AG+0-N' ?+,L-' )I' B/*B-.1L+,)Z-N' +I' +' M+*+3-M-*1' +..0/+BG' 1G+1' )I' /../I-N' 1/' C/1G' AT' */0M+1)K-'
M-BG+*)IMI'V-*B/M.+II-N'CR'"A$'+..0/+BG-IW'+*N'3/K-0*M-*1')*K/,K-M-*1')*'CLI)*-IIX'#1'-*N-+K/L0I'
1/' M+.' /L1' 1G-' )*1-0I-B1)/*' C-1Q--*' -K+,L+1)K-' +..0/+BG-I' +*N' CLI)*-II' I10+1-3R' P/0' .0/P)1' M+a)*3J'
1GLI' .0/./I)*3' ./1-*1)+,' )*1-0M-N)+1-' )*N)B+1/0I' C-1Q--*' AT' +*N' I10+1-3)B' d2#IX' >G-' I/B)+,mI/B)-1+,'
N)M-*I)/*' )I' B-*10+,' 1/' AG+0-N' ?+,L-J' QG),-' 1G-' -*K)0/*M-*1+,' N)M-*I)/*' )I' +' M-+*I' 1/' +11+)*' I/B)+,'
3/+,I'+*N',)B-*I-'1/'/.-0+1-X'#*'1G)I'I-*I-J')1I'1)-I'1/'"8',)-'Q)1G)*'1G-'S*-Q'B/*ILM-0ImLI-0U'.+0+N)3MJ'
+I')I')**/K+1)/*'+*N'N)I0L.1)K-'1-BG*/,/3)-IX'>G-0-')I'+'C-3)**)*3'/P'I/M-1G)*3'1G+1'B/L,N'0-I-MC,-'7">'
CL1' )I' +B1L+,,R' B,/I-0' 1/' ILI1+)*+C,-' IL..,R' BG+)*' M+*+3-M-*1' )*' 1G-' K+,L-' BG+)*' 0-\B/*B-.1)/*'
+..0/+BGJ' CL1' 1G-0-' +0-' */' 0/L*N-N' /L1' *-Q' CLI)*-II' M/N-,I' 1G+1' +0-' .0/./I-NJ' +1' ,-+I1' */1' )*' 1G-'
,)1-0+1L0-'1G+1'Q+I'B/*IL,1-NX''
>G-'1)M)*3'/P'1G-'-M-03-*B-'/P'1G-'AG+0-N'?+,L-'+..0/+BG')I')*1-0-I1)*3'V)*'+'I/\B+,,-N'S./I1\"A$U'-0+'
+*N'0)3G1'+C/L1'1G-'I+M-'1)M-'+I'"8WJ')*'1G-'I-*I-'1G+1')1'B+,,I'P/0'+'SBG+*3-')*'B+.)1+,)IMU'V)X-X='+'BG+*3-'
/P' -B/*/M)B' 1G)*a)*3' +*N' +B1)*3WJ' +*N' )I' 1G-0-P/0-' +' I)3*' 1G+1' M+*+3-M-*1' +*N' I10+1-3R' 3L0LI' G+K-'
)N-*1)P)-N'+'0-+,' *--N'P/0'S10+N)1)/*+,U'V/*-'M+R'-K-*'I+R=',)*-+0W'CLI)*-II'1/'BG+*3-X'>G-'I+M-'B+*'C-'
I+)N'/P'"8J'QG)BG'0-I1I'/*'+'.0-M)I-'1G+1'1G-0-'+0-',)M)1I'1/'-B/IRI1-MI'+*N'1G+1'1G-0-'-O)I1I'+'*--N'1/'
B0-+1-'*-Q'N-B/L.,)*3'M-BG+*)IMIJ'/*'C/1G'CLI)*-II'+*N'B/*ILM-0'I)N-IX'>G-'BG+*3-'1G+1')I'.0/./I-N'
CR'AG+0-N'?+,L-')I'M),N-0'1G+*'1G-'N)I0L.1)/*'.0/./I-N'CR'"8'+*N'M/0-')*'B/*1)*L)1R'Q)1G'+'*-Q'C0+*N'
/P'AT'/0'"A$J'*/1Q)1GI1+*N)*3'2/01-0'+*N'd0+M-0`I'N)I+II/B)+1)/*'Q)1G'C/1G'B/*B-.1IX'
;.8(25&%*)+,'-)-40+13&2(2+$%&'()*&+,'-.-/0+
>G-' B/*B-.1' +*N' +..,)B+1)/*I' /P' #*NLI10)+,' 8B/,/3R' P)1' Q-,,' )*1/' 1G-' Q)N-0' B/*B-.1'/P' "8X' #*N--NJ'
#*NLI10)+,' 8B/,/3R' -*B/L0+3-I'-*-03R' +*N' M+1-0)+,' P,/QI' +M/*3' )*NLI10)-I' )*' /0N-0' 1/' )*B0-+I-' 1G-'
-PP)B)-*BR'/P'1G-)0'LI-X'ARI1-MI'1G)*a)*3'+*N'0-I/L0B-'-PP)B)-*BR'+0-'B-*10+,')*'C/1G'B/*B-.1IX'!
,O53.838+F&-8('5+P329-.2%?%)%50+13&2(2+$%&'()*&+,'-.-/0++
82$'B+*'C-'I+)N' 1/' B/*I)I1'/P'1G-'P)0I1'+11-M.1'+1'+'IRI1-M+1)B'B,/I-N' ,//.'IRI1-M'Q)1G'+'.0)K+1-' +B1/0'
P/BLIJ')*'+BB/0N+*B-'Q)1G',-3)I,+1)K-'+*N'-B/*/M)B')*I10LM-*1IX'b/Q-K-0J')1I'-M.)0)B+,'P/BLI'/*'-*N\/P\
,)P-'P+),I'1/' +NN0-II' L.I10-+M' B/I1'0-NLB1)/*I' +*N'N/-I'*/1',)*a'Q-,,'Q)1G'-B/N-I)3*J'+,1G/L3G')1'IG/L,N'
1G-/0-1)B+,,R' C-' +' I10/*3' )*B-*1)K-' 1/' N-I)3*' /0' 0-N-I)3*' .0/NLB1I' P/0' C-11-0' -*K)0/*M-*1+,'
.-0P/0M+*B-X''
,'-832%4.+13&2(2+$%&'()*&+,'-.-/0+
8B/N-I)3*' )I' +' 1//,' 1G+1' +)MI' 1/' )M.,-M-*1'-*K)0/*M-*1+,' B/*I)N-0+1)/*I' )*1/' .0/NLB1' N-I)3*'+*N' )I'
/P1-*'LI-N')*'B/*]L*B1)/*'Q)1G'7"%X'"D"')I'+,I/'+'N-I)3*'+..0/+BG')*I.)0-N'CR'*+1L0-J'QG/I-'M+)*')N-+I'
M+R'+PP-B1'*/1'/*,R'.0/NLB1I'CL1'+,I/',+03-0')*NLI10)+,'IRI1-MIX'%I'Q)1G'7"%J'-B/N-I)3*'+I')1')I'3-*-0+,,R'
.0+B1)B-N' 1/N+R' )I' .0)M+0),R' C+I-N'/*' )M.0/K)*3' -PP)B)-*BRJ' +*N' B/L,N' VCL1' )I' */1' -O.,)B)1W' +C/L1'
S0-1G)*a)*3'1G-'Q+R'Q-'M+a-'1G)*3IUJ'+I')I'"D"`I'.0)M+0R'3/+,X'>GLIJ'+'N-I)3*'+..0/+BG'1G+1'Q/L,N'PLI-'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'i['
'
"D"' +*N' -B/N-I)3*J' -I.-B)+,,R' QG-*' )1' )I' C+I-N' /*' 7"%' 0-IL,1IJ' B/L,N' I-0K-' 1/J' -X3XJ' +K/)N' )M.+B1I'
N)I.,+B-M-*1J'QG),-'+,I/'B0-+1)*3'/../01L*)1)-I'P/0')**/K+1)/*'N)I0L.1)/*IX''
4.5 Caveats!
>G-'M+)*',)M)1+1)/*I'+II/B)+1-N'Q)1G'1G)I'./I)1)/*)*3'-O-0B)I-'+0-='
>G-'./I)1)/*)*3'Q+I'N/*-')*1-0*+,,R'+1'1G-'#7"'BG+)0'+*N')I'C+I-N'/*'-O)I1)*3'a*/Q,-N3-'+*N'/*'
-O.-01']LN3-M-*1X''
;/I1' B/*B-.1I' +0-' ML,1)N)M-*I)/*+,' +*N' -K/,K)*3' +*N' .0-I-*1' 0//M' P/0' )*1-0.0-1+1)/*X' >G)I'
3)K-I'0//M'P/0'K+0)+C,-'./I)1)/*)*3X'
#*'/0N-0'1/'M)*)M)Z-'./1-*1)+,'C)+I'+*N')M.0/K-'*-L10+,)1RJ'P)K-')*N)K)NL+,I'/P'1G-'#7"'"G+)0'Q-0-')*K/,K-N'
)*' 1G-' ./I)1)/*)*3X' (L01G-0M/0-J' 1G-' M+..)*3' +)MI' +1' B/G-0-*B-' +*N' LI-PL,*-IIJ' 0+1G-0' 1G+*' +1' +*'
+CI/,L1-'10L1GX'#1')I'*-K-01G-,-II')M./01+*1'1/'I10-II'1G+1'1G-'a*/Q,-N3-'IB/.-'+*N')*-K)1+C,-'C)+I-I'1G+1'
+0-')*G-0-*1'1/'1G-')*N)K)NL+,I'QG/'Q-0-')*K/,K-N')*'1G-'M+..)*3I'G+K-')*P,L-*B-N'1G-'P)*+,'0-IL,1IX'
A/B)+,'+*N'I/B)-1+,'+I.-B1I'VILBG'+I'-kL)1RJ']/C'B0-+1)/*J'-1BXWJ'1G-'LI-0mB/*ILM-0`I'.,+B-')*'"8'+I'
Q-,,'+I'/1G-0'B/*I)N-0+1)/*I'+0-'*/1')*B,LN-N')*'1G)I'./I)1)/*)*3'-O-0B)I-J'+*N'+0-'B/*I)N-0-N'1/'
C-',+Ba)*3')*'/0N-0'1/'PL,,R'L*N-0I1+*N'+,,'1G-')M.,)B+1)/*I'/P'"8'+*N')1I'+II/B)+1-N'B/*B-.1IX''
>G-'+*+,RI)I'/P'/1G-0'B/*B-.1I'VILBG'+I'C)/M)M)B0RW'Q/L,N'C0)*3'+*')*1-0-I1)*3',)3G1'/*'"8X'' '
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
5 Conclusions!and$perspectives!
%I' G+I' C--*' I--*J' "8' )I' +' ML,1)\,-K-,J' I/B)/\B/*I10LB1-N' B/*B-.1' 1G+1' B+*' -)1G-0' C-' B/*I)N-0-N' +'
.+0+N)3M'IG)P1J'+'*-Q'1//,C/OJ'+'B/*B-.1L+,'LMC0-,,+'/0'+'./01M+*1-+L'N)IB).,)*-X';+*R'-,-M-*1I'.,+R'
)*'"8`I'P+K/L0'+I'+'B/*B-.1'1G+1'B+*'B/*10)CL1-'1/'0-NLB)*3'B/M.+*)-I`')M.+B1I'/*'.,+*-1+0R',)M)1IJ'1/'+'
,-K-,'1G+1'Q/L,N'.-0M)1'1G-'+11+)*M-*1'/P'+'P/0M'/P'G/,)I1)B'+*N'0-I1/0+1)K-'ILI1+)*+C),)1RX'
%I' G+I' C--*' +M.,R' .0/K-*' 1G0/L3G/L1' 1G)I' 0-K)-QJ' "8' )I' +*' )N-+' /0' B/*B-.1' 1G+1' )I' BL00-*1,R' C-)*3'
N-K-,/.-NJ' Q)1G' M/K)*3' +*N' +N+.1+C,-'B/*1-*1' +I' Q-,,' +I'C,L00-N' C/L*N+0)-IX' >G-0-' )I' */' +CI/,L1-'
N-P)*)1)/*J'/0'10L1GJ'+C/L1'"8' 1G+1'B+*'C-'.)**-N'N/Q*'1/')1' +,/*-X'#1'P--NI'P0/M'ML,1).,-J'0)BG'I/L0B-I'
V"D"J'(L*B1)/*+,'8B/*/MRJ'#*NLI10)+,'8B/,/3RJ'-1BXW'+*N'+11-M.1I'1/'B0-+1-'+'.+,+1+C,-'P0+M-Q/0a'1G+1')I'
+110+B1)K-'P/0'CLI)*-II'+I'Q-,,'+I'+BB-.1+C,-'1/'A1+1-I'r'1G/L3G'BG+,,-*3)*3'P/0'C/1GX'^+I)B+,,R'I.0/L1)*3'
P0/M'1G-'I+M-' I/L0B-'+I' ILI1+)*+C,-'B/*ILM.1)/*' +*N' .0/NLB1)/*'VA"2WJ')1'*-K-01G-,-II'N)PP-0-*1)+1-I'
+*N'N)I1+*B-I')1I-,P'P0/M'+N]+B-*1'P)-,NI'1G+1'B/L,N'C-'/P'C-*-P)1'1/')1I'ILBB-IIX'@G+1-K-0'"8')IJ'/0'IG/L,N'
C-J' /0' -K-*1L+,,R' C-B/M-IJ' )I' 1G-' 0-IL,1' /P' *-3/1)+1-N'/0' +NK-0I+0)+,'I/B)+,' )*1-0+B1)/*IJ' I1--.-N' )*'
IB)-*B-'+I'Q-,,'+I')*'M+0a-1)*3'+*N',/CCR)*3'+B1)K)1)-IX'
%I'+'0-I./*I-'1/'0-I/L0B-'IB+0B)1R'+*N'-0/N)*3'.0/P)1IJ'"8'N/-I'+*'+N-kL+1-']/C'/P')*1-30+1)*3'+'CLI)*-II'
I-*I-')*1/'K+0)-N'+B+N-M)B'+*N'B/MM-0B)+,'+..0/+BG-IX'%I' +'L*)1-N'P0/*1'P/0N)*3'+G-+N'+*N'C0+*N)*3'
)1I-,P' +I' CLI)*-II`' 0-I./*I-' 1/' +' 3,/C+,' -B/*/M)B' B0)I)IJ' )1' M+*+3-I' 1/' /CIBL0-J' /0' )*' I/M-' B+I-I'
/C,)1-0+1-'B0LB)+,'I/B)-1+,' 1G-M-IJ' *+M-,R' -kL)1RJ' GLM+*'0)3G1IJ' +*N' ./K-01R' +,,-K)+1)/*'V)*'IG/01=' 1G-'
I/B)+,'N)M-*I)/*'/P'ATWX''
A/J'QG+1')I'"8`I'+NN-N'K+,L-u'#1'/PP-0I'+*')*1-30+1-N'P0+M-Q/0a'1/'/.-0+1)/*+,)Z-'AT`I'B/0-')N-+IJ')1'3)K-I'
+'I-B/*N'V+*N'.-0G+.IJ'MLBG'*--N-NW'Q)*N'1/'LI-PL,'B/*B-.1I'+*N'30-+1'1G)*a-0IJ'+*N')1'.+Ba+3-I')1'+,,'
)*'+*'-OB)1)*3'C0+*N)*3'1G+1')I'+MC)1)/LI'+*N'L*+./,/3-1)BX'#1I'I10/*3'r'+*N'kL+*1)P)-N'r'CLI)*-II'K)I)/*'
+*N')M.-BB+C,-'M+0a-1)*3'+0/LI-I')*1-0-I1'P0/M'M+*R'N)PP-0-*1'I1+a-G/,N-0Ig'+I'Q-,,J'M+*R'-O-M.,+0R'
1G/L3G1\,-+N-0I'+0-'-*N/0I)*3'"8X'#*'IG/01J')1' 3)K-I'G/.-'1/'1G-'CLI)*-II'B/MML*)1R'1G+1'+*'+*IQ-0'1/'
1G-'ILI1+)*+C),)1R'0)NN,-'G+I'C--*'P/L*NJ'+'Q+R'1/'P)*+,,R'C+,+*B-'+*N'PLI-'+,,'1G0--'/P'1G-'C+,+*B-'IG--1'
,)*-IX'#1')I'+,I/'+'1//,C/OJ'+'0/+NM+.J'+'N)0-B1)/*'+*N'+'BG--0,-+N-0X''
#I')1'0/CLI1'-*/L3G'1/'I1+*N'1G-'1-I1'/P')*1-30+1-N'B+I-'I1LN)-I'+1'+,,')M.,-M-*1+1)/*',-K-,Iu'"+*')1'.,+R'
Q-,,'+,/*3I)N-'/1G-0'B/*B-.1I'+*N'+..0/+BG-I'/0')I')1'I1+*N\+,/*-u'@),,')1'M+*+3-'1/')*1-30+1-'1G-'I/B)+,'
N)M-*I)/*'/0')I')1'+'N)-\G+0N'-B/B-*10)B'+..0/+BGu'@),,')1'C-'./II)C,-J'+PP/0N+C,-'+*N'0-,+1)K-,R'I)M.,-'1/'
+II-II' )1'+*N' M-+IL0-' )1I' .0/30-IIu' #I' )1' -*0)BG)*3' +*N' .0/.-,,)*3' LI-PL,' )N-+I' /0' )I' )1' +1' C-I1' BG-00R'
.)Ba)*3J' +*N' +1' Q/0I1' B+**)C+,)Z)*3')1`I' Q+R' 1/Q+0NI' B/*B-.1L+,' IL.0-M+BRu' #I' )1' +' M)0+3-' /0' +*' )N -+'
QG/I-'1)M-'G+I'B/M-u'>)M-J'0/CLI1'B+I-'I1LN)-I'+*N'+NN)1)/*+,',)1-0+1L0-'Q),,'B-01+)*,R'1-,,X''
'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'iF'
'
6 References!
%""8:>6$8'VD5E4WX'")0BL,+0'%NK+*1+3-X'#**/K+1)K-'^LI)*-II';/N-,I'+*N'>-BG*/,/3)-I'1/'"0-+1-'?+,L-')*'
+'@/0,N'Q)1G/L1'7)M)1I'1/'&0/Q1GJ'D4'.X''''
%778:J'"X'+*N'"796>bJ'AX'VD5EDWX'%'&L)N-C//a'1/'1G-'&0--*'8B/*/MRX'#IIL-'E='&0--*'-B/*/MRJ'&0--*'
30/Q1GJ'+*N'7/Q\B+0C/*'N-K-,/.M-*1rG)I1/0RJ'N-P)*)1)/*IJ'+*N'+'3L)N-'1/'0-B-*1'.LC,)B+1)/*IX'
T)K)I)/*' P/0' ALI1+)*+C,-' T-K-,/.M-*1J' T-.+01M-*1' /P' 8B/*/M)B' +*N' A/B)+,' %PP+)0IJ' 6*)1-N'
:+1)/*IJ':-Q'</0aJ'%L3LI1X''
%>8;#A' VD55hWX' 7wsB/*/M)-' N-' ,+' P/*B1)/**+,)1sJ' L*-' K/)-' ./L0' +01)BL,-0' NR*+M)kL-' -B/*/M)kL-' -1'
N-K-,/..-M-*1'NL0+C,-X'8*]-LO'-1'N-C+1IX'J'j4'.X''''
%6T8>J'$X'VD5EFWX'"/MML*)B+1)/*'.-0I/**-,,-X'xLw-I1\B-'kL-',+'10+*I)1)/*'sB/,/3)kL-u'%.0),'E5X''
^%A>8#:J' >XJ' $9879(AJ' 8XJ' $#8>?87TJ' 8X'+*N' b99&8:T99$:J' %X' VD5E4WX' 9../01L*)1)-I' P/0' +' ")0BL,+0'
8B/*/MR')*'1G-':-1G-0,+*NIX'T-,P1J'>G-':-1G-0,+*NI'903+*)I+1)/*'P/0'%..,)-N'AB)-*1)P)B'$-I-+0BG'
V>:9WJ'E5H'.X''''
^8$:%6T9:J'AX'VD5E4WX'>G-'*+1)/*+,'I10+1-3R'/P'-B/,/3)B+,'10+*I)1)/*'1/Q+0NI'ILI1+)*+C,-'N-K-,/.M-*1X'
>0+*IP/0M+1)K-' -*K)0/*M-*1+,' +*N' ILI1+)*+C),)1R' ./,)BR=' *-Q' 1G-M+1)B' )IIL-IJ' +B1/0'
B/*I1-,,+1)/*I' +*N' 3/K-0*+*B-' M/N-IX' EE1G' 8AT:' @/0aIG/.J' ^-0,)*.X' y9*,)*-zX' %K+),+C,-=''
G11.=mmQQQXIN\*-1Q/0aX-Lm.NPmN/B{Q/0aIG/.ImD5E4'C-0,)*m.0-I-*1+1)/*ImT%<'
>@9{F{^-0*+LN/*X.NP'''
^Y|$:J'%X'+*N'b%6A"b#7TJ';XfX'VD5E[WX'%CI/,L1-'K-0ILI'0-,+1)K-'-*K)0/*M-*1+,'ILI1+)*+C),)1RX'Y/L0*+,'/P'
#*NLI10)+,'8B/,/3R'EjVDW'.X[DE\[[DX''
^9$J' %X\;XJ' b%:A8:J' dXJ' &98Td992J' ;XJ' $#?#}$8J' %XJ' %7?%$%T9J' "X' -1'@#>>8:^98$J' @X' VD5EEWX'
6I+C),)1R'/P'7)P-'"RB,-'%II-IIM-*1'P/0'"0+N,-\1/\B0+N,-'.L0./I-IX'610-BG1J':7'%3-*BRJ'M)*)I10R'/P'
#*P0+I10LB1L0-' +*N' 1G-' 8*K)0/*M-*1J' 4E' .X' y9*,)*-zX' %K+),+C,-='
G11.=mmQQQX0K/X*,mI)1-ImN-P+L,1mP),-ImC)],+3-*m2/I)1)/*{.+.-0{6I+C),)1R{/P{7"%{P/0{"D"{.L0./
I-I\X.NP'
^967T#:&J' dX8X' VEHiiWX' >G-' 8B/*/M)BI' /P' 1G-' "/M)*3' A.+B-IG).' 8+01GX' 8*K)0/*M-*1+,' xL+,)1R' )*' +'
&0/Q)*3' 8B/*/MRX' bX' Y+00-11X' ^+,1)M/0-J' $-I/L0B-I' P/0' 1G-' (L1L0-mY/G*I' b/.a)*I' 6*)K-0I)1R'
20-II=!.X'[\E4X'
^9?8%J';XTX'+*N'2~$8f\^87#AJ'?X'VD5EDWX'%'1+O/*/MR'/P'-B/N-I)3*'1//,I'P/0')*1-30+1)*3'-*K)0/*M-*1+,'
0-kL)0-M-*1I')*1/'1G-'.0/NLB1'N-I)3*'.0/B-IIX'Y/L0*+,'/P'",-+*-0'20/NLB1)/*'D5VEW'.XiE\jEX''
^$%6:&%$>J';XJ';"T9:96&bJ'@X'+*N'^977#:&8$J'%X'VD55jWX'"0+N,-\1/\B0+N,-'N-I)3*='B0-+1)*3'G-+,1GR'
-M)II)/*Ir+'I10+1-3R'P/0'-B/\-PP-B1)K-'.0/NLB1'+*N'IRI1-M'N-I)3*X'Y/L0*+,'/P'B,-+*-0'.0/NLB1)/*'
EFVE[W'.XE[[j\E[4hX''
^6>>8$@9$>bJ'YXJ'^78$#9>J'YXJ'fb6J'TXJ'%6d8:J'#XJ'@#Yd;%:J'%XJ'8d#:AJ'2XJ'A>%b87J'@X$XJ'^$%6:&%$>J'
;XJ' 7%"<J' 2XJ' b8:T$#"dAJ' ^XJ' ^$%%;J' &XJ' ?%:' T8$' 27%AJ' %X'+*N' "$%;8$J' YX' VD5E4WX' A.-B)+,'
I-B1)/*='1/Q+0NI'+'B)0BL,+0'-B/*/MRX'8L0/.-`I'@/0,N'ALMM-0'D5E4V&0--*-0'8L0/.-W'.X4j\ijX''
"%$A9:J'$X'VEHiDWX'A),-*1'A.0)*3X'&0--*Q)BGJ'"/**-B1)BL1J'(+QB-11'2LC,)B+1)/*IX''''
"b8$>9@J';X$X'VD555WX'#*NLI10)+,'IRMC)/I)I=',)1-0+1L0-'+*N'1+O/*/MRX'%**L+,'0-K)-Q'/P'-*-03R'+*N'1G-'
-*K)0/*M-*1'DFVEW'.X[E[\[[jX''
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
"#;%>9J' (X'+*N' ;677%:J' ;X' VD5E5WX' %N+.1)*3' 1/' B,)M+1-' BG+*3-=' +*+,RI)*3' 1G-' 0/,-' /P' 3/K-0*M-*1X'
T-.+01M-*1'P/0'8*K)0/*M-*1J'(//N'+*N'$L0+,'%PP+)0I'VT8($%WJ'7/*N/*J'6dX''
"#$%#&'VD5EFWX'7"%' +*N' 7)P-' "RB,-' >G)*a)*3J' y9*,)*-zX' G11.=mmQQQXB)0+)3X/03mP0m+BKX.G.'V2+3-'B/*IL,1-N'
/*'%.0),'EjWX'
"#$"78'8"9:9;<'+*N'2&&;'VD5E4WX'")0BL,+0)1R'%II-IIM-*1'P/0'903+*)Z+1)/*I='T0+P1'#*N)B+1/0I'KX'5XDJ'D['
.X''''
"#$"78'8"9:9;<'+*N'$%^9^%:d'VD5E4WX'%30)'l'(//N'I-B1/0X'%MI1-0N+MJ'E4'.X''''
"$%T78\>9\"$%T78'2$9T6">A' #::9?%>#9:' #:A>#>6>8' VD5E4WX' %C/L1' 1G-' #*I1)1L1-J' y9*,)*-zX'
G11.=mmQQQXBDBB-01)P)-NX/03m+C/L1'V2+3-'B/*IL,1-N'/*'%.0),'D['WX'
T$9:J'TXJ'($%:"xJ'>XJ'8T;8J'$XJ';%AA~J'8X'+*N'"~78A>#:\6$^%#:J'YX'VD5E[WX'@G)1-'.+.-0'/*'P)*+*B)*3'
-B/,/3)B+,' 10+*I)1)/*X' ;/C),)I)*3' .0)K+1-' P)*+*B-' P/0' 8B/,/3)B+,' >0+*I)1)/*X'(0+*B-J' T)0-B1/0+1-'
&-*-0+,'/P'1G-'>0-+IL0R'+*N'9PP)B-'/P'1G-'"/MM)II)/*-0'&-*-0+,'P/0'ALI1+)*+C,-'T-K-,/.M-*1X''''
8TT8"' VD5E4WX' 7wsB/*/M)-' B)0BL,+)0-J' y9*,)*-zX' G11.=mm)*I1)1L1-NN-BX/03m,)*I1)1L1mkL-I1\B-\kL-\
,-B/*/M)-\B)0BL,+)0-m'V2+3-'B/*IL,1-N'/*';+0BG'D4WX'
88%' VD5E4WX' @-,,\C-)*3' +*N' 1G-' -*K)0/*M-*1X' ^L),N)*3' +' 0-I/L0B-\-PP)B)-*1' +*N' B)0BL,+0' -B/*/MR' )*'
8L0/.-X'"/.-*G+3-*J'8L0/.-+*'8*K)0/*M-*1'%3-*BR'V88%WJ'FD'.X''''
88%' VD5EFWX' &0--*' -B/*/MRJ' y9*,)*-zX' G11.=mmQQQX--+X-L0/.+X-LmI/-0\D5EFm-L0/.-m30--*\-B/*/MR'
V2+3-'B/*IL,1-N'/*';+0BG'DFWX'
8d#:AJ' 2X'+*N' 78;%#$8J' qX' VD5EDWX' ALI1+)*+C,-' "/*ILM.1)/*' +*N' 20/NLB1)/*' P/0' 2/K-01R' %,,-K)+1)/*X'
2+0)IJ' 6*)1-N' :+1)/*I' 8*K)0/*M-*1' 20/30+MM-' V6:82WJ' j5' .X' y9*,)*-zX' %K+),+C,-=''
G11.=mmQQQXL*-.X/03m0-I/L0B--PP)B)-*BRm2/01+,ImD4E4jmIB.m*+.m.NPmT>#OEFEFO2%\
A"2P/02/K-01R%,,-K)+1)/*X.NP'
8778:' ;%"%$>b6$' (96:T%>#9:' VD5EEWX' 2/)*1' /P' K)-Q=' @+,1-0' A1+G-,' /*' 1+O+1)/*J' y9*,)*-zX'
G11.=mmQQQX-,,-*M+B+01GL0P/L*N+1)/*X/03mB)0BL,+0\-B/*/MRm-O.,/0-\M/0-mQG+1\1G-\-O.-01I\
I+Rm./)*1\/P\K)-Q\Q+,1-0\I1+G-,\/*\1+O+1)/*'V2+3-'B/*IL,1-N'/*'%.0),'DjWX'
8778:' ;%"%$>b6$' (96:T%>#9:' VD5ED+WX' #*1-0+B1)K-' IRI1-M' N)+30+MJ' y9*,)*-zX'
G11.=mmQQQX-,,-*M+B+01GL0P/L*N+1)/*X/03mB)0BL,+0\-B/*/MRmB)0BL,+0\-B/*/MRm)*1-0+B1)K-\
IRI1-M\N)+30+M'V2+3-'B/*IL,1-N'/*';+0BG'D4WX'
8778:' ;%"%$>b6$' (96:T%>#9:' VD5EDCWX' d+,L*NC/03' ARMC)/I)IJ' y9*,)*-zX'
G11.=mmQQQX-,,-*M+B+01GL0P/L*N+1)/*X/03mB+I-{I1LN)-Ima+,L*NC/03\IRMC)/I)I' V2+3-'B/*IL,1-N'
/*'%.0),'D[WX'
8778:' ;%"%$>b6$' (96:T%>#9:' VD5E[+WX' >G-' B)0BL,+0' M/N-,' \' +*' /K-0K)-QJ' y9*,)*-zX'
G11.=mmQQQX-,,-*M+B+01GL0P/L*N+1)/*X/03mB)0BL,+0\-B/*/MRmB)0BL,+0\-B/*/MRm1G-\B)0BL,+0\
M/N-,\+*\/K-0K)-Q'V2+3-'B/*IL,1-N'/*';+0BG'D4WX'
8778:' ;%"%$>b6$' (96:T%>#9:' VD5E[CWX' 8B/*/M)B' +*N' CLI)*-II' 0+1)/*+,-' P/0' +*' +BB-,-0+1-N'
10+*I)1)/*XJ'8,,-*';+B%01GL0'(/L*N+1)/*J'Hi'.X''''
8778:' ;%"%$>b6$' (96:T%>#9:' VD5E4WX' %BB-,-0+1)*3' 1G-' IB+,-\L.' +B0/II' 3,/C+,'IL..,R' BG+)*IJ' 8,,-*'
;+B%01GL0'(/L*N+1)/*J'ji'.X''''
8778:' ;%"%$>b6$' (96:T%>#9:J' &$%:>%' T8A#&:'+*N' 7#(8' VD5EF+WX' ")0BL,+0)1R' #*N)B+1/0I'
;-1G/N/,/3RJ'Hh'.X''''
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'ij'
'
8778:' ;%"%$>b6$' (96:T%>#9:J' &$%:>%' T8A#&:'+*N' 7#(8' VD5EFCWX' ")0BL,+0)1R' #*N)B+1/0I' 20/]-B1'
9K-0K)-QJ'D4'.X''''
8778:' ;%"%$>b6$' (96:T%>#9:J' &$%:>%' T8A#&:'+*N' 7#(8' VD5EFBWX' ")0BL,+0)1R' #*N)B+1/0IX' %*'
%..0/+BG'1/';-+IL0)*3'")0BL,+0)1RX'20/]-B1'9K-0K)-QXJ'E5'.X''''
8$d;%:J'AX'VD55EWX' #*NLI10)+,'-B/,/3R='+' *-Q' .-0I.-B1)K-'/*'1G-'PL1L0-' /P'1G-')*NLI10)+,'IRI1-MX' AQ)II'
M-N)B+,'Q--a,R'E[EV[j\[hW'.XF[E\F[hX''
8$d;%:J'AX'VD55DWX'>G-'0-B-*1'G)I1/0R'/P')*NLI10)+,'-B/,/3RX'%'G+*NC//a'/P'#*NLI10)+,'8B/,/3RX'$X6X'%R0-I'
+*N'7X@X'%R0-IX'"G-,1-*G+MJ'6XdXJ'8NQ+0N'8,3+0'2LC,)IG)*3'7)M)1-N=!.X'Dj\[FX'
86$928%:'2%$7#%;8:>'VD5EFWX'xL-I1)/*I'.+0,-M-*1+)0-IX'9C]-1='%C+*N/*'NL'.+kL-1'IL0',wsB/*/M)-'
B)0BL,+)0-' N+*I' ,-'.0/30+MM-' N-' 10+K+),' N-' ,+' "/MM)II)/*' ./L0' D5EFJ' y9*,)*-zX'
G11.=mmQQQX-L0/.+0,X-L0/.+X-LmI)N-Im3-1T/BXN/u1R.-t@xl0-P-0-*B-t8\D5EF\
55EEHhl,+*3L+3-t($'V2+3-'B/*IL,1-N'/*'%.0),'DDWX'
(%6$8\;#778$J' <X' VD5E4WX' (0-*BG' *+1)/*+,' -O.-0)-*B-' )*' 0-I/L0B-' -PP)B)-*BRJ' .X' y9*,)*-zX' %K+),+C,-=''
G11.=mm-BX-L0/.+X-Lm10+*I.+0-*BRm0-3-O.-01m)*N-OXBPMuN/t30/L.T-1+),X30/L.T-1+),T/Bl)NtE5
DjEl*/tF'
(8$:%:T8fJ' TX^XJ' 28>#>J' #X'+*N' 7%:"#:#J' %X' VD5E4WX' 7`8B/*/M)-' ")0BL,+)0-=' xL-,,-I' M-IL0-I' N-' ,+'
2-0P/0M+*B-'8B/*/M)kL-J'8*K)0/**-M-*1+,-'-1'A/B)+,-X'2+0)IJ'Di'.X''''
(#A"b8$\d9@%7Ad#J' ;X' VD55DWX' 8O.,/0)*3'1G-'G)I1/0R'/P' )*NLI10)+,' M-1+C/,)IMX' b+*NC//a' /P'#*NLI10)+,'
8B/,/3RX'$X6X' %R0-I'+*N'7X@X'%R0-IX'"G-,1-*G+MX6dXJ'8NQ+0N'8,3+0'2LC,)IG)*3'7)M)1-NX'D=!.X'Ei\
DiX'
(6$:8AAJ';XJ'A"b97fJ'#X'+*N'&6%$•:J'%X'VD5EDWX'b)I1/0R'0-.-+1Iu='1G-'0)I-'/P'1G-'*-Q'M)NN,-'B,+II-I')*'
1G-'N-K-,/.)*3'Q/0,NJ'E\4'.X''''
&%&7#9J' &XJ' 7%6$#97J' YX'+*N' T6' >8$>$8J' "X' VD5EEWX' 7wsB/*/M)-' N-' ,+' P/*B1)/**+,)1sJ' L*-' K/)-' ./L0'
+01)BL,-0'NR*+M)kL-'sB/*/M)kL-'-1'NsK-,/..-M-*1'NL0+C,-X''
&T$"' VD5EFWX' ALI1+)*+C),)1R' "/*B-.1I=' #*NLI10)+,' 8B/,/3RJ' y9*,)*-zX'
G11.=mmQQQX3N0BX/03mILI1N-KmB/*B-.1ImEi\,\-B/XG1M,'V2+3-'B/*IL,1-N'/*';+0BG'DFWX'
&87T$9:J'%X'VD5E[WX'~B/*/M)-'B)0BL,+)0-='*/1)/*IX'%*3-0IJ'%3-*B-'N-',w8*K)0/**-M-*1'-1'N-',+';+€10)I-'
N-',w8*-03)-'V%T8;8WJ'H'.X''''
&8:T$9:J'"X'VD55FWX'7-'xLsC-B'•',w‚0-'NL'NsK-,/..-M-*1'NL0+C,-X'9.1)/*I'2/,)1)kL-I'DiViW'.XD5\DFX''
&7%T8dJ'8X'VD5E4WX'2+Ba+3)*3')*'+'B)0BL,+0'-B/*/MRJ'")0B,-'8B/*/MR'+*N';-1+C/,)BJ'[D'.X''''
&79^%7' (99>2$#:>' :8>@9$d' VD5EFWX' @/0,N' (//1.0)*1J' y9*,)*-zX'
G11.=mmQQQXP//1.0)*1*-1Q/0aX/03m-*m)*N-OX.G.m&(:m.+3-mQ/0,N{P//1.0)*1m' V2+3-' B/*IL,1-N'
/*'%.0),'DhWX'
&9?8$:;8:>'9('>b8':8>b8$7%:TA'VD5E4WX'd*/Q,-N3-'M+.'P/0'B)0BL,+0'-B/*/MRJ'hh'.X''''
&6#:88J' YX^XJ' b8#Y6:&AJ' $XJ' b6228AJ' &XJ' f%;%&:#J' %XJ' ;%A9:#J' 2XJ' ^69:%;#"#J' $XJ' 8d?%77J' >X' -1'
$<T^8$&J'>X'VD5E5WX'7)P-'BRB,-'+II-IIM-*1='.+I1J'.0-I-*1J'+*N'PL1L0-ƒX'8*K)0/*M-*1+,'IB)-*B-'l'
1-BG*/,/3R'4FVEW'.XH5\HiX''
b%$$#A9:J'^X'VEHHDWX'#*NLI10)+,'T)I10)B1I='9,N'@)*-')*':-Q'^/11,-Iu'$-3)/*+,'A1LN)-I'DiVFW'.X4iH\4h[X''
b8:$#x68AJ' %X'+*N' $#"b%$TA9:J' YX' VD554WX' >G-' 10).,-' C/11/M' ,)*-=' T/-I' )1' +,,' +NN' L.X' 7/*N/*J'
8+01GIB+*J'Eh5'.X'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
#""8' VD5EFWX' T-P)*)1)/*J' #M.,-M-*1+1)/*' "-*10-' P/0' ")0BL,+0' 8B/*/MR' V#""8WJ' y9*,)*-zX'
G11.=mmC-B)0BL,+0X-LmB)0BL,+0\-B/*/MRmG/Qm'V2+3-'B/*IL,1-N'/*';+0BG'D4WX'
#;A%' VD5E[WX' 6*,-+IG)*3' 1G-' ./Q-0' /P' 1G-' B)0BL,+0'-B/*/MRX' %MI1-0N+M' +*N' ")0B,-' 8B/*/MRJ' #;A%'
%MI1-0N+MJ'4j'.X''''
#:T#&9'T8?8792;8:>'VD55FWX'20/NLB1'7)P-\8O1-*I)/*'+*N'1G-'A-0K)B-'/0'(L*B1)/*+,'8B/*/MRJ'y9*,)*-zX'
G11.=mmQQQX)*N)3/N-KXB/MmA1+G-,XG1M,'V2+3-'B/*IL,1-N'/*'%.0),'DDWX'
#:A>#>6>' T8' 7w~"9:9;#8' "#$"67%#$8' VD5E[WX' xLw-I1\B-' kL-' ,wsB/*/M)-' B)0BL,+)0-' u' J' #*I1)1L1' N-'
,wsB/*/M)-' B)0BL,+)0-J' y9*,)*-zX' G11.=mmQQQX)*I1)1L1\-B/*/M)-\B)0BL,+)0-XP0mxL\-I1\B-\kL-\,\
-B/*/M)-\B)0BL,+)0-{+[iEXG1M,'V2+3-'B/*IL,1-N'/*';+0BG'DiWX'
#A#8' VD5EFWX' b)I1/0R'/P'1G-'#A#8J' #*1-0*+1)/*+,'A/B)-1R' /P'#*NLI10)+,' 8B/,/3R' V#A#8WJ'y9*,)*-zX' B/*IL,1s-',-'
;+0BG'D5EFWX'
Y%"9^AJ' 2X'+*N' A%T78$J' ^X' VEHH5WX' ALI1+)*+C,-' N-K-,/.M-*1' +*N' -*K)0/*M-*1+,' +II-IIM-*1='
.-0I.-B1)K-I' /*' .,+**)*3' P/0' +' B/MM/*' PL1L0-X' bL,,J' xL-C-BJ' "+*+N)+*' 8*K)0/*M-*1+,'
%II-IIM-*1'$-I-+0BG'"/L*B),'V"8%$"WX'
d:#&b>J' 2X'+*N' Y8:d#:AJ' YX9X' VD55HWX' %N/.1)*3' +*N' +..,R)*3' -B/\N-I)3*' 1-BG*)kL-I=' +' .0+B1)1)/*-0I'
.-0I.-B1)K-X'Y/L0*+,'/P'",-+*-0'20/NLB1)/*'EjVFW'.XF4H\FFhX''
d$%6A;%::J'(XJ'&#:&$#"bJ'AXJ'8#A8:;8:&8$J':XJ'8$^J'dX\bXJ'b%^8$7J'bX'+*N'(#A"b8$\d9@%7Ad#J';X'
VD55HWX'&0/Q1G')*'3,/C+,'M+1-0)+,I'LI-J'&T2'+*N'./.L,+1)/*'NL0)*3'1G-'D51G'B-*1L0RX'8B/,/3)B+,'
8B/*/M)BI'ihVE5W'.XDiHi\Dj5FX''
7%AA%6qJ';X' VD5EFWX' 8B/*/M)-'")0BL,+)0-'-1' ./,)1)kL-I' -L0/.s-**-IX';/*10s+,J'#*I1)1L1'8TT8"' -1' b8"'
;/*10s+,:!FhX'
7#(8' "<"78' #:#>#%>#?8' VD5E[WX' @G+1' )I' ,)P-' BRB,-' 1G)*a)*3uJ' 6:82\A8>%"J' y9*,)*-zX'
G11.=mmQQQX,)P-BRB,-)*)1)+1)K-X/03mI1+01)*3\,)P-\BRB,-\1G)*a)*3mQG+1\)I\,)P-\BRB,-\1G)*a)*3m' V2+3-'
B/*IL,1-N'/*';+0BG'[EWX'
7#(A8>J' $XJ' %>%A6J' %X'+*N' >9Y9J' :X' VD5E[WX' 8O1-*N-N' 20/NLB-0' $-I./*I)C),)1RX' Y/L0*+,' /P' #*NLI10)+,'
8B/,/3R'EjVDW'.XEiD\EiiX''
7#:Tbx?#A>J' >X' VEHHDWX' 8O1-*N-N' 20/NLB-0' $-I./*I)C),)1R' +I' +' A10+1-3R' 1/' 20/M/1-' ",-+*-0' 20/NLB1IX'
7L*NJ'T-.+01M-*1'/P'#*NLI10)+,'8*K)0/*M-*1+,'8B/*/M)BIJ'7L*N'6*)K-0I)1RJ'HEhhH5DE[jJ'E\F'.X''''
7#:Tbx?#A>J' >X' VD555WX' 8O1-*N-N' .0/NLB-0' 0-I./*I)C),)1R' )*' B,-+*-0' .0/NLB1)/*=' 2/,)BR' .0)*B).,-' 1/'
.0/M/1-'-*K)0/*M-*1+,')M.0/K-M-*1I'/P'.0/NLB1'IRI1-MIJ'7L*N'6*)K-0I)1RJ'EjF'.X'
76>>$922J' "X'+*N' 7%&8$A>8T>J' YX' VD55iWX' 8B/T-I)3*' +*N' >G-' >-*' &/,N-*' $L,-I=' 3-*-0)B' +NK)B-' P/0'
M-03)*3'-*K)0/*M-*1+,'+I.-B1I')*1/'.0/NLB1'N-K-,/.M-*1X'Y/L0*+,'/P'",-+*-0'20/NLB1)/*'E4VEF\
EiW'.XE[Hi\E45hX''
;^T"'VD5EDWX'"/.R0)3G1J'y9*,)*-zX'G11.=mmBDB.0/NLB1IXB/Mm"/.R0)3G1X+I.O'V2+3-'B/*IL,1-N'/*'%.0),'DjWX'
;8%T9@AJ' TXbXJ' ;8%T9@AJ' TX7XJ' $%:T8$AJ' YX'+*N' ^8b$8:AJ' @X@X' VEHjDWX' >G-' ,)M)1I' 1/' 30/Q1GX'
b+MCL03J'",LC'N-'$/M-'2LC,)B+1)/*IJ'D5i'.X'
;#$%^877%J' :XJ' "%A>877%:#J' ?X'+*N' A%7%J' AX' VD5E4WX' "L00-*1' /.1)/*I' P/0' 1G-' K+,/0)Z+1)/*' /P' P//N'
M+*LP+B1L0)*3'Q+I1-='+'0-K)-QX'Y/L0*+,'/P'",-+*-0'20/NLB1)/*'iF'.XDh\4EX''
:%6A>T%7A7#TJ'YX'VD5E4WX'")0BL,+0'-B/*/MR')*'"G)*+'r'1G-'-*K)0/*M-*1+,'N)M-*I)/*'/P'1G-'G+0M/*)/LI'
I/B)-1RX'#*1-0*+1)/*+,'Y/L0*+,'/P'ALI1+)*+C,-'T-K-,/.M-*1'l'@/0,N'8B/,/3R'DEV4W'.X[5[\[E[X''
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'iH'
'
:&6<8:J'bXJ'A>6"b>8<J';X'+*N'f#7AJ';X'VD5E4WX'$-M+a)*3'1G-')*NLI10)+,'-B/*/MRJ';Bd)*I-R'xL+01-0,RJ'
y9*,)*-zX'
G11.=mmQQQXMBa)*I-RXB/Mm#*I)3G1Im;+*LP+B1L0)*3m$-M+a)*3{1G-{)*NLI10)+,{-B/*/MRuB)NtM+
*LP+B1L0)*3\-M,\+,1\Mak\MBa\/1G\E45D'V2+3-'B/*IL,1-N'/*'%.0),'DjWX'
:#7AA9:\7#:T~:J' bXJ' ^%6;%::J' bXJ' $9A~:J' ;X'+*N' T#8T$#"bJ' %X' VD5E4WX' 903+*)Z)*3' ,)P-' BRB,-'
M+*+3-M-*1' )*' .0+B1)B-=' BG+,,-*3-I' /P' +' ML,1)*+1)/*+,' M+*LP+B1L0)*3' B/0./0+1)/*X' >G-'
#*1-0*+1)/*+,'Y/L0*+,'/P'7)P-'"RB,-'%II-IIM-*1X''
:9$@8&#%:';#:#A>$<'(9$'>b8'8:?#$9:;8:>'VEHH4WX'>G-'#M.-0+1)K-'/P'ALI1+)*+C,-'20/NLB1)/*'+*N'
"/*ILM.1)/*J'y9*,)*-zX'B/*IL,1s-',-'%.0),'DEWX'
9wT8%J' dX' VD5EFWX' b/Q' .+Ba+3)*3' .,+RI' )*' 1G-' B)0BL,+0' -B/*/MRJ' y9*,)*-zX'
G11.=mmQQQX30--*C)ZXB/Mm+01)B,-mG/Q\B)0BL,+0\-B/*/MR\.,+RI\/L1\.+Ba+3)*3' V2+3-' B/*IL,1-N'
/*'%.0),'EFWX'
98"T' VD5EFWX' 8O1-*N-N' 20/NLB-0' $-I./*I)C),)1RJ' 98"TJ' y9*,)*-zX' G11.=mmQQQX/-BNX/03m-*Km1//,I\
-K+,L+1)/*m-O1-*N-N.0/NLB-00-I./*I)C),)1RXG1M'V2+3-'B/*IL,1-N'/*';+R'D5WX'
2%AA8>J'$X'VEHHjWX'7-'NsK-,/..-M-*1'NL0+C,-='T-',+'10+*IN)IB).,)*+0)1s'•',+'0-I./*I+C),)1sX'"/*30‚I'N-'
7/B+0*/J'[5'+K0),'\'D'M+)'EHHj.X''''
28%$"8J' %X'+*N' @%7$%>bJ' 7X' VD55hWX' T-P)*)1)/*I' /P' ALI1+)*+C),)1R' P0/M' 1G-' 7)1-0+1L0-X' ALI1+)*+C,-'
P+B),)1)-I'+*N')*P0+I10LB1L0-X'&-/03)+'#*I1)1L1-'/P'>-BG*/,/3RJ'%1,+*1+X''
29$>8$J';X8XJ'b#77AJ'&XJ'2(#>f8$J';XJ'2%>A"b8d8J'AX'+*N'b%@d#:AJ'8X'VD5EEWX';-+IL0)*3'AG+0-N'?+,L-X'
b/Q'1/'6*,/Ba'?+,L-'CR'7)*a)*3'A/B)+,'+*N'^LI)*-II'$-IL,1I''.XE5\EEX''
29$>8$J';X8X'+*N'd$%;8$J';X$X'VD5EEWX'"0-+1)*3'IG+0-N'K+,L-X'b+0K+0N'CLI)*-II'0-K)-Q'hHVEmDW'.XiD\
jjX''
2$9T6">' 7#(8' #:A>#>6>8' VD5E[WX' "0+N,-\1/\B0+N,-J' y9*,)*-zX' G11.=mmQQQX.0/NLB1\,)P-X/03m-*mB0+N,-\1/\
B0+N,-'V2+3-'B/*IL,1-N'/*'%.0),'D[WX'
$%dA#>J'%X'VD5E4WX'%G-+N'/P'1G-'BL0K-'\'>G-'")0BL,+0'8B/*/MRX'7/*N/*J'"/0./0+1-'")1)Z-*IG).J'E4'.X''''
$8::8$J'&X>X'VEH4jWX'&-/30+.GR'/P')*NLI10)+,',/B+,)Z+1)/*X'8B/*/M)B'&-/30+.GR''.XEij\EhHX''
$9>;%:AJ' YXJ' d8;2J' $X'+*N' ?%:' %AA87>J' ;X' VD55EWX' ;/0-' -K/,L1)/*' 1G+*' 0-K/,L1)/*=' 10+*I)1)/*'
M+*+3-M-*1')*'.LC,)B'./,)BRX'P/0-I)3G1'[VEW'.XEF\[EX''
A"b8:d8$J' 6XJ' 8A2#:9f%\9$#%AJ' :X'+*N' 2929?#"J' TX' VD5E4WX' 8B/N8q=' %' I)M.,)P)-N' -B/N-I)3*' 1//,' 1/'
)M.0/K-' 1G-' -*K)0/*M-*1+,' .-0P/0M+*B-' /P' .0/NLB1' N-K-,/.M-*1' )*' 1G-' P//N' )*NLI10RX'
20/B--N)*3I' /P' 1G-' H1G' #*1-0*+1)/*+,' "/*P-0-*B-' /*' 7)P-' "RB,-' %II-IIM-*1' )*' 1G-' %30)\(//N'
A-B1/0X'
Ab%$8T' ?%768' VD5EFWX' @G+1' )I' AG+0-N' ?+,L-uJ' y9*,)*-zX' G11.=mmIG+0-NK+,L-X/03m+C/L1\IG+0-N\K+,L-'
V2+3-'B/*IL,1-N'/*';+0BG'[EWX'
A>%b87J'@X$X'VD5E5WX'>G-'2-0P/0M+*B-'8B/*/MRJ'2+,30+K-';+B;),,+*J'[4H'.X'
A>%b87J' @X$X' VD5E[+WX' >G-' (/L01G' 2),,+0=' %..,R)*3' 1G-' 20)*B).,-I' /P' 1G-' ")0BL,+0' 8B/*/MRA1/Ba'
;+*+3-M-*1'+*N'"+0)*31/'2-/.,-'+I'+'$-I/L0B-X'7)P-'+*N'2-*I)/*IJ' >G-' &-*-K+'%II/B)+1)/*'
V>G-'#*1-0*+1)/*+,'%II/B)+1)/*'P/0'1G-'A1LNR'/P'#*IL0+*B-'8B/*/M)BIW';+0BG'D5E[VFDW'.XE\4X''
A>%b87J' @X$X' VD5E[CWX' >G-' (L*B1)/*+,' 8B/*/MR=' "L,1L0+,' +*N' 903+*)Z+1)/*+,' "G+*3-J' y9*,)*-zX'
G11.=mmQQQX.0/NLB1\,)P-X/03m-*m+0BG)K-m1G-\PL*B1)/*+,\-B/*/MR\BL,1L0+,\+*N\/03+*)Z+1)/*+,\
BG+*3-'V2+3-'B/*IL,1-N'/*'%.0),'DDWX'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
A>%b87J' @X$X' VD5E[BWX'@-,B/M-' 1/' >G-' 20/NLB1\7)P-' #*I1)1L1-J' y9*,)*-zX' G11.=mmQQQX.0/NLB1\,)P-X/03m'
V2+3-'B/*IL,1-N'/*'%.0),'D[WX'
A>%b87J' @X$X' VD5EFWX' (0/M' @+I1-' 1/' $-I/L0B-I' \' 3/)*3' 1G-' /../I)1-' Q+R' /P' 1G-' #*NLI10)+,' 8B/*/MRX'
$8A96$"8J'7/*N/*X'
A6A>%#:%^78' 2$9T6">#9:' %:T' "9:A6;2>#9:' VD5EFWX' ALI1+)*+C,-' 20/NLB1)/*' +*N' "/*ILM.1)/*J'
y9*,)*-zX' G11.=mmQQQX]/L0*+,IX-,I-K)-0XB/MmILI1+)*+C,-\.0/NLB1)/*\+*N\B/*ILM.1)/*m' V2+3-'
B/*IL,1-N'/*'%.0),'DWX'
>b8' (9$6;' 9(' <96:&' &79^%7' 78%T8$A' VD5EFWX' 9L0' K)I)/*J' y9*,)*-zX'
G11.=mmQQQX1G-B)0BL,+0IX/03m1+IaP/0B-XG1M,'V2+3-'B/*IL,1-N'/*';+0BG'DjWX'
>9A>J' TX' VD5EFWX' e@)0' Q/,,-*' M-G0' d0-)I,+LPQ)01IBG+P1' )*' 8L0/.+eJ' 8L0%B1)KXN-J' y9*,)*-zX'
G11.=mmQQQX-L0+B1)KXN-mI-B1)/*Im-*-03)-\L*N\LMQ-,1mQ)0\Q/,,-*\M-G0\a0-)I,+LPQ)01IBG+P1\
-L0/.+\[E5iFH'V2+3-'B/*IL,1-N'/*'%.0),'DEWX'
>6$:8$J' &X;X' VD55hWX' %' B/M.+0)I/*' /P' >G-' 7)M)1I' 1/' &0/Q1G' Q)1G' [5' R-+0I' /P' 0-+,)1RX' &,/C+,'
8*K)0/*M-*1+,'"G+*3-'EhV[W'.X[Hj\4EEX''
6:'&8:8$%7'%AA8;^7<'VD5EDWX'>G-'PL1L0-'Q-'Q+*1X'$-I/,L1)/*'ii'.XDhhX''
6:82' VD5EE+WX' 2+K)*3' 1G-' Q+R' P/0' ALI1+)*+C,-' "/*ILM.1)/*' +*N' 20/NLB1)/*X' >G-' ;+00+a-BG' 20/B-II'
20/30-II'$-./01X'2+0)IJ'6*)1-N':+1)/*I'8*K)0/*M-*1'20/30+MM-'V6:82WJ'E5h'.X''''
6:82' VD5EECWX' >/Q+0NI' +' &0--*' 8B/*/MR=' 2+1GQ+RI' 1/' ALI1+)*+C,-' T-K-,/.M-*1' +*N' 2/K-01R'
80+N)B+1)/*' \' %' AR*1G-I)I' P/0' 2/,)BR' ;+a-0IX' (0+*B-J' 44' .X' y9*,)*-zX' %K+),+C,-=''
G11.=mmQQQXL*-.X/03m30--*-B/*/MR'
6:82' VD5EF+WX' %C/L1' ALI1+)*+C,-' "/*ILM.1)/*' +*N' 20/NLB1)/*J' 6*)1-N' :+1)/*I' 8*K)0/*M-*1'
20/30+MM-' V6:82WJ' y9*,)*-zX'
G11.=mmQQQXL*-.X/03m0)/D5m%C/L1mALI1+)*+C,-"/*ILM.1)/*+*N20/NLB1)/*m1+C)NmE5DEhjmT-P+
L,1X+I.O'V2+3-'B/*IL,1-N'/*''
6:82' VD5EFCWX' >G-' ;+00+a-BG' 20/B-II=' 0-I./*N)*3' 1/' 1G-' 3,/C+,' BG+,,-*3-' /*' A"2J' y9*,)*-zX'
G11.=mmQQQXL*-.X/03m0-I/L0B--PP)B)-*BRm2/,)BRmA"22/,)B)-I+*N1G-E5<(2m;+00+a-BG20/B-IIm1+
C)NmFFhEimT-P+L,1X+I.O'V2+3-'B/*IL,1-N'/*'%.0),'D[WX'
6:82'T>#8'VD5EEWX'T-B/L.,)*3'*+1L0+,'0-I/L0B-'LI-'+*N'-*K)0/*M-*1+,')M.+B1I'P0/M'-B/*/M)B'30/Q1GX'
:+)0/C)J'd-*R+J'6:82m8+01G.0)*1J'EFF'.X'
?#AA8$J'@X'VD5E5WX'>G-'+3-'/P'0-I./*I)C),)1R='"A$'DX5'+*N'1G-':-Q'T:%'/P'CLI)*-IIX'Y/L0*+,'/P'CLI)*-II'
IRI1-MIJ'3/K-0*+*B-'+*N'-1G)BI'FV[W'.XjX''
@%$TJ'^X'VEHiiWX'A.+B-IG).'-+01GX':-Q'</0aJ'"/,LMC)+'6*)K-0I)1R'20-IIX'
@^"AT'VD555WX' 8B/\-PP)B)-*BRJ'B0-+1)*3'M/0-' K+,L-' )1G' ,-I' )M.+B1X' &-*-K+J'@/0,N'^LI)*-II' "/L*B),'P/0'
ALI1+)*+C,-'T-K-,/.M-*1'V@^"ATWJ'[D'.X''''
@"8T'VEHhjWX'9L0'B/MM/*'PL1L0-X'9OP/0NJ'9OP/0N'6*)K-0I)1R'20-IIJ'455'.X'
@$%2'VD5E4WX'@G+1')I')*NLI10)+,'IRMC)/I)IuJ'y9*,)*-zX'G11.=mmQQQXQ0+.X/03XLamB/*1-*1mQG+1\)*NLI10)+,\
IRMC)/I)I'V2+3-'B/*IL,1-N'/*';+0BG'DFWX'
fb%:&J'<XJ'fb8:&J'bXJ'"b8:J'^XJ'A6J';X'+*N'7#6J'&X'VD5E4WX'%'0-K)-Q'/P')*NLI10)+,'IRMC)/I)I'0-I-+0BG='
1G-/0R'+*N'M-1G/N/,/3RX'(0/*1)-0I'/P'8+01G'AB)-*B-''.XE\E4X''
'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'jE'
'
Appendix!A:!
Synthetized!Circular!Economy!associated!key!concepts!
'
'
' '
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
'
Table!A1:!Synthetized!Circular!Economy!associated!key!concepts!
Definition!
Goal!
Authors!/!Schools!
of!thought!
Application!
(sector,!stage,!
scale,!etc.)!
Tools!
SUSTAINABLE!DEVELOPMENT!
"Meet!today’s!needs!
without!
compromising!
tomorrow’s"!
eALI1+)*+C,-'
N-K-,/.M-*1')I'
N-K-,/.M-*1'1G+1'
M--1I'1G-'*--NI'/P'
1G-'.0-I-*1'Q)1G/L1'
B/M.0/M)I)*3'1G-'
+C),)1R'/P'PL1L0-'
3-*-0+1)/*I'1/'M--1'
1G-)0'/Q*'*--NIXe'
8*IL0-'1G-'
B/*1)*L-N'
-O)I1-*B-'/P'
GLM+*'I/B)-1)-IJ'
B/*I)N-0)*3'1G-'
P)*)1-'*+1L0-'/P'
-+01G`I'0-I/L0B-I!
&0/'b+0,-M'
^0L*N1,+*N'VEHhjW''
%,,'IB+,-I'/P'
+..,)B+1)/*'CL1'
M/0-'.0/NLB1'
/0)-*1-Ng'+,,',)P-'
BRB,-J'P/BLI'/*'-*N'
/P',)P-'
AT'1//,I'B+*'C-'
30/L.-N'Q)1G)*'1G-'"A$'
1//,IJ'QG)BG'+0-'1//'
*LM-0/LI'1/'*+M-'
ECOLOGICAL!TRANSITION!
“Towards!living!within!
our!limits”!!
>0+*IP/0M+1)/*'
.0/B-II'/P'I/B)-1R'
1/Q+0NI'+'M/0-'
-B/,/3)B+,'M/N-,X'
"G+*3-I'/BBL0'+1'1G-'
IRI1-M',-K-,'VK-0ILI'
)*B0-M-*1+,'BG+*3-I'
)*'.0-K+),)*3'IRI1-MIW'
#M.,-M-*1J'
+BB/M.+*R'/0'
I1LNR'ILBG'
10+*IP/0M+1)K-'
BG+*3-I'
EW $-P,-B1)K-'
3/K-0*+*B-'
DW ;L,1)\,-K-,'
.-0I.-B1)K-'
[W >0+*I)1)/*'
M+*+3-M-*1'
?+0)/LI'
8O+M.,-I'/P'
+..,)B+1)/*I='>0+*I)1)/*'
1/Q*IJ'10+*I)1)/*'
M+*+3-M-*1'+..0/+BG'
)*'1G-'(/L01G'TL1BG'
:+1)/*+,'
8*K)0/*M-*1+,'2/,)BR'
2,+*'V:;24WJ'M+)*,R'
P/0'-*-03R'
GREEN!ECONOMY!
“Economy!2.0”!
8B/*/MR'1G+1'0-IL,1I'
)*')M.0/K-N'GLM+*'
Q-,,\C-)*3'+*N'I/B)+,'
-kL)1RJ'QG),-'
I)3*)P)B+*1,R'0-NLB)*3'
-*K)0/*M-*1+,'0)IaI'
+*N'-B/,/3)B+,'
IB+0B)1)-IX'#*')1I'
I)M.,-I1'-O.0-II)/*J'+'
30--*'-B/*/MR'B+*'C-'
1G/L3G1'/P'+I'/*-'
QG)BG')I',/Q'B+0C/*J'
(/BLI')I'/*''
\ 0-I/L0B-'
-PP)B)-*BR'
\ -B/IRI1-M'
0-I),)-*B-'
\ .-/.,-wI'Q-,,\
C-)*3'
6*)1-N':+1)/*IJ'
8L0/.-+*'
8*K)0/*M-*1+,'
%3-*BRJ'-1BX'
%1')*NLI10R',-K-,'+I'
Q-,,'+I'P/0'1G-'
-B/*/MR'+I'+'
QG/,-'
8B/*/M)B')*I10LM-*1I'
VB+0C/*'M+0a-1J'
)*K-I1M-*1')*'30--*'
1-BGIJ'…W'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'j['
'
0-I/L0B-'-PP)B)-*1'+*N'
I/B)+,,R')*B,LI)K-'
PERFORMANCE!ECONOMY!
“More!from!less”!
!
%*'-B/*/MR')*'QG)BG'
.0/NLB-0I'0-1+)*'
/Q*-0IG).'/P'1G-)0'
.0/NLB1I'+*N'I-,,'
.-0P/0M+*B-'1/'
B/*ILM-0IX'
$-NLB-'
-*K)0/*M-*1+,'
I10-II'B+LI-N'CR'
)*NLI10R'QG),I1'
-*B/L0+3)*3'
)**/K+1)/*J'
0-I/L0B-'
-PP)B)-*BR'+*N'
ILI1+)*-N'30/Q1GX'
@+,1-0'$X'A1+G-,'
20/NLB1'I1+3-Ig'
)*NLI10R'+*N'
1-00)1/0R',-K-,I'
\'ALI1+)*+C,-'
1+O+1)/*m-O1-0*+,)1)-I'
)*1-0*+,)Z+1)/*'
M-BG+*)IMI'
\':-Q'CLI)*-II'M/N-,I'
C+I-N'/*'1+a-\C+BaJ'
0-M+*LP+B1L0-J'
0-M+0a-1)*3'+*N'
0-*1)*3m,-+I)*3'
.0)*B).,-I'
LIFE!CYCLE!THINKING!
“Visibility!on!the!
whole!life!cycle”!
%..0/+BG'+)M)*3'+1'
3/)*3'C-R/*N'1G-'
10+N)1)/*+,'P/BLI'/*'
.0/NLB1)/*'I)1-'+*N'
M+*LP+B1L0)*3'
.0/B-II-I'1/')*B,LN-'
-*K)0/*M-*1+,J'I/B)+,'
+*N'-B/*/M)B')M.+B1I'
/P'+'.0/NLB1'/K-0')1I'
-*1)0-',)P-'BRB,-X'
V7)P-'"RB,-'#*)1)+1)K-J'
D5E[W'
$-NLB-'+'
.0/NLB1I'0-I/L0B-'
LI-'+*N'-M)II)/*I'
1/'1G-'
-*K)0/*M-*1'+*N'
)M.0/K-')1I'I/B)/\
-B/*/M)B'
.-0P/0M+*B-'
1G0/L3G')1I',)P-'
BRB,-X'
%K/)N'CL0N-*'
IG)P1)*3X'
!'#M.0/K-'-B/\
-PP)B)-*BR'V^]v0*'
+*N'b+LIBG),NJ'
D5E[W'
?+0)/LI'SIBG//,IU'
P/0'7"%J'*/1'/*'1G-'
B/*B-.1')1I-,P'CL1'
/*')1I'
)M.,-M-*1+1)/*'
VM-1G/N/,/3)B+,'
N-C+1-IWX''
A/M-'+L1G/0I'
V7"%W='
\ $L-N)';†,,-0\
@-*a'
\ 9,)K)-0'Y/,,)-1'
\ ^/'@-)N-M+'
%1'1G-'.0/NLB1'/0'
B/M.+*R',-K-,'
"/*I)N-0I'+,,',)P-'
BRB,-'I1+3-I'
"0-+1-')*P/0M+1)/*'1/'
IL../01'+'N-B)I)/*\
M+a)*3'.0/B-II='
\ 7"%'V-*K)0/*M-*1+,Wg'
"+0C/*'P//1.0)*1g'
8*K)0/*M-*1+,'
20/NLB1'T-B,+0+1)/*g'
…'
\ A/B)+,'7"%'
\ 7)P-'"RB,-'"/I1)*3'
\ 7)P-'"RB,-'
ALI1+)*+C),)1R'
%II-IIM-*1'
#M.,-M-*1+1)/*')*'
/03+*)Z+1)/*I='7)P-'
BRB,-'M+*+3-M-*1'
V7";W'
CRADLE+TO+CRADLE!THINKING!
Waste!=!food”!
eARI1-M)B'+..0/+BG'1/'
.0/NLB1')**/K+1)/*'
1G+1'I.L0I'1G-'B0-+1)/*'
/P'10L,R'C-+L1)PL,J'G)3G\
kL+,)1R'.0/NLB1IJ'+*N'
10+*IP/0MI'1G-'
.0/NLB1)/*'/P'
B/*ILM-0'.0/NLB1I'
)*1/'+'./I)1)K-'P/0B-'
P/0'I/B)-1R'+*N'1G-'
-*K)0/*M-*1e'
"0-+1-'.0/NLB1)/*'
1-BG*)kL-I'1G+1'
+0-'*/1']LI1'
-PP)B)-*1'CL1'+0-'
-II-*1)+,,R'Q+I1-'
P0--X'
@),,)+M'
;BT/*/L3G'+*N'
;)BG+-,'^0+L*3+01'
VD55DW'
%,,'IB+,-I'/P'
+..,)B+1)/*'CL1'
M/0-'.0/NLB1'
/0)-*1-Ng'+,,',)P-'
BRB,-J'CL1'+'P/BLI'
/*'-*N\/P\,)P-'
"0+N,-\1/\B0+N,-'
"-01)P)-N';+0a'
'
!"#$%#&'
()*+,'$-./01'
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
9B1/C-0'D5EF'
'
SHARED!VALUE!
"!What’s!good!for!
society!is!good!for!
business"!!
SAG+0-N'K+,L-')I'+'
M+*+3-M-*1'I10+1-3R'
P/BLI-N'/*'B/M.+*)-I'
B0-+1)*3'M-+IL0+C,-'
CLI)*-II'K+,L-'CR'
)N-*1)PR)*3'+*N'
+NN0-II)*3'I/B)+,'
.0/C,-MI'1G+1'
)*1-0I-B1'Q)1G'1G-)0'
CLI)*-IIU''
>/'0-I./*N'1/'
L*M-1'I/B)+,'
*--NI'1G0/L3G'
.0/NLB1I'+*N'
I-0K)B-Ig'1/'
10+*IP/0M'
B+.)1+,)IMg'1/'
B0-+1-'1G-'*-O1'
Q+K-'/P'
)**/K+1)/*!
;)BG+-,'8X'2/01-0'
+*N';+0aX'$X'
d0+M-0''
20/NLB1mI-0K)B-I'
+*N'K+,L-'BG+)*I''
AG+0-N'?+,L-'+01)B,-I'
+*N'0-./01Ig'AG+0-N'
?+,L-'B/*IL,1+*BR'
I-0K)B-I'V(A&W'
INDUSTRIAL!ECOLOGY!
“Work!together!as!
one!organism”!
2-0I.-B1)K-'1G+1'I--I'
)*NLI10)-I'+I'M+*\
M+N-'-B/IRI1-MI'1G+1'
/.-0+1-')*'+'I)M),+0'
Q+R'1/'*+1L0+,'
-B/IRI1-MIJ'QG-0-'1G-'
Q+I1-'/0'CR\.0/NLB1'/P'
/*-'.0/B-II')I'LI-N'+I'
+*')*.L1')*1/'+*/1G-0'
.0/B-IIX'
$-NLB-'
-*K)0/*M-*1+,'
I10-II'B+LI-N'CR'
)*NLI10R'QG),I1'
-*B/L0+3)*3'
)**/K+1)/*J'
0-I/L0B-'
-PP)B)-*BR'+*N'
ILI1+)*-N'30/Q1GX'
$/C-01'(0/IBG'+*N'
:)BG/,+I'
&+,,/./L,/I'
AL0-*'80aM+*'
>G/M+I'&0+-N-,'
$/,+*N'",)P1'
#*NLI10R'+*N'
1-00)1/0R',-K-,g'
.0/NLB1)/*'I1+3-I'
#*NLI10)+,'IRMC)/I)IJ'
-B/\.+0aIJ'…'
EXTENDED!PRODUCER!RESPONSIBILITY!
“The!producer!is!
responsible!for!its!
product”!
"/*B-.1'1G+1'IG)P1I'+'
.0/NLB1`I'
-*K)0/*M-*1+,'
CL0N-*J'/K-0'1G-'QG),-'
,)P-'BRB,-'CL1'Q)1G'+'
I10)*3'P/BLI'/*'-*N\/P\
,)P-J'C+Ba'1/'.0/NLB-0'
QG/'0-P,-B1'1G)I'
0-I./*I)C),)1R')*'1G-'
.0/NLB1`I'.0)B-X'
&/K-0*M-*1I'+0-'
)M./01+*1')*'I-11)*3'
,-3)I,+1)K-'C/L*N+0)-I'
+*N'-B/*/M)B'
)*B-*1)K-IX'
$-NLB-'
-*K)0/*M-*1+,'
)M.+B1I'+,,'
1G0/L3G'1G-',)P-'
BRB,-g'-*+C,-'
I10/*3'-*N\/P\,)P-'
IRI1-MIX'
A/M-'+L1G/0I='
$-)N'7)PI-1'
>G/M+I'7)*NGkK)I1'
"X'd)-0-*';+R-0I'
:+/a/'>/]/'
"/M.+*R',-K-,'
?+0)/LI')*I10LM-*1I='
-B/*/M)B')*B-*1)K-IJ'
1+a-\C+Ba'IBG-M-IJ'
+NK+*B-N'N)I./I+,'P--IJ'
N-./I)1\0-PL*NJ'+'
B/MC)*+1)/*'/P'
L.I10-+M'1+O'+*N'
N/Q*I10-+M'ILCI)NRJ'
I1+*N+0NIJ'-1BX'
"'")0BL,+0'8B/*/MR'@/0a)*3'&0/L.'
!"#$%#&''
'
"#$"67%$'8"9:9;<='%'"$#>#"%7'7#>8$%>6$8'$8?#8@'9('"9:"82>A'
2+3-'jF'
'
ECODESIGN!
"Environmental!
design!thinking"!!
S8B/N-I)3*'P/BLI-I'/*'
1G-')*1-30+1)/*'/P'
-*K)0/*M-*1+,'
B/*I)N-0+1)/*I')*1/'
.0/NLB1'N-K-,/.M-*1U'
(/BLI')I'/*'
0-NLB)*3'
-*K)0/*M-*1+,'
)M.+B1I'B+LI-N'
CR'.0/NLB1I'
T-I)3*'P/0'
N-M+1-0)+,)Z+1)/*g'
N-I)3*'P/0'1G-'
-*K)0/*M-*1'VTP8Wg'
30--*'N-I)3*'
'
A/M-'+L1G/0I=''
\'?)B1/0'2+.+*-a''
\':+1G+*'AG-N0/PP'
\'"/*0+N'7L110/..'
\'2G),).'@G)1-J'
A1-K-'^-,,-1)0-'+*N'
7/L)I-'A1X'2)-00-'
V9a+,+W'
20/NLB1',-K-,'
M/I1,RJ'CL1'B+*'
+,I/')*B,LN-'1G-'
K+,L-'BG+)*'
\'&L)N-,)*-I'
\'"G-Ba,)I1I'
\'%*+,R1)B+,'1//,I'
''
'
... It has been proven that linear models promote huge negative impacts on the environment. This occurs by extraction and landfilling at the end-of-life, and also in the economy, since not only when discarded is the economic value of products zero, but the value of finite resources also increases [1,2]. The transition to a circular economy is connected to great not only when discarded is the economic value of products zero, but the value of finite resources also increases [1,2]. ...
... This occurs by extraction and landfilling at the end-of-life, and also in the economy, since not only when discarded is the economic value of products zero, but the value of finite resources also increases [1,2]. The transition to a circular economy is connected to great not only when discarded is the economic value of products zero, but the value of finite resources also increases [1,2]. The transition to a circular economy is connected to great expectations of ecological and economic benefits, helping in the clear separation between economic growth and the use of resources, the building block of the linear economy and its respective impacts, and additionally promoting the perspective of sustainable growth and egalitarian society. ...
Article
Full-text available
Climate change and environmental sustainability are among the most prominent issues of today. It is increasingly fundamental and urgent to develop a sustainable economy, capable of change the linear paradigm, actively promoting the efficient use of resources, highlighting product, component and material reuse. Among the many approaches to circular economy and zero-waste concepts, biochar is a great example and might be a way to push the economy to neutralize carbon balance. Biochar is a solid material produced during thermochemical decomposition of biomass in an oxygen-limited environment. Several authors have used life cycle assessment (LCA) method to evaluate the environmental impact of biochar production. Based on these studies, this work intends to critically analyze the LCA of biochar production from different sources using different technologies. Although these studies reveal differences in the contexts and characteristics of production, preventing direct comparison of results, a clear trend appears. It was proven, through combining life cycle assessment and circular economy modelling, that the application of biochar is a very promising way of contributing to carbon-efficient resource circulation, mitigation of climate change, and economic sustainability.
... A much bolder and more practical approach to the implementation of the circular economy can be found on the part of China, which in 2009 became the first country to adopt a concrete legal framework to pursue the application of the circular model. In the European space, with the establishment of the Ellen MacArthur foundation, as the main promoter of the concept, the doors to the first concrete steps in the implementation of the circular economy are opened, so that, in 2013 and 2014, countries such as Canada and France established their own Circular Economy Institutes with the aim of contributing to the training of specialists to make possible the transition to circularity (Beaulieu, 2015). ...
Article
Full-text available
The pursuit of a circular economy stands as a cornerstone in the global agenda for sustainable development. This paper delves into Romania's intricate journey towards circularity and its progressive efforts to integrate seamlessly into the European framework. Through an in-depth analysis of policy initiatives, institutional frameworks, and circular practices, this research aims to shed light on the pivotal role Romania plays in shaping the European landscape of circular economy transitions. Drawing upon a comprehensive review of key indicators, the study evaluates the effectiveness of Romania's strategies in harmonizing circularity within its national policies and practices. Furthermore, this paper explores the challenges encountered and potential avenues for further enhancement in Romania's quest for sustainable circular economy integration within the broader European context. The findings presented herein contribute valuable insights for policymakers, researchers, and industry stakeholders alike, fostering a collective understanding of the dynamics involved in the harmonious integration of circular economy principles at both national and regional levels.
... In recent years, substantial progress has been made in the development of polymeric materials, leading to accelerated growth in the associated industries and a rapid increase in plastic production and consumption [1,2]. This has resulted in significant plastic waste generation and caused environmental concerns [3][4][5][6][7][8]. One of the primary reasons for the disposal of polymers is their inability to maintain their initial appearance and functionality during use [9][10][11]. ...
Article
Full-text available
Self-healing polymeric materials, engineered to autonomously self-restore damages from external stimuli, are at the forefront of sustainable materials research. Their ability to maintain product quality and functionality and prolong product life plays a crucial role in mitigating the environmental burden of plastic waste. Historically, initial research on the development of self-healing materials has focused on extrinsic self-healing systems characterized by the integration of embedded healing agents. These studies have primarily focused on optimizing the release of healing agents and ensuring rapid self-healing capabilities. In contrast, recent advancements have shifted the focus towards intrinsic self-healing systems that utilize their inherent reactivity and interactions within the matrix. These systems offer the advantage of repeated self-healing over the same damaged zone, which is attributed to reversible chemical reactions and supramolecular interactions. This review offers a comprehensive perspective on extrinsic and intrinsic self-healing approaches and elucidates their unique properties and characteristics. Furthermore, various self-healing mechanisms are surveyed, and insights from cutting-edge studies are integrated.
... Its goals include not only the optimisation of energy and material consumption, but also the reduction of waste and of the resulting contamination of the natural environment, via the transformation of waste and industrial by-products into inputs for other processes (Trokanas et al., 2014;Beaulieu, 2015). ...
Article
Full-text available
Industrial symbiosis is an eco-innovative system concept that is based on a circular economy and industrial ecology ideas. This process comprises the movement of materials, energy, and skills across enterprises located within eco-industrial parks, and strives to provide economic, environmental, and social competitive advantages for all the involved parties. Considering that the agri-food system creates a vast quantity of by-products along the supply chain, it is a sector that has huge potential within material and energy recovery systems and fits well into eco-industrial parks. The current study is a literature review that aims to evaluate the interest exhibited so far by scientific research in the topic of industrial symbiosis in the agri-food sector and to highlight the primary analytical techniques that have been used for this topic. Using the paradigm of multiple correspondence analysis, a content analysis was conducted from which the major themes of the researched phenomena emerged. The results indicate that the topic areas are unrelated and somewhat distant from each other. The analysed case studies have revealed that the authors had neglected the communicative and collaborative elements among stakeholders, and instead focused on the potential use of some tools and approaches. Furthermore, it has been hypothesised that the hiding of information within a supply chain prevents industrial symbiosis procedures from being implemented. This research suggests the necessity of creating communication and cooperation platforms among stakeholders, which would promote the introduction of new techniques and tools for the development of circular production systems.
Article
Full-text available
Increased timber construction is putting pressure on Ireland’s limited structural-grade timber stock, while recovered timber is currently downcycled or incinerated. Design for Adaptability, disassembly and reuse (DfADR) has emerged as a response to this wasteful linear process, which can increase the life span of structures, the ease of disassembly during and after use, and improve the quality of recovered material. However, while many DfADR strategies have been identified, uptake in architectural practice is lacking. Impediments to DfADR were identified through an analysis of an existing timber-framed structure and a modified design developed based on the ISO 20887:2020 principles to illustrate practical solutions. In tandem, a decision tool was developed that organised the plethora of identified strategies by the ISO principles and the work stages used by designers to facilitate integration into practice. Modest reconfigurations of the space and roof structure increased adaptability, access to services for replacement and repair, and expansion potential to increase service life, while rationalized timber sizes improved reuse potential. Using wood nails in stud and joist framing, with screws replacing nails elsewhere, and omitting adhesives from the floor panels increased the ease of disassembly. These relatively minor changes resulted in nearly 3 times the amount of solid timber with a high reuse potential (≥2348 mm) recovered over the original design, highlighting the impact DfADR can have on the recoverability and reusability of timber.
Article
Full-text available
A global demand has emerged for a paradigm shift in the construction industry. In favour of sustainable practices, there is an increasing focus on timber applications. In this context, both academics and practitioners have begun to explore ways to implement new strategies leading to circular use, such as Design for Disassembly and Reuse (DfD&R). This paper aims to investigate scientific publications reporting on recent and emerging debates and practices in the field of DfD&R with a focus on timber construction. For this purpose, a meta-synthesis of a systematic literature review was used. This procedure allowed the collection, classification, and critical appraisal of 71 scientific articles published over the last two decades. By categorising the articles into main content categories and subcategories, their main approaches and methods could be systematically classified and critically analysed. The results showed what types of research are being produced, what aspects they are considering, and, within the life cycle of a building, what stages they are covering. As a result, this synthesis has highlighted the main focus in the field, leading to an understanding of the trend in recent studies. This article synthesises research in the field, contributing to the transition to circular timber building.
Article
Full-text available
This review of the literature is situated at the interface of three research fields with strong potential for synergy: thecircular economy, urban metabolism, and urban planning. Our work is firstly part of a broad reflection on the conceptual andmethodological approaches likely to stimulate the urban implementation of circular economy. More specifically, urban planning andurban metabolism have been identified as levers to stimulate this territorial transition towards circularity, but their articulation stillincludes several epistemological and operational grey areas. The objective of our work is therefore to contribute to producing an inventoryof the modes of adoption of urban metabolism in favour of circularity, specifically within the framework of urban planning approaches,The aim is to synthesize the existing knowledge and the lines of thinking on the possible repercussions of the metabolic approach as atool for analysis and action for managing the transition of cities towards the circular economy.
Chapter
The aim of the paper is to analyse the attention and relevance of circular economy in research with a special focus on the innovation potential arising from the scarcity of resources. Therefore, the main research question of the paper is if raw material scarcity leads to a higher innovation level in circular economy approaches. For this purpose, a systematic literature review was conducted. According to the JCR ranking of the Academic Journal Guide, a keyword analysis was carried out in the relevant journals to determine a selection of papers that were clustered by means of a headline, abstract and full paper analysis in terms of terminology and content. As a result, we can say that current research considers the mentioned topic only very limited. However, especially aspects such as waste reduction and the carbon footprint are frequently mentioned as reasons for the introduction of circular economy.KeywordsRaw materialsCircular economySustainabilityInnovation
Article
Full-text available
One of the approaches followed by the circular economy (CE) to achieve sustainability through design is product life extension. Extending the life of products to make them useful for as long as possible is a means to reduce waste production and materials consumption, as well as the related impacts. For designers, conceptualizing products in a way that allows them to be used for longer is a challenge, and assessing how well they extend their lifespan can be helpful when it comes to choosing the best proposal. In this paper, 70 tools and methods related to eco‐design and circular economy are studied to determine how many of them consider parameters related to life extension and which can be applied in the early stages of design. The results of the analysis show that most of the existing tools and methods are applicable to developed products, and only a few of them take into account parameters related to extending the useful life. Of the 70 tools and methods, only 14 include some parameter related to life extension and are applicable to concepts. CE toolkit, Eco‐design PILOT, CE Designer, Circularity Assessment tool, Circularity Potential Indicator and Circular Design Tools take into consideration eight or more parameters to assess life extension in concepts. This will help designers select the most appropriate and will indicate the need for more complete tools to consider useful life extension in the early stages of design and thus enhance the selection of more sustainable products.
Article
Full-text available
The present study sought to provide a pattern of the relationships among the challenges of implementing a circular economy in polluting industries. In terms of purpose, this research is considered as a component of applied developmental research and regarding research type, it is considered as a mix method (exploratory mix) one. Yazd glass industry was selected as one of the polluting industries in the country and ten experts in this industry who were purposefully selected, were polled. In the qualitative part of the research, the Meta-synthesis approach was used to identify the challenges and categorize them, and in the quantitative part, the Fuzzy DEMATEL-ANP method was used to present the pattern of relationships among these challenges and prioritize them. The qualitative findings included identifying 27 challenges in six dimensions: economic, cultural and social, managerial, organizational, infrastructure and technology, market and design. In quantitative terms, the findings showed that economic challenges are the most effective and market and design challenges are the most affected challenges in implementing a circular economy. Also, the organizational challenges were found to interact more with other challenges. In a more complete analysis, the challenges of market uncertainty (e.g., recession), the existence of a linear mindset in the managers, the lack of systematic and circular thinking, and the challenge of low customer demand for recycled products are the most important challenges in implementing a circular economy in polluting industries such as the glass industry. In addition, the impact and effectiveness of each of the challenges were identified in their relationship to each other, which can be a roadmap for the use of managers and experts of different organizations to implement a circular economy.
Article
Full-text available
Chapter
Full-text available
The term ‘industrial metabolism’ can be traced back for more than 150 years, across various scientific traditions, and even beyond the scope of industrial societies. In industrial ecology the term ‘metabolism’ is often treated as a metaphor but earlier authors used this concept as a core analytical tool to develop an understanding of the energetic and material exchange relations between societies and their natural environments from a macro perspective. Several authors also displayed an explicit interest in human history as a history of changes in societies' metabolism. The application of the term metabolism to human society inevitably cuts across the ‘great divide’ between natural and social sciences respectively humanities. In the 1860s, when this divide was less rigid, the concept of metabolism from biology quickly found resonance in much of classic social science theory. Later on the social science use of this concept became more restricted. The awakening of environmental awareness and the first skeptical views of economic growth during the late 1960s triggered a revival of interest in society’s metabolism under the new perspective (Wolman 1965; Boulding 1966; Ayres and Kneese 1968, 1969; Neef 1969; Boyden 1970; Georgescu-Roegen 1971; Meadows et al. 1972; Daly 1973). This survey ends with a brief mention of recent pioneering attempts to link IE with policy concerns.
Article
Sustainable consumption & production is about promoting energy efficiency and providing access to basic services, green jobs and a better quality of life for all.
Book
"An important, controversial account ... of the way in which man's use of poisons to control insect pests and unwanted vegetation is changing the balance of nature." Booklist.
Book
Extended Producer Responsibility (EPR), a policy approach in which the responsibility of the waste from a consumer good is extended back up to the producer of the good, is developing and expanding in OECD countries. Governments find that these schemes can provide a new and flexible approach to reduce the upward trend of waste from consumer products. To address these issues, OECD organised a workshop in December 2002, which was hosted by the Japanese Ministry of Environment, in Tokyo. This book contains selected papers presented at this workshop.
Book
By 2050, humanity could devour an estimated 140 billion tons of minerals, ores, fossil fuels and biomass per year three times its current appetite unless the economic growth rate is decoupled from the rate of natural resource consumption. Developed countries citizens consume an average of 16 tons of those four key resources per capita (ranging up to 40 or more tons per person in some developed countries). By comparison, the average person in India today consumes four tons per year. With the growth of both population and prosperity, especially in developing countries, the prospect of much higher resource consumption levels is far beyond what is likely sustainable if realised at all given finite world resources, warns this report by UNEP's International Resource Panel. Already the world is running out of cheap and high quality sources of some essential materials such as oil, copper and gold, the supplies of which, in turn, require ever-rising volumes of fossil fuels and freshwater to produce. Improving the rate of resource productivity (doing more with less) faster than the economic growth rate is the notion behind decoupling, the panel says. That goal, however, demands an urgent rethink of the links between resource use and economic prosperity, buttressed by a massive investment in technological, financial and social innovation, to at least freeze per capita consumption in wealthy countries and help developing nations follow a more sustainable path.