Businesses in the EU could save €600 billion (£528bn) if Member States introduced new policies encouraging the shift to a circular economy.
That’s according to a new report from The Prince of Wales’s Corporate Leaders Group (CLG), which surveys the waste and sustainability credentials of 14 companies.
The firms, which include Philips Lighting and ACCIONA, are taking steps such as designing longer lasting products, using natural materials and stepping up recycling in the face of diminishing resources, increasing supply chain vulnerability and the need to reduce emissions.
The EU estimates measures such as waste prevention, eco-design and re-use could also reduce greenhouse gas emissions by up to 4%.
The companies called for more effective EU policies such as minimum design requirements, harmonised waste regulations, taxing disposable items and lowering labour costs on repair.
Jill Duggan, Director of the CLG said: “Smart businesses are rejecting the traditional linear model of production, consumption and waste and pursuing greater resource productivity and responsibility.
“But legislation is needed to shift incentives, remove obstacles and support these initial moves.”