Maximizing the value of waste: From waste management to the circular economy

Over 90% of Fortune 75 companies publish corporate social responsibility (CSR) reports to highlight their efforts to tackle sustainability challenges, and while a vast majority of these reports cite improved waste management initiatives, less than a quarter of these firms derive profit from good solid waste management practices or circular economy strategies. Unfortunately, many firms instead implement waste management purely to enhance a corporate image. This article both outlines a framework to guide companies on their journey from a linear consumption pattern to a holistic, circular approach and illustrates that waste management practices can be cost‐saving and revenue‐generating opportunities. Collectively defined as circular economy initiatives, these opportunities create new value streams from materials previously discarded. Circular economy principles extend beyond traditional waste management enhancement practices. These principles emphasize improved design and production practices to eliminate the traditional concept of waste and repurposing resources from products at the end of their life cycle back as raw material inputs to create new products. Though there are surface challenges to adopting circular economy principles, this article presents a framework for all companies to start on a path to maximizing the value of corporate waste streams.