Austrian companies are preparing for the circular economy

According to the study, 88% of respondents are convinced that their organisation can make a contribution to the circular economy, and almost as many are convinced that the circular economy will be important for their organisation in the coming years.

The study on the circular economy, which was conducted throughout Austria between March 2019 and March 2020, provided insights into the status quo of knowledge and understanding of the circular economy, as well as knowledge and information needs in companies.  83 % of the interviewed representatives from different economic sectors, as well as politics, education and society stated that Circular economy will play a role for your organisationwhile whole 88% convinced of this are that your organisation can contribute to the circular economy. And although 58 % of respondents said they were familiar with the concept of the circular economy 62 % that they need additional information on this topic. 49 % understand circular economy to mean classic recycling, 28 % stated waste management. This shows a widespread narrative in Austria that primarily refers to the end of life of products and materials and thus neglects international market opportunities for Austrian companies with regard to the development of recyclable products, materials and designs as well as business model innovations or digital solutions for circularity.

Reactions to social problems (60%), scarcity of resources (55%) and pressure to innovate (52%) were seen as the main reasons for initiating or implementing circular innovations in company processes. High raw material costs (43%) and regulatory pressure or legal requirements (40%) were cited as further external initial factors for dealing with circular economy projects in companies.

The publication of the European Green Deal in March 2020 signalled the start of the transformation of the current linear economic system towards a regenerative model. A circular economy is one of the pillars for competitiveness and innovation leadership in order to create new prosperity and jobs through climate protection and resource conservation. Companies can find support in the transition to a modern circular economy in the newly founded Circular Economy Forum Austria, which developed its formats based on the study.