Lecture 10: Circular Economy Flashcards
integrated thinking
holistic decision-making, optimising the whole performance of the organization. Both ecological and sociological.
integrated control
steering system for integrating the strategy and completing a culture change / mindset change.
integrated reporting
reporting on the three P’s: people, planet and profit. Now its is more about human capital, social capital and social relations.
integrated thinking full definition
Integrated thinking is the active consideration by an organization of the relationships between its various operating and functional units and the capitals that the organization uses or affects.
string model
mono-capital model. business and shareholders.
spring model
multi-capital model. also focus on society and environment
how do you go from string to spring model: management model:
maximizing profit to optimizing value
how do yo go from string to spring model: capital focus
financial capital to multi-capital
how to go from string to spring model: timing considered
short term to short and long term
how to go from string to spring model: company behaviour
reactive to pro-active
several kinds of capital
- financial capital
- manufactered capital
- intellectual capital
- human capital
- social and relationship capital
- natural capital
financial capital
pool of funds that is available to an organisation for use in production of goods or the provision of services
manufactered capital
manufactered physical objects
intellectual capital
organisational, knowledge-based intangibles
human capital
people’s competenties, capabilities and experience, and their motivations to innovate
social & relationship capital
relationship and institutions in networks of stakeholders, communities and other networks
natural capital
all renewable and non-renewable environmental resources and processes that provide goods or services that support the past, current or future prosperity of an organisation
outline of a circular economy:
principle 1: preserve / enhance natural capital
principle 2: optimise resource yields
principle 3: foster system effectiveness
smarter product use and manufacture
refuse
rethink
reduce
extend lifespan of product and its parts
reuse
repair
refurbish
remanufacture
repurpose
useful application of materials
recycle
recovery
refuse
make product redundant by abandoning its function or by offering the same fucntion with a radically different product
rethink
make product use more intensive
reduce
increase efficiency in product manufacture or use by consuming fewer natural resources
reuse
re-use by another consumer or discarded product
repair
repair so it can be used with original function
refurbish
bring old product up to date
remanufacture
use parts of old product in a new product with the same function
repurpose
use old product or its part in a new product with different function
recycle
process materials to obtain the same or lower quality
recovery
incineration of material with energy recovery
preserve / enhance natural capital through:
controlling stocks / balancing resource flows
optimise resource yields through:
circulating products / components and materials
foster system effectiveness through:
revealing or designing out negative externalities
