GRI Waste Circular Economy Reveals New Business Model of Resource Waste in Value Chain
The Global Reporting Initiative (GRI), the international authoritative organization for setting sustainability frameworks, officially released the latest "GRI 306: Waste (2020) Guidelines" on May 19. The content covers 2 management guidelines and 3 specific theme disclosures, emphasizing the connection between materials and waste to help organizations identify circularity, waste opportunities and further actions, and encourage organizations to assume responsibility and impact in the value chain force.
This updated standard provides businesses and organizations with a clearer definition between "materials" and "waste". And, more importantly, the Code will attempt to change the way businesses and organizations understand, measure and manage waste.
As global environmental awareness increases, the "circular economy" that creates new value by reusing existing or used resources is booming. Various regions or industries around the world have felt the trend of green transformation. In response to this trend, the Global Reporting Initiative GRI has released the latest version of the "GRI 306: Waste (2020) Guidelines" after releasing the Waste Management Guidelines in 2016.
"GRI 306: Waste 2020" covers 2 management guidelines and 3 specific theme disclosures. This update to the standardsKey features and benefitsas follows:
- Assist organizations to more fully understand and discuss the relevant impacts between activities, products, services and waste.
- Strengthen the connection between materials and waste and help organizations understand the relevant impacts of design, use processes and waste generation.
- Assist organizations to identify and report on circularity and waste opportunities and actions.
- Assist organizations to assess and take responsibility for waste generated upstream and downstream of the entire value chain.
- Assists the organization in identifying and validating management decisions and actions that may lead to systemic change.
The most important thing about the "GRI: 306 Waste (2020) Guidelines" is that it changes the way companies and organizations understand and measure waste, and encourages companies to start thinking about reducing resource waste and recycling from the source of production and procurement. Utilize to create more opportunities for the development and practice of circular economy.
Timothy J. Mohin, CEO of GRI, said, "Now is the best time to transform organizations and move towards sustainable practices." Just as the Covid-19 epidemic has brought a huge impact on supply chains and industries, if companies want to remain resilient, they need to Rethink how you find and develop new business opportunities. "GRI: 306 Waste (2020) Guidelines will enable organizations to evaluate the process from waste generation to terminal treatment with more stringent standards, and organizations can view it as a driving force for improvement and advancement."
Judy Kuszewski, Chairman of the Global Sustainability Standards Board (GSSB), explained that this international standard reflects that organizations can transform from the traditional "linear economy (take-make-waste)" to one that wastes minimal resources. approach, the global trend of developing new business models. GRI Waste will assist forward-thinking organizations with sustainability concepts to communicate to stakeholders and demonstrate their organization's effective or progressive approach to waste management.
"How organizations manage waste is crucial to investors." Amisha Parekh, product manager of Bloomberg's sustainable financial solutions, emphasized that in recent years, investors have paid more and more attention to the costs organizations invest in the sustainable field and the business opportunities discovered therefrom. . Moreover, investors have increasingly higher quality requirements for information disclosure. The Code will help organizations communicate their waste management processes to stakeholders and demonstrate how they integrate circularity and waste management considerations into decision-making throughout their supply chains.
Arne Ragossnig, former managing director of the International Solid Waste Association (ISWA) and current editor-in-chief of the journal Waste Management and Research, pointed out that the "GRI: 306 Waste (2020) Guidelines" for the first time include the impact of waste generated upstream and downstream of the value chain. Incorporated, it is expected that the Code will help support the transformation of the entire value chain and have a positive impact on waste management.
Source: Environmental Information Center
