New guidance from the International Marine Contractors Association (IMCA) on the circular economy (CE), “Practical guidance to implement the circular economy principles” (IMCA ES003), supports offshore businesses to take their first steps in circularity–key to making progress on sustainability.

According to the World Economic Forum (WEF), only 9 percent of raw extracted materials are reused, with nearly two-thirds (62 percent) of global greenhouse gases produced during their extraction. Worldwide consumption of raw materials has tripled since 1970 and is set to double again in the next 25 years.

The CE aims to reassess our use of all types of products so that they do not become waste at the end of their usefulness but, instead, are kept in circulation through reuse, repair, remanufacture, and, as a very last step, recycling or composting. The circular model helps to combat biodiversity loss, waste and pollution.

In the current context of ecosystem and resource depletion, and increased demands from a range of stakeholders, businesses need to consider the introduction of closed-loop systems in their day-to-day practices–transitioning from a “make-use-discard” model to a “cradle-to-cradle” one.

Organizations that have successfully introduced the concept have limited the depletion of finite resources, reduced waste, improved their energy efficiency, and lowered their carbon footprint. All of which have also had positive impacts on the financial bottom line. Successfully applied in businesses around the world, this could unlock a potential $4.5 trillion opportunity.

This new guidance provides organisations with both the theoretical background and practical support to define and design manufacturing and operational practices and engage positively with their supply chain. Produced at the request of IMCA membership, it includes case studies from members, including TechnipFMC, DEME and SBM Offshore, sharing the lessons they learned on their own circularity journey.

Access it here.