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A circular economy aims to minimise waste and maximise resource use by promoting recycling, reusing, and remanufacturing. Businesses benefit by reducing costs through resource efficiency, meeting consumer demand for sustainable practices, and adapting to evolving regulatory environments. Embracing circular economy principles fosters innovation, enhances brand reputation, and aligns with growing environmental consciousness.
The Victoria Government's economy plan, "Recycling Victoria: A new economy," outlines a comprehensive strategy for systemic change aimed at reducing waste, boosting recycling, and fostering a sustainable circular economy. Key actions include implementing a four-stream waste and recycling system for households, introducing a cash-for-cans scheme, strengthening the waste and recycling industry, enacting new recycling laws, and statewide bans on single-use plastics.
Sustainability Victoria supports circular economy innovation through Round 4 of the Circular Economy Innovation Fund, promoting business capability and awareness of circular economy principles in Victoria. The grant aligns with the government's circular economy policy, "Recycling Victoria: a new economy," with applications closing on 31 March 2024, or earlier if funds are fully allocated. Late applications are not accepted except under exceptional circumstances.
Funded by the Circular Economy Business Innovation Centre (CEBIC, delivered by Sustainability Victoria) and the Monash Business School, the Circular Economy Journey is a research project undertaken by Monash University to investigate Circular Economy (CE) adoption in Victoria's manufacturing sector.