Republic Services Launches Circularity Index to Help Businesses Improve Sustainable Practices

Rhea-AI Summary

Republic Services (NYSE: RSG) has launched the Circularity Index, a free online tool to help businesses assess and improve their circularity practices. The tool was developed in response to research showing that while 87% of companies plan to invest more in circular initiatives, many lack the necessary expertise and tools.

The Circularity Index places companies on a five-point maturity curve across three categories: Commitment, Execution, and Recovery. It revealed that 45% of companies are still in the early stages of circularity, with only 12% achieving Expert status. Industries like consumer packaged goods, manufacturing, and energy/utilities/environmental services are more advanced, while government sectors have the most room for improvement.

The tool aims to help companies benchmark their circularity initiatives against industry peers and provide guidance for setting goals and enhancing operational circularity. A webinar on October 16, 2024, will offer an overview of the Circularity Index and industry-specific results.

Positive

• Launch of a free tool to help businesses improve sustainability practices
• 87% of companies plan to invest more in circular initiatives over the next two years
• Republic Services positioned as a leader in environmental services and circular solutions

Negative

• 45% of companies are still in the early phases of circularity approach
• 75% of companies lack necessary tools for advancing sustainability
• Government sector shows the least progress in circular initiatives

Insights

Sustainability Expert

Republic Services' launch of the Circularity Index is a significant step towards helping businesses improve their sustainability practices. This tool addresses a critical gap in the market, as 87% of companies plan to invest more in circular initiatives, but many lack the necessary expertise and tools.

The index's three-category assessment (Commitment, Execution and Recovery) provides a comprehensive view of a company's circularity efforts. It's particularly noteworthy that 45% of companies fall into the lower Novice and Emerging categories, indicating substantial room for improvement across industries.

For investors, this initiative positions Republic Services as a leader in sustainability solutions, potentially opening new revenue streams and strengthening client relationships. The company's expertise in waste diversion and circular solutions could lead to increased demand for its services as more businesses seek to improve their circularity scores.

Market Research Analyst

The Circularity Index launch aligns with growing market trends towards sustainability. Key findings from the Harris Poll research reveal significant business opportunities:

• 75% of companies lack necessary tools for circularity initiatives
• 83% want more leadership prioritization for these efforts

These statistics suggest a large untapped market for circularity solutions. Republic Services is well-positioned to capitalize on this demand, potentially leading to new service offerings and revenue streams. The index could serve as a lead generation tool, identifying companies in need of Republic's expertise in waste management and circular economy practices.

Investors should note the potential for long-term growth as businesses across industries increasingly prioritize sustainability and circularity in their operations.

Online tool helps companies understand and advance their circularity journey

PHOENIX, Oct. 2, 2024 /PRNewswire/ -- Circularity, the concept of maintaining the value and use of materials as long as possible to minimize waste and resource consumption, is critical for businesses to reduce their environmental impact and achieve sustainability goals. Republic Services, Inc. (NYSE: RSG), a leader in the environmental services industry, today launched the Circularity Index, a no-cost online tool to help businesses understand and optimize their circularity journey to positively impact the environment and their bottom lines.

According to the U.S. Environmental Protection Agency, more than 300 million tons of waste is generated each year in the U.S., and over 60% of it is either landfilled or incinerated. Companies can mitigate increasing environmental and consumer concerns by shifting from a linear "take-make-dispose" model to a circular approach, optimizing resource use and diversion opportunities to minimize waste generation and advance sustainability.

"Companies have set ambitious sustainability goals, but many need additional knowledge or tools to effectively achieve them," said Amanda Hodges, chief commercial officer at Republic Services. "We developed the Circularity Index to help companies assess their circularity initiatives and provide a roadmap to help them achieve their goals."   

Republic Services, in partnership with The Harris Poll, asked 1,200 sustainability leaders at companies across 10 U.S. industries to rate their organization on 21 aspects of circularity. The research showed that 87% of companies plan to invest more in circular initiatives over the next two years, but most lack the needed expertise, tools and prioritization. Republic Services developed the Circularity Index to benchmark companies by industry on their circularity journey and help them accelerate their efforts.  

The Circularity Index places companies on a five-point maturity curve, from Novice to Expert, to help them understand the maturity of their circular initiatives relative to peers across three categories:

• Commitment: to what extent are leadership, resources, goals and budget aligned with circularity-related initiatives
  
  
• Execution: how well an organization plans, implements and measures progress to achieve its circularity goals
  
  
• Recovery: the degree to which circularity programs are achieving waste minimization and diversion, and increasing material reuse and recycling

The research shows that many companies are still in the early phases of their circularity approach and initiatives: 45% of all companies fall into the lower Novice and Emerging categories. On the high end, only 12% of companies have achieved Expert status. Industries that are more advanced in their circularity efforts include consumer packaged goods, manufacturing and energy/utilities/environmental services, while government has the most opportunity to drive circular initiatives.

Other findings include:

• 65% agree that everyone wants to advance sustainability, but few know how:
• 75% lack the necessary tools.
• 83% want senior leadership to grant more room to prioritize initiatives.

"Most companies acknowledge the need to take action to improve circularity, but many do not know where to start or how to advance their initiatives in a way that provides both environmental and economic benefit," added Hodges. "We are committed to helping companies further their circularity journey."

Companies can use the Circularity Index to assess and benchmark current initiatives versus industry peers and follow the tool's guidance and roadmap to set goals and enhance the circularity of their operations. 

The Circularity Index builds on Republic Services' expertise in waste diversion and circular solutions. For more information about the Circularity Index and to take a brief circularity assessment, visit RepublicServices.com/Circularity.

Circularity Index Webinar
A webinar will be held at 1 p.m. Eastern Time on Wednesday, Oct. 16 to provide an overview of the Circularity Index and industry-specific results, and answer questions about the tool. Webinar Registration Link: info.republicservices.com/circulatorywebinar2024.

About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

Republic Services Media Relations
Media@RepublicServices.com
(480) 757-9770

View original content to download multimedia:https://www.prnewswire.com/news-releases/republic-services-launches-circularity-index-to-help-businesses-improve-sustainable-practices-302264847.html

SOURCE Republic Services, Inc.

FAQ

What is the Circularity Index launched by Republic Services (RSG)?

The Circularity Index is a free online tool launched by Republic Services to help businesses assess and improve their circularity practices. It benchmarks companies on a five-point maturity curve across three categories: Commitment, Execution, and Recovery.

When did Republic Services (RSG) launch the Circularity Index?

Republic Services launched the Circularity Index on October 2, 2024.

What percentage of companies plan to invest more in circular initiatives according to Republic Services (RSG)?

According to Republic Services' research, 87% of companies plan to invest more in circular initiatives over the next two years.

What industries are more advanced in circularity efforts according to Republic Services (RSG)?

According to Republic Services, industries that are more advanced in their circularity efforts include consumer packaged goods, manufacturing, and energy/utilities/environmental services.

When is the webinar for Republic Services' (RSG) Circularity Index scheduled?

The webinar for Republic Services' Circularity Index is scheduled for October 16, 2024, at 1 p.m. Eastern Time.