A comprehensive movement is underway to extend the life cycle of products and thus reduce waste to a minimum. Circular economy underpins a new model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials, components and products as long as possible.
The main goal is to retain value, materials, and data. When a product reaches the end of its life, recycling, reusing, etc. ensure that the materials are kept in the economy in a new loop, which then creates further value for the economy. This is also true for product data.
The European Green Deal was set up to transform the EU into a modern, resource-efficient and competitive economy, ensuring no net emissions of greenhouse gases by 2050 and economic growth decoupled from resource use.
One third of the €1.8 trillion investments from the NextGenerationEU Recovery Plan and the EU’s seven-year budget are financing the European Green Deal, and several pieces of EU legislation are based on the Paris Agreement, the EU Green Deal and the Circular Economy Plan. This is also a priority for GS1 in Europe because there is no circular economy without circular product data.
Want to know more about the GS1 role? Read the GS1 in Europe Circular Data for the Circular Economy paper.
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