Some businesses think the circular economy could change everything

The circular economy will be at work within the London office of the National Union of Students (NUS), a non-profit in which represents students across the U.K. Rows of LED lights illuminate the office, turning on as well as off based on movement within the room. Instead of buying the lightbulbs, NUS signed a 15-year lease with Philips Lighting to receive light as a service.

“At the end of the life of the lights, the lights belong to Philips,” said Jamie Agombar, Head of Sustainability at NUS.

NUS pays Philips a quarterly fee for the light, which covers all maintenance as well as replacement costs over the 15-year period. Joao Pola, CEO of Philips Lighting within the UK as well as Ireland, said the design encourages his company to provide the most efficient light, while maintaining ownership of its resources.

“Going for a design like This particular creates a big incentive to make our products more reusable within the future,” Pola said. “in which becomes a win-win situation to improve the efficiency of the system for the customer as well as for ourselves.”

Agombar added in which paying a fixed cost for light allowed the NUS to make different sustainable investments, including solar panels as well as rainwater harvesting. “A lot of in which has been afforded because we rented the lights,” he said.

Paying for a service like light will be just one idea within the circular economy. Retailers like H&M as well as Patagonia are using circular versions to recycle as well as reuse old garments for fresh clothes. Car-sharing programs help reduce overcapacity by keeping vehicles in use, instead of parked in a driveway or lot.

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