# Circular opportunities
*Activity type: book*

## Chapter 1: Circular opportunities

The opportunities created by the transition to a circular economy don’t stop with just waste management. Keeping materials in use and eliminating waste from the system requires changes in business models that enable some exciting opportunities for innovation and economic gain.

##### Repair services

For example, a circular business strategy that is becoming more common is the creation of a repair service for goods that are sold. Examples of this strategy in action include href="https://www.remoterepairs.com.au/" target="_blank" rel="noopener" (https://www.remoterepairs.com.au/), href="https://www.patagonia.com.au/pages/product-care-repair" target="_blank" rel="noopener" (https://www.patagonia.com.au/pages/product-care-repair) and href="https://www.nudiejeans.com/repair-spots?srsltid=AfmBOorUALgi0BMotiIAivr-1Pi2wzYP9eC5srRi4lUbSZnjGz11WRoh" target="_blank" rel="noopener" (https://www.nudiejeans.com/repair-spots?srsltid=AfmBOorUALgi0BMotiIAivr-1Pi2wzYP9eC5srRi4lUbSZnjGz11WRoh), businesses that all offer repair services. Offering customers the ability to get their purchases repaired creates additional touch points that can lead to improved customer retention and longer-term relationships with those customers. Moving from a single customer transaction at the point of sale to multiple transactions through repair, reuse or refurbishment creates a lot of opportunity for improved engagement.

Organisations including href="https://kpmg.com/au/en/home/insights/2020/05/potential-economic-pay-off-circular-economy-australia.html" target="_blank" rel="noopener" (https://kpmg.com/au/en/home/insights/2020/05/potential-economic-pay-off-circular-economy-australia.html), the href="https://www.ellenmacarthurfoundation.org/towards-the-circular-economy-vol-1-an-economic-and-business-rationale-for-an" target="_blank" rel="noopener" (https://www.ellenmacarthurfoundation.org/towards-the-circular-economy-vol-1-an-economic-and-business-rationale-for-an), href="https://newsroom.accenture.com/news/2015/the-circular-economy-could-unlock-4-5-trillion-of-economic-growth-finds-new-book-by-accenture" target="_blank" rel="noopener" (https://newsroom.accenture.com/news/2015/the-circular-economy-could-unlock-4-5-trillion-of-economic-growth-finds-new-book-by-accenture), href="https://www.bze.org.au/research/report/million-jobs-plan#:~:text=The%20Million%20Jobs%20Plan%20identifies,the%20financial%20year%202020%2D21" target="_blank" rel="noopener" (https://www.bze.org.au/research/report/million-jobs-plan#:~:text=The%20Million%20Jobs%20Plan%20identifies,the%20financial%20year%202020%2D21), href="https://www.csiro.au/en/research/natural-environment/circular-economy" target="_blank" rel="noopener" (https://www.csiro.au/en/research/natural-environment/circular-economy), href="https://www.charitablereuse.org.au/wp-content/uploads/2024/06/Reuse-in-NSW-Executive-Report-2024.pdf" target="_blank" rel="noopener" (https://www.charitablereuse.org.au/wp-content/uploads/2024/06/Reuse-in-NSW-Executive-Report-2024.pdf) and href="https://www.chiefscientist.nsw.gov.au/__data/assets/pdf_file/0007/334564/the-circular-economy-opportunity-in-NSW.pdf" target="_blank" rel="noopener" (https://www.chiefscientist.nsw.gov.au/__data/assets/pdf_file/0007/334564/the-circular-economy-opportunity-in-NSW.pdf) have all done studies to estimate what this economic opportunity looks like, globally and for Australia.
Their estimates are promising:

- The transition to circularity represents an economic opportunity of $23 billion by 2025, growing to $210 billion by 2048 for Australia. Globally, circularity could generate US$ 4.5 trillion of additional economic output by 2030, and as much as US$ 25 trillion by 2050.

- Decarbonisation initiatives could add over 200,000 new jobs to the Australian economy. A circular food, transport, built environment, manufacturing and recycling sector would enable some 150,000 ongoing jobs over the next few years already. Renewables and low-emission project can deliver 1.8 million new jobs in Australia’s regional areas, many of which are focused on the transition to a circular economy.

- Recycling is estimated to be able to provide 3.3 jobs for every job in landfill. And reuse is estimated to generate 25 more jobs than recycling again.

Regardless of the range of estimates provided by these studies, they all agree that the transition to a circular economy will unlock significant economic benefits in the future. And beyond these financial gains, the transition to a circular economy promises increased supply chain resilience, improved customer relationships, and a platform for innovation. New business models come with new opportunities. New goods and services come with design and manufacturing innovation. And a new economy is in need of new skills and talent.
