Through aligning the industry’s understanding of CE and providing a general approach to measuring circularity, the guidance ensures adherence to environmental standards, encourages innovation and fosters collaboration.
Why companies should adopt CE
Increasing the circularity of their production processes and products can support oil and gas companies to produce the energy the world needs, while reducing impacts on natural resources and biodiversity, and cutting emissions.
As well as providing climate, environmental and social benefits, CE helps builds long-term resilience and generates business and economic opportunities.
What is covered by the guidance?
The guidance includes five sections:
- Section 1: about CE and the industry’s role in it
- Section 2: CE frameworks and their applications
- Section 3: key CE indicators
- Section 4: measuring circularity
- Section 5: conclusions
Who is this guidance for?
This report helps oil and gas industry CE SMEs, waste professionals and corporate sustainability units to:
- Improve understanding of the various CE frameworks available
- Develop a CE strategy
- Improve their companies’ CE performance
- Measure, assess, report and steer on circularity
Ipieca definition of circular economy
Ipieca has produced a definition of CE for the industry, based on the Ellen MacArthur Foundation definition:
'Circular economy is a system solution framework that entails decoupling economic activity from the consumption of finite resources. It is based on three principles driven by eco-design: (1) eliminate waste and pollution, (2) circulate products and materials (at their highest value), and (3) increase efficiency.’
