Shifting to a circular economy model is perceived as crucial for the European Union to achieve its goal of becoming climate-neutral by 2050. A circular economy model implements material efficiency strategies throughout the value chain, from product design and use, longevity and durability, to mechanisms that enable proper separation of materials at the end-of-life phase, allowing for their recirculation.

This sustainable model not only reduces environmental pressures and greenhouse gas (GHG) emissions but also stimulates economic growth, fosters innovation and competitiveness, boosts employment, reduces material costs and consumer expenses, and reduces dependencies on imports. Failing to adopt circular practices could not only jeopardise the EU's position as a frontrunner in the global climate fight, but also harm the competitiveness of European industries.

Despite efforts made as part of the 2020 ‘Circular economy action plan’, EU-level policy governing European industry has yet to satisfy climate organisations, who argue that the full potential of the EU in regulating the circular economy shift has not yet been utilised. As such, 2024’s new European Commission and Parliament provides a fresh opportunity to renew efforts towards circular economies, and address the risks associated with not adopting circular practices, especially concerning material extraction.

Sectors such as the automotive and textile industry have significant potential for reductions in greenhouse gas emissions. These sectors are set to be a focus of these renewed efforts.

Relisten to this EURACTIV Hybrid Conference to find out more about the potential of a circular EU economy, and how making this shift could contribute to a climate-neutral Europe. Addressed questions included:

- What are the opportunities for climate and circular economy synergies broadly, and across the key sectors of transport and textiles?

- How can the new Commission and Parliament in 2024 be leveraged to renew the push towards circular economies?

- What are the risks of not going circular, especially regarding material extraction?