Circular Economy Strategy and Target
Target
- Assess GC group’s potential in circular economy based on BS 8001:2017 standard.
- Build cooperation with networks, partners, and external agencies to monitor a product throughout its life cycle using advanced recycling and upcycling processes, along with raising awareness, understanding, and participation in the use and management of resources to achieve maximum benefit.
Challenges and Business Opportunities
The growing global population continues to increase the consumption rate, while business supply chains and operational efficiencies have not been optimized to address the issue of today’s resource scarcity. This result in the depletion of natural resources and abundance of waste generation. Therefore, GC is committed to be a part to promote a sustainable measure and create value in accordance with “Circular Economy” principle according to BS 8001:2017 in developing the company's core strategies and responding to its Environmental, Social, and Governance (ESG) development strategy. Additionally, the company is committed to conducting business based on the 5Rs principles throughout the value chain, while building collaborative networks with external organizations, including the public sector, private sector, and civil society, to address, prevent, and solve these issues. This also aims to raise awareness and establish appropriate practices for the efficient use of resources, as well as effective waste management, reducing plastic waste problems that impact the environment, communities, and society. Moreover, the company supports driving Thailand towards becoming a Zero Waste Society, promoting the reduction of greenhouse gas emissions in line with the United Nations’ Sustainable Development Goals (SDGs).
Management Approach GRI 3-3 (2021) GRI 306-2 (2020)
Circular Economy for Sustainable Development
GC places considerable emphasis on maximizes the cycle of resource utilization, allow the use of “Renewable Resource” and “Re-Material” (resource from used products) in the production process instead of using limited existing resource, and reduces as much waste as possible throughout the entire production process. With a production capacity for Bio-based products (Chemical & Polymers) and Plastic Recycling (Mechanical & Chemical Recycling) totalling over 1,540,000 tons, the company aims to expand its business in Bio and Circularity products in line with its investment strategy direction, with the goal of achieving net-zero greenhouse gas emissions by 2050
This is where the Circular Economy Concept comes into play in the difference operation process of the industrial sector. Besides, GC considers sustainability as a core business priority and an integral part of the corporate strategy. Accordingly, GC has applied the Circular Economy Concept to consider and set the company business plan, optimize the use of resources, reduce waste generation, and reduce impacts to the environment.
For more detail:
More information is available at GC Integrated Sustainability Report 2023 e.g.,
- YOUTURN Platform : A systematic management platform for used plastics, following circular economy principles.
- Community Waste Model Project : Promoting comprehensive waste management in communities from source to destination.
- Upcycling Upstyling Project #4 : Elevating upcycled products with creativity and diversity, building towards sustainable product design (Eco-Design).