Finnish Listed Companies Leading the Circular Economy in the Nordics
Finnish listed companies are pioneers in advancing the circular economy in the Nordic region. This is evident from a comprehensive study conducted among all listed companies in Sweden, Norway, Denmark, and Finland.
Nearly 80% of companies interviewed in the study estimate that their competitors will invest in the circular economy over the next five years. The circular economy is expected to play a significant role in companies' competitiveness and in achieving climate goals in the coming years.
Finland as a forerunner
Finland is a pioneer in developing and implementing circular economy strategies. The Circular Economy Index, which measures the level and growth of circular economy activities in companies, is 25% in Finland, compared to just 14% in Denmark. Finnish companies excel particularly in integrating repair services into their business operations and using procurement criteria to promote the circular economy.
Examples of successful initiatives include Fiskars, aiming to achieve over 50% of its revenue from circular economy products by 2030, and Outokumpu, whose stainless steel is made from 95% recycled materials.
Circular Economy gains strategic importance – Goals need to be sharpened
The study indicates that the circular economy is becoming a strategic necessity for businesses. While most companies have incorporated the circular economy into their operations, only 39% have set clear goals. Key circular economy strategies, such as remanufacturing (REMAKE) and rethinking business models (RETHINK), are underutilized despite their potential to generate significant savings and new revenue streams.
A solution to climate emissions and the material crisis
The circular economy has immense potential for reducing climate emissions: up to half of global emissions could be eliminated by reducing the use of virgin raw materials and improving recycling efficiency.
“The circular economy plays a central role in strengthening overall security in our time. This includes securing the availability of critical raw materials and promoting sustainable practices. The circular economy model supports economic growth while conserving natural resources. It is inspiring to see Finnish listed companies taking the lead in building the circular economy model," says Outi Suomi, Mission Lead of Circular Transition for Zero Waste.
The Circular Economy Outlook 2024 Nordics report was produced by the Swedish think tank Cradlenet and the state research center RISE, in collaboration with research institutions VTT, NORCE, and DTI. The interviews in Finland were conducted by VTT, with the Circular Valley of Uusimaa acting as a co-sponsor of the report.
Download the report: Economy Outlook 2024 Nordics
Further information
Outi Suomi
outi.suomi (at) businessfinland.fi
Tel. +358 50 5727 530
