There are clear signs that the circular economy is moving from idea to action across the global economy. Today, 75% of businesses recognise circularity as important, up from 40% from just three years ago. More than 27% of Nationally Determined Contributions (NDCs) – country-specific climate action plans that outline commitments to reduce emissions and adapt to climate impacts – refer to the circular economy as a climate mitigation strategy, and cumulative capital invested in circular initiatives has grown by over 70% during the last three years. These shifts reflect not just growing awareness of the potential, but a real commitment to change.

This year we made an essential shift from exploring and promoting the circular economy to implementing at scale. By working together with our partners and collaborators on this approach, we believe we can lead the transition further and faster than ever before....

We have broken substantial new ground, unlocking innovation, building momentum and reaching scale. We co-led a Business Coalition with the World Wildlife Fund (WWF), working at the intersection of policy and business, to advocate for a high-ambition global plastics treaty. We harnessed the power of circular design with a breakthrough initiative that demonstrated how we can design food with nature in mind.

In fashion, we launched a world-first accelerator that unites leading clothing brands in a mission to scale circular business models that tangibly decouple revenue from new production. Our focus on measurement and reporting has helped shape 39 key sustainability reporting frameworks to embrace circular economy principles.

Meanwhile, new thought leadership has strengthened the case for a circular built environment, showcasing six circular strategies for the built environment sector and highlighting that a circular approach in this and other sectors is vital to meeting climate and biodiversity goals and unlocking prosperity. Across our network, we’ve expanded our reach, building key philanthropic and business partnerships, notably in China, Latin America, and North America.

These efforts are delivering real impact – reducing emissions, preventing waste, and keeping virgin materials in the ground – whilst generating wider momentum. Through our films, reports, and creative storytelling, we’ve shared these breakthroughs widely, deepening understanding of the circular economy and its economic, environmental, and social benefits, and inspiring others to be bolder.

This scale of impact is a reflection on the whole team – trustees, colleagues, advisors, supporters, and friends – who bring expertise, insight, and unrivaled passion and energy to this work. Thank you all.

New to our team is Jonquil Hackenberg replacing Andrew Morlet as CEO. I want to use this opportunity to thank Andrew, who has made an extraordinary contribution to advancing the circular economy. It has been an absolute privilege to work alongside him over the past decade. His leadership in this space has been nothing short of inspiring and his vision and dedication have set us on an incredible path. We’re deeply grateful for everything he’s done and for the legacy he leaves behind. As we step into this next chapter, we do so with immense pride and excitement for what’s ahead.

Jonquil brings with her a new level of energy, and a wealth of experience in leadership, business transformation, sustainability, and the circular economy. With her impressive track record, she is well-placed to shape and lead the next phase of our work. Welcome Jonquil.

We have much to do. Global challenges are pressing, and the landscape in which we work is constantly evolving. But through it all, the circular economy remains constant, a powerful, practical solution – one that businesses and governments around the world are increasingly embracing. Let’s keep pushing until circular becomes the norm.