The new Pacific LED, one of our circular-economy-ready luminaires, eliminates the hassle of owning and maintaining a lighting system and is a true component in delivering a circular lighting contract. With new propositions such as Light as a Service, it can create additional value for customers with a unique sustainability message. Philips and the circular economy "For a sustainable world, the transition from a linear to a circular economy is essential. This page outlines Philips’ view and approach to circular economy, and sets out the company’s ambitious objectives for 2020. Let's take the Philips Pacific LED gen4 as an example. Philips Circular Economy Nigel Salter, Salter Baxter (2015). From a brand and innovation perspective, the Circular Economy gives Philips the opportunity to show thought leadership in an area closely related to the company’s mission and vision and its innovation skills. By definition it is a driver for innovation in the areas of material-, component- and product reuse, as well as new business models such as solutions and services. We don’t regard this as a cost factor, but as a contributor to our bottom line and competitive position. This approach revolves around innovation in materials and reuse of components and products.An example of how Philips is applying ‘paying for performance’ is its ‘pay per lux’ lighting model, which allows customers to use the best lighting solution for their needs without owning the hardware. A circular economy requires innovation in the areas of material, component and product reuse, as well as related business models. "Philips is working closely with the Foundation across these focus areas: The ‘circular economy’ is a concept which uses natural resources in a more sustainable and intelligent way. At the end of the contract period, Philips lighting products can be taken back into their production process again and raw materials be reused.As Philips CEO Frans van Houten recently said: “Philips has made sustainability an integral part of its activities. A circular economy requires innovation in the areas of material, component and product reuse, as well as related business models. Today’s economy relies heavily on extracting raw materials from the earth and processing these into parts and products, which are eventually discarded. I don’t want to make this sound easy. It also set out how the company is partnering with … Philips is adopting innovative business models and maximising the lifetime value of their products and solutions.
It does all this through: We believe in a process of ongoing improvement, in which the bar is constantly raised. Philips is using the circular economy to differentiate itself from its competitors. Furthermore, the conventional model of customer ownership of the product is replaced by customer access to the product, ‘paying for performance.’ An example of how Philips is applying this new approach is its ‘pay per lux’ lighting model, which allows customers to use the best lighting solution for their needs without owning the hardware.

In such an economy, the lower use of raw materials allows us to create more value. By definition it is a driver for innovation in the areas of material-, component- and product reuse, as well as … REFERENCES Philips (2015). Read how Philips is leading the way in promoting a new philosophy which encourages more effective and efficient use of resources. An action-oriented set of methods, mindsets and thought starters to help innovators design circular solutions that are fit for the future.© Copyright 2017 Ellen MacArthur Foundation. These are the winners of the future!”The Circular Economy drives new business models, solutions and services, shifting from ‘transactions’ to ‘relationships’ via service and solution models. A circular economy aims to decouple economic growth from the use of natural resources and ecosystems by using those resources more effectively. In our health-care business, for example, a lot of customers initially thought: A secondhand product? As the raw materials and the energy required for production become more scarce and costly, an alternative approach to the traditional ‘linear’ economy is required.The Circular Economy aims to decouple economic growth from the use of natural resources and ecosystems. We don’t want it. A far more effective use of materials enables greater value creation. Of course, we are refurbishing it and guaranteeing it as new, but convincing a hospital customer, for example, is challenging and requires a major educational program. At Philips Healthcare, sustainability is an integrated part of Refurbished Systems.A far more effective use of materials enables greater value creation. logistics and financing strategies. A circular economy aims to decouple economic growth from the use of natural resources and ecosystems by using those resources more effectively. As the world increasingly demands safe and environmentally sound products and services, the companies that have already made a conscious decision to be sustainable today will be the most competitive. Just by rethinking designs and processes, many products can be made more eco-friendly, and even be equipped with additional features, at no extra cost. Circular business models – such as offering customers access to, rather than ownership of products – not only make it easier to engage and retain customers, they also open up new opportunities for growth and cost savings, reduce resource risk, and facilitate smart asset management.The go-to online location for news and insight on the circular economy and related subjects.As a focused leader in health technology, Philips has a clear vision:"For a sustainable world, the transition from a linear to a circular economy is essential.

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