A new IMEX report urges the global meetings, incentive travel and events industry to adopt a new economic model—the circular economy.
Released yesterday on Planet IMEX, The Regenerative Revolution, A New Paradigm for Event Management was produced with the support of Marriott International. Authored by Guy Bigwood, managing director of the Global Destination Sustainability Movement, it explains the opportunity represented by the circular economy and presents a new event management framework that is good for the environment, human beings and business health.
The report states: “All around the world brands, institutions, cities, and countries are rethinking economic development models to improve people’s lives, include disadvantaged communities and be more circular. Cambridge Economics estimates that applying circular economy principles across the EU economy has the potential to create around 700,000 new jobs and create a net benefit of €1.8 billion by 2030. Accenture calculated that the circular economy is the world’s largest opportunity, with the potential to unlock $4.5 trillion growth.”
The report addresses issues such as food waste, climate change and materials misuse. It includes multiple case studies, anecdotes, quotes and extensive data together with clear, practical actions for all sectors of the MICE industry.
The new IMEX report also examines the increase in single-use plastics and lays out the vision of more than 1,000 global organizations (Walmart, Unilever, Coca-Cola, L’Oreal, Pepsico, and more) that have united behind a New Plastics Economy Initiative. These companies have committed to transforming their business models to eradicate single-use plastic and ensure the plastic products they do need are reusable, recyclable and compostable.
Helping events help the eco-system and human well-being
The new IMEX report also proposes a new, draft events framework—Hannuwa—IMEX intends to put into practice once its live events return.
Hannuwa consists of four key principles and an eight-step methodology to inspire, educate, and guide event professionals on their transition to more regenerative and circular event management. The result is an approach where event planning, resourcing, procurement, and production are designed and managed to optimize the ecosystem functioning and human well-being.
“From the start, we knew this information, the case studies, the research and these voices were going to make a huge impact,” said Carina Bauer, CEO, IMEX Group. “Our Regenerative Revolution report is a call to action and a powerful reminder that, as human beings, we are nature. Planet Earth is our home. And it’s the only one we have. Now is the time for us all to act collectively, not in shame but in hope and with purpose. We all need to change our ways and to lead with conviction. With the generous support of Marriott International, we believe this ground-breaking report will inspire change and action; proving that our industry can—and should—positively regenerate, not merely restart.”
Tammy Routh, senior vice-president, Sales at Marriott International said that at this time of unprecedented change across the industry, Marriott is steadfast in its commitment to work with industry organizations like IMEX to find ways to instill trust and confidence in meetings and events. “We are proud to collaborate with them on The Regenerative Revolution study focusing on how the industry can keep nature and sustainability practices top of mind as we go through this transformative time together.”