Companies backing the initiative include Veolia, a major environmental services company, BMW Group, Michelin, Philips, Renault, and PwC. This year, the group will focus on 3 priority areas. Firstly, it will aim to develop transformative value-chain solutions to unlock circular opportunities for businesses. Then, it will invest in raising awareness about the difference between circular and linear economy and help companies understand the advantages and opportunities it offers. By displaying success stories, best practices and leading examples it also aims to boost the business voice globally and trigger further business engagement. Advocates of this new business model stress the massive economic benefits it can bring, describing it as a $4,5 trillion business opportunity. Antoine Frérot, Veolia's CEO, stated: "Through the circular economy, the Group's mission is to produce alternative resources that compensate for the scarcity of natural resources; waste is transformed into valuable raw materials".