target audience: TECH SUPPLIER Publication date: Jul 2024 - Document type: Market Perspective - Doc Document number: # EUR151647524
European Digital Product Passport for Circular Value Chains
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Abstract
This IDC Market Perspective presents key insights into the European digital product passport (DPP) initiative, which will be mandatory for all products in the EU by 2030. This initiative aims to enhance product life-cycle transparency and support circular economy principles by providing detailed information on sustainability aspects such as origin, materials, and recyclability. Technology plays a pivotal role in the delivery of DPPs. European companies already delivering DPPs include Mango and Tommy Hilfiger, in addition to various EU projects that illustrate DPPs' practical applications and role in promoting sustainable practices and circular value chains.
"In embracing the future of sustainability with the introduction of digital product passports, organizations will have improved sustainability postures as well as be able to foster innovation and trust across their global value chains," said Erica Spinoni, senior research analyst, IDC's European Digital Business Strategies. "Technology plays a pivotal role in the rollout of DPP initiatives, with blockchain, IoT, digital twins, data analytics, and cloud computing being instrumental. These technologies ensure secure, reliable data storage and sharing, supporting DPPs' goals of sustainability and transparency."