A circular economy, is a better economy
With the quality of our environment being at the top of all our concerns, it is important we do all we can to ensure we are contributing where possible. That is where the topic of the circular economy comes in to play as it is one way to reduce the pressure on the environment.
The issue at hand
Though economic growth in emerging markets has helped to raise living standards, it has also generated massive industrial and consumer waste. Many cities spend up to half their budgets on waste management. However, innovative businesses are utilising circular-economy principles by finding ways to convert waste into income streams.
What is a circular economy?
The circular economy is a systems solution framework that tackles global challenges like biodiversity loss, climate change, waste, and pollution.
A company in the circular economy doesn’t just recycle products but maintains ownership of them all along. The best way to describe the circular economy model is:
Make>Return>Use and repeat. A cycle, if you will.
The circular economy is based on the notion that there is no such thing as waste. In order to achieve this, products are created to last (good quality materials are used) and enhanced for a cycle of disassembly and reuse that will make it easier to handle and transform or renew them.
A circular economy is based on three principles:
- Eliminate waste and pollution
- Circulate products and materials
- Regenerate nature
How can your business benefit from a circular economy?
Moving towards a more circular economy could deliver benefits such as the security of the supply of raw materials, stimulating innovation, increasing competitiveness and boosting economic growth. Transitioning from the wasteful linear economy to an efficient circular economy will benefit your business now and in the future.
More benefits include:
- Reduces the use of non-renewable resources
Through the circular economy, methods like reusing resources and refurbishing old products (rather than throwing them away) are the standard. This ensures that we use fewer non-renewable resources.
- Lowers carbon emissions
The circular economy will help minimize emissions since its entire model revolves around sustainable management of materials.
- Aims for zero waste
A cornerstone of the circular economy is to reuse resources and products leading to a zero-waste model. Zero waste means fewer ocean-bound plastics, less trash in our oceans, and fewer landfills.
- Provides benefits for the consumer
A huge benefit to the consumer is job creation. In order to attain the circular economy, many new industry types will need to emerge. This means that there will be a lot of new jobs available.
- Opens new opportunities for companies
Companies can enjoy a more secure supply of resources as we reuse the resources that we already have rather than depending on limited resources. This may decrease the cost of materials allowing companies to run more economically. The practice may also improve customer loyalty.
With that being said, why not consider moving on to the circular economy model for your business? Join the many other businesses who are moving forward with this model by taking the necessary steps.