Circular Economy
The circular economy is an economic model that aims to reduce waste, conserve resources, and minimise environmental impact by optimising the use of materials, products, and services through a continuous cycle of design, production, consumption, and recovery. It is based on “reduce, reuse, and recycle” principles. It seeks to create a regenerative and sustainable system where resources are used efficiently, waste is minimised, and the value of products and materials is retained as long as possible. In a circular economy, products are designed to be durable, repairable, and recyclable. Materials are used for as long as possible through refurbishment, remanufacturing, and recycling. The circular economy also emphasises the importance of extending the lifespan of products and reducing overconsumption by promoting sharing, leasing, and other collaborative consumption models. The circular economy goes beyond traditional “take-make-dispose” linear models of production and consumption, which generate significant waste and environmental degradation. Instead, it seeks to close the loop of resource use, creating a more sustainable and regenerative system that promotes economic, social, and ecological well-being. The circular economy concept has gained increasing attention and adoption in business, policy, and academia to address pressing environmental challenges, such as resource depletion, pollution, and climate change. It is seen as a promising approach to decoupling economic growth from resource consumption and waste generation and promoting a more sustainable and resilient economy for the future.
