What is circular economy

A circular economy is an economic system that aims to eliminate waste and promote the continual use of resources. In a circular economy, resources are kept in use for as long as possible, and waste is minimised through strategies such as recycling, composting, and repurposing. The goal of a circular economy is to create a closed loop where resources are continually reused, rather than being discarded and replaced.

The term circular economy can be contrasted with the traditional linear economy model, in which resources are extracted, used to make products, and then disposed of as waste. In a linear economy, the focus is on producing and consuming as much as possible, with little regard for the environmental impact of this consumption. This approach is unsustainable in the long term, as it leads to resource depletion and waste accumulation.

In a circular economy, there are several key strategies that are used to promote resource reuse and waste minimisation. These include:

1. Designing products for circularity: Products are designed to be easily disassembled, repaired, and recycled at the end of their life, rather than being disposed of as waste.

2. Extending the life of products: Products are repaired, refurbished, and repurposed to extend their useful life, rather than being discarded and replaced.

3. Sharing and pooling resources: Resources such as cars, tools, and equipment are shared and pooled among multiple users, reducing the need for individual ownership and reducing waste.

4. Recycling and composting: Materials are collected, sorted, and recycled into new products, or composted to create new soil.

The circular economy model has several benefits over the traditional linear economy model. These include:

1. Reduced waste: By keeping resources in use for longer, the circular economy model reduces waste and the environmental impact of production and consumption.

2. Resource efficiency: The circular economy model promotes the efficient use of resources, reducing the need for new resource extraction and reducing the environmental impact of production.

3. Economic benefits: The circular economy model can create new business opportunities, such as recycling and repair services, and can reduce costs associated with waste disposal.

4. Resilience: The circular economy model promotes a more resilient economy, as it reduces reliance on resource extraction and promotes the use of locally sourced and recycled materials.

In summary, a circular economy is an economic system that aims to eliminate waste and promote the continual use of resources. The circular economy model involves strategies such as designing products for circularity, extending the life of products, sharing and pooling resources, and recycling and composting. The circular economy model offers several benefits over the traditional linear economy model, including reduced waste, improved resource efficiency, economic benefits, and increased resilience.