For decades, scientists have been warning us about the dangers of overusing limited resources and also encouraging us to make change towards a circular economy. But what exactly is a circular economy, what are the benefits and how can we get closer to implementation?
What is a circular economy?
A circular economy takes our consumption of resources and materials and reuses them to put back into the economy instead of discarding them. Since the industrial revolution, the majority of the world has been using a linear economy. This model takes raw, nonrenewable resources and transforms them into products with short lifespans that are disposed after use instead of repurposing them like a circular model would.
What are the benefits of a circular economy?
Switching to a circular economy will help close the gap between production and natural ecosystems’ cycles. The model is regenerative by intention and design, which means its purpose is to improve resources performance while fighting the irregularity that climate change can have on businesses.
Operational Benefits of a Circular Economy
- Huge potential through all societal aspects large and small
- Creates new employment opportunities
- Opens the door to new markets
Environmental Benefits of a Circular Economy
- Eliminates waste, ultimately reducing the amount of greenhouse gas emissions worldwide
- Optimizes agricultural productivity
- Less pollution from fossil fuels
- Returns healthy nutrients back to soil
Economic Benefits of a Circular Economy
- Removes cost of/need for soil degradation
- Cuts costs of waste and energy reduction services
- Assurance of continual supply
Currently, we abuse our nonrenewable resources (like oil and metal ores) through unsustainable practices and ignore the fact that eventually, our supply will run out. Applying a circular economy model will bring us closer to a healthier, happier environment and sustainable future.
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