28 Oct, 22

The Circular Economy

In today’s economy, materials are taken from the Earth to make products and are eventually thrown away as waste, this is a linear process. The linear economy does not consider the cost of enormous carbon emissions, waste and pollution that are evidently built into the system. On the other hand, in a circular economy waste does not be produced. The Circular Economy is a 21st century construct. Therefore, the Circular Economy is a system that aids global issues such as climate change, waste, loss, biodiversity, and pollution. In other words, a Circular Economy is a structural approach to economic development which is deigned to benefit society, businesses, and the environment.

Why is a Circular Economy needed?

There is no doubt that the global population is increasing, meaning the demand for raw materials is also increasing. Although, the supply of pivotal raw materials is finite. Limited supplies means that some countries are dependent upon other countries for their raw materials. Furthermore, extracting, and utilising raw materials has a crucial impact on the environment. It increases both energy consumption and CO2 emissions. Nevertheless, a more efficient use of raw materials can reduce CO2 emissions.

The Circular Economy aims to prolong the life cycle of products. The model stresses to reduce waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy, if possible, which can be used again and again, therefore creating greater value. It is evident that this differs from the traditional, linear model which is based upon the “take-make-dispose” approach to production and consumption.

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The benefits of a Circular Economy:

There are countless benefits of a Circular Economy such as it reduces pressure on the environment, boosts economic growth, stimulates innovation, increases competitiveness, and reduces total and annual greenhouse gas emissions. Furthermore, consumers are provided with more innovative and durable products, increasing quality of life and saving money in the long run.

So, what can you do to contribute to the Circular Economy?
  • Use the products you purchase for a longer period of time – enabling great sustainable advantages.
  • Read the content of the products you are purchasing.
  • Don’t just consider the price – a more expensive product may lead to less maintenance and therefore saves you money in the long run.
  • Choose products that are repairable, durable, up-gradable and can be recycled so that the product can stay functional for a long period of time.
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