The Circular Economy Approach

Author: Syeda Anum Urooj, Irverde

The circular economy is an approach to the development in economy that is a systematic framework, created provides advantages to businesses, society and the environment, making it a sustainable approach. Simply, we can say it is a type of economy with restorative and regenerative design.

In such type of economy, the whole process crafts and recrafts overall health of the system. The concept of circular economy exemplifies the significance of the economy requiring to act efficiently at all stages, like big and small businesses, organizations and individuals, internationally and domestically.

The circular economy is based on three principles:

1. Eliminate Waste and Pollution: A circular economy discloses the unwanted impacts of economic activity that result in problems to the health of human and systems of the nature, it executes this by revealing the negative effects of greenhouse gases and hazardous materials release, the air, land, and water pollutions, also the waste like traffic congestion.
2. Circulate Products and Materials: The circular economy supports some activities preserving energy, labor, and substances which means creating for durability, using again, remanufacturing, and to recycle keeping products, elements, and substances to circulate in the economy. Such systems create impactful bio-based materials utilization which is done through the encouragement of many several uses for them because they cycle between the economy and natural systems.
3. Regenerate Nature: It also ignores the non-renewable resources utilization and does preservation or enhancement of renewable resources, like by returning essential nutrients to the soil supporting the processes such as regeneration, or making use of renewable energy in contrast to depending on fossil fuels.

Benefits: what is the need to move to a circular economy?

• To protect the environment

Reusing and recycling products will lower the use of natural resources use, mitigate landscape and habitat disruption and assist in limiting the loss of biodiversity. One more advantage resulting from the circular economy is a minimization of total annual emissions of greenhouse gas. Making products that are efficient and sustainable will aid in reducing the consumption of energy and resource. Moving to reliable products which can be reused, and upgraded will minimize the huge amount of waste.

• Reduce raw material dependence

The population of the world is increasing, at the same time, the raw materials demand as well. However, the critical raw materials supply is limited. Recycling raw materials minimizes the risks related to supply, including the volatility of price, availability and dependency of import. This specifically implies to crucial raw materials that are required for the technologies production being critical for obtaining goals of climate, like batteries and electric engines.

• Create jobs and save consumers money

Shifting to a circular economy might elevate competition, enhance innovation, increase the growth of economy and produce employment opportunities. Restructuring substances and products for circular utilization will also enhance innovation throughout various economic sectors. Consumers will get sustainable products that will enhance the life and spare their money.