Reading: Circular Economy
In the article, “What is Circular Economy & How Does It Work” it states that the concept of a circular economy is to close the loop on linear patterns and this will reduce waste. There are 3 main keys to a circular economy including designing out waste and pollution, keeping products and materials in use, and regenerating living systems. In circular economies things can be recycled, giving everything an ability to be transformed multiple times. According to the reading it states, “Regeneration means products and services in a circular economy contribute to systems that renew or replenish themselves throughout various lifecycles and uses”. In a liner economy things begin as raw materials and end as landfill. However, if we donate things, reuse and recycle products, and even use chemical recyclers we create a circular economy and promote the idea of regeneration.
Currently we are dominated by linear economies, with a growing support and want for more circular economies around the world. As more support for sustainability actions occurs a circular economy is able to help promote sustainability and have a more positive effect on our environment. The article states that “Circular economy is a call to evaluate the environmental impact of products and their components from the initial concept stage through to end-use.”
There are many benefits to circular economies including consumer benefits, economy benefits, business benefits and environmental benefits. Consumer benefits include increasing disposable income and improve health. Economic benefits include boost economic growth and creating more jobs. Business benefits include lowering costs and engaging in long term customer interaction as well as loyalty. Finally, environmental benefits include decreasing carbon dioxide emissions and greenhouse gas emissions and enhances value of land.
According to the reading circular economies will be overall beneficial to businesses as they create a new shift in their business strategy. According to the reading, “Circular business no longer focus on profit maximization”. Overall saying that instead of finding cheaper alternatives they world rather find more sustainable supply chains, factories, operations, etc. to boost a circular business. This could have great effects in countries such as Greece and would increase their ability to be sustainable.
This article was really interesting to read and definitely informed me more about circular economies and what it really means to be circular.