What is a circular economy?
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The concept of the circular economy revolves around the idea of ensuring that materials never go to waste and that nature is continuously rejuvenated. Within this system, products and materials are constantly kept in circulation through various processes such as maintenance, reuse, refurbishment, remanufacture, recycling, and composting. By decoupling economic activity from the consumption of finite resources, the circular economy effectively addresses pressing global issues like climate change, biodiversity loss, waste, and pollution.
The circular economy?
Why do we need a circular economy?
Traditional linear economic models of “take-make-dispose” create about two billion tonnes of municipal waste globally every year. In the past 20 years, the global material footprint has increased by 70%. It is clear that transitioning to a circular economy is urgently needed. Moreover, circularity can play a crucial role in combating climate change and biodiversity loss, while delivering positive impacts on the environment, human health, as well as on air and water quality.
The current state of play
The current assessment suggests that the global economy is currently operating at approximately 9% circular. However, achieving this level of circularity will not happen automatically. It necessitates the proactive involvement of policy makers in implementing circular regulations and incentives, the active participation of private sector actors in developing circular business models, and a shift in consumption patterns by consumers.