What is meant by 'circular economy'?

The concept of a circular economy refers to an economic system that seeks to minimize waste and make the most of resources through strategies that prioritize recycling, reusing, and repurposing materials. This approach fundamentally contrasts with a traditional linear economy, which typically follows a ‘take-make-dispose’ model where raw materials are extracted, products are made, and then discarded after use, leading to significant waste and environmental impact.

In a circular economy, the goal is to create a closed-loop system where waste is significantly reduced and the lifecycle of materials is extended. Products are designed to last longer, and there is an emphasis on using renewable resources and sustainable practices. Examples include promoting products that can be easily repaired, remanufactured, or recycled, thus contributing to a more sustainable and resilient economy.

The focus on waste elimination through recycling and reuse highlights the innovative ways societies can manage resources while reducing their ecological footprint. This model not only benefits the environment but can also lead to economic benefits by fostering new markets and jobs in sustainability sectors.