The circular economy is an economic model that aims to decouple economic growth from resource consumption by keeping materials and products in use for as long as possible, extracting maximum value from them, and then recovering and regenerating products and materials at the end of their service life. It is characterized by designing out waste and pollution, keeping products and materials in use, regenerating natural systems, and adopting a holistic systems thinking approach. Implementing circular economy principles requires rethinking product design, production, and consumption, and collaboration between businesses, policymakers, and consumers.
The circular economy is an economic model that aims to decouple economic growth from resource consumption by keeping materials and products in use for as long as possible, extracting the maximum value from them, and then recovering and regenerating products and materials at the end of their service life[1][5][7].
Key principles and characteristics of the circular economy include:
- Designing out waste and pollution: Products are designed for durability, reuse, remanufacturing, and recycling to keep materials circulating in the economy[4][5][6]. This eliminates the release of greenhouse gases and other pollutants[6].
- Keeping products and materials in use: The goal is to maintain the utility and value of components and materials for as long as possible through practices like reuse, repair, refurbishment, remanufacturing, and recycling[1][4][6]. This is in contrast to the traditional linear "take-make-dispose" model.
- Regenerating natural systems: The circular economy avoids the use of non-renewable resources and preserves or enhances renewable ones, for example by returning valuable nutrients to the soil to support regeneration[4][5].
- Systems thinking: The circular economy takes a holistic approach, considering how different elements influence one another within a whole. It involves all actors in the value chain and engages a variety of stakeholders[1][4].
While the concept has gained significant attention in recent years, there is still debate around its exact definition and scope[1][2]. Some view it narrowly in terms of resource cycling, while others see it more broadly as a new economic paradigm to achieve sustainable development[1][2]. Implementing circular economy principles will require rethinking how we design, produce, and use products, as well as unprecedented collaboration between businesses, policymakers, and consumers[4][6][7].
Citations: [1] https://www.mdpi.com/2071-1050/16/4/1500 [2] https://www.oecd.org/cfe/regionaldevelopment/Ekins-2019-Circular-Economy-What-Why-How-Where.pdf [3] https://www.techtarget.com/whatis/definition/circular-economy [4] https://www.ellenmacarthurfoundation.org/the-circular-economy-in-detail-deep-dive [5] https://www.ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview [6] https://www.rts.com/resources/guides/circular-economy/ [7] https://www.epa.gov/circulareconomy/what-circular-economy [8] https://www.sciencedirect.com/topics/engineering/circular-economy-concept