A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which we keep resources in use for as long as possible, extract the maximum value from them while in use, then recover and regenerate products and materials at the end of each service life.
And why does it matter?
Circular Economy:
- Creates new opportunities for sustainable growth;
- Reduces waste,
- Drives greater resource productivity,
- Renders our economy more competitive;
- Positions us to better address emerging resource security/scarcity issues in the future, and;
- Helps to reduce waste and greenhouse gas emissions, and overall reduces the environmental impacts of our production and consumption.
Principles of a circular economy
There are three primary principles associated with this transition to a circular economy according to the Ellen MacArthur Foundation:
- Design out waste and pollution;
- Keep products and materials in use; and
- Regenerate natural systems
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