The ‘circular economy’ is both a philosophy and a concrete business plan. The ‘circular economy’ aims for 100% renewable energy and zero waste to landfill. To make this happen, new jobs are created in the recycling, repair, refurbish and service industries. It’s a concept which has been gathering steady momentum in recent years and it improves the ‘triple bottom line’ of the environment, humankind and profitability.
In essence, when an economy becomes circular, resources are used much more effectively. It moves us from a linear ‘take, make and dispose’ model to one in which the materials loop gets closed and products are regenerated. The aim is to stimulate growth without hurting the natural world and damaging valuable ecosystems.
Materials, components and products get re-used in this circular world. And value is created through cost savings and the development of new market opportunities.