Circular economy is the alternative to the today’s linear ‘make, use, dispose’ economy which aims to keep resources in use for as long as possible. Today’s economy is built on a fast turnover principle, with the release of new products, mainly technology, we are quick to upgrade and dispose our old ones. This leads to a staggering inefficiency in the way we manage the earth’s resources, with increased pollution, loss of ecosystems and substantial decrease in value with each product disposed.
How does it work?
Circular economy is divided into two cycles, Biological, and Technical. The Biological Cycle aims to build capital with waste instead of reducing it through rethinking and redesigning products and packaging to create safe and compostable materials that encourage growth. The technical cycle aims to rethink ways we can cycle valuable metals, polymers, & alloys to maintain qualities beyond shelf life. Combining the two cycles creates a circular economy where, instead of disposing of your old products, you can return them to the manufacturers, where tech materials can be recycled to create more, whilst the biological materials can be used to increase agricultural value.
There are many benefits that come with operating under a circular economy, such as:
- The reduction of waste
- Helping to reduce the environmental impacts of production and consumption within the UK
- Creating to create a more competitive UK economy
- Driving greater resource productivity
- Companies will have a secure supply of resources they need to produce
- Consumers will be protected from price hikes caused by scarce resources