Circular Economy

 Warm greetings to all!

As our communities are starting to think more about our environment and way of life, we are slowly growing in the direction of trying to make our world more sustainable. Due to this trend, big corporations in the business world are slowly going in this direction too. A larger part of corporations has been relying on a ‘take-make-waste’ type of model for as long as they have been in existence. Nowadays, an increasing number of companies are beginning to take a look at the circular economy approach so that they can become more sustainable.

What is a circular economy? A circular economy is an economic system aimed at eliminating waste and the continual use of resources. Whereas compared to a model of the linear economy which is based on the ‘take-make-waste’ pattern, a circular economy model helps benefit all stakeholders. When it comes to adopting a circular economy ideology, it is mainly about holding on to resources and assets for as long as possible, making the most of those resources and assets, and reusing those materials to create even more value from them. Therefore we can conclude that it isn’t only meant for a specific sector, it is open for all sectors. All companies can utilize this model and the benefits that come from this economic model are massive. 

What are the benefits of this type of economy model you may ask? The first advantage of a circular economy is the preservation of our surroundings, cutting down on waste and the emissions of greenhouse gases, making recycling a part of the industrial system, and most importantly ending the old-fashioned model of the economy where we just take and waste. Another one of the benefits that can be gained from a circular economy is that it helps encourage innovation and uplift the economy. This can trigger competitiveness amongst companies in the long run which in turn can give cheaper products to the public. On top of that, the circular economy model will create an environment where there are jobs available and at the same time it allows people to save money. This in turn cuts the unemployment rate and poverty rate but most importantly, it helps make a positive impact on climate change.

Countries around the world are slowly beginning to show their devotion towards achieving sustainability by pushing a more sustainable production and consumption lifestyle. The same goes to corporations around the world, they are slowly switching to a circular economy model. This is great because many people will change their ‘take-make-waste’ habit due to the world slowly moving towards a circular economic model. This will be implemented even further if all of us come together and get involved. 

Play your part and join the fight!