Circular Economy : Myth or Reality

The concept of a "circular economy" is one that has been gaining popularity in recent years. Proponents of the circular economy argue that it is a more environmentally friendly way of doing business, and that by reducing waste and increasing resource efficiency, companies will be able to reduce their environmental impact and save money at the same time. But is this really the case?

A circular economy is a system in which resources are reused as much as possible rather than being thrown away at the end of their lifecycle. In a typical linear economy, raw materials are extracted, converted into products, and then thrown away when they are no longer useful. In a circular economy, however, products are designed to be used for as long as possible before they are recycled or disposed of. This means that materials can be reused time and time again without ever being wasted. Examples of businesses that use the circular economy model include online retailer ASOS and environmental services company Veolia.

While the idea of a circular economy is appealing in many ways, there are some potential problems with this approach. One of the biggest concerns is that switching to a circular economy could result in less innovation and therefore fewer new products and technologies being developed. As Steve Jobs once said: "You can't connect the dots looking forward; you can only connect them looking backwards." Similarly, you can't design a product that will be efficiently recycled several years down the line if you don't have any examples of products that were designed to be reused or recycled from the start.

Another problem is that the circular economy could be more expensive than the current linear one. To reduce waste and increase resource efficiency, companies may need to invest in new technology and resources. This could lead to increased production costs in the long term and result in higher prices for consumers. These higher costs could also be passed on to the customers in the form of higher prices for goods and services. Finally, there may be legal issues to consider when using a circular economy model, such as who owns the waste produced by a particular product and whether a company would be legally responsible for the cost of recycling.

Incorporating the Circular Economy into your #business can help you reduce operational costs, increase #profitability and improve your #brand reputation. Environmental considerations are becoming increasingly important to #consumers - your green credentials could make you stand out from the competition.

Circular economy is no longer a myth but a marker/goal which our #future generations will hold us against if we don’t start applying it now! We only get one shot on this #earth , and we cannot spoil it by allowing destruction of resources which ultimately leads to extinction of all species on Earth. The faster we realise that the quicker we can solve these issues and ensure our future survival on this beautiful planet we call home!

The European Commission estimates that the annual cost of plastic litter in the European Union alone is €13bn ($14.6bn), with an estimated further cost of €22bn ($24.9bn) due to environmental damage and loss in quality of life. Plastic is the most littered material worldwide, accounting for over 70% of marine litter by weight. There is growing public and political concern about plastic pollution and single-use plastics in particular, particularly in relation to their role in causing harm to the environment and wildlife.

There are five key principles of the circular economy: eliminate waste; reduce emissions; enhance reutilisation; use natural and renewable materials; regenerate natural systems. Using these principles will help to create a sustainable business model with reduced environmental impacts.

With the rise in popularity of eco-friendly businesses in recent years, more and more brands are starting to embrace the principles of the circular economy to make their products more sustainable and ethical. By reducing their impact on the environment and helping to reduce resource wastage, these brands are proving that eco-friendly business is not only good for the planet, but also for business too. Here are just some of the ways companies are going greener and giving consumers what they want...

1.?????Have a #sustainability #strategy in place.

First and foremost, you need to develop an overarching sustainability strategy if you want to maximise the benefits to your business. This involves taking the time to look at your operations and identify areas where you can make positive changes to reduce your environmental impact. For example, you can make changes to the way you package your products to reduce their waste output or switch to renewable energy sources such as solar and wind power.

2.?????Offer customers the chance to recycle your #products .

If you want to offer your customers the #opportunity to #recycle your products, there are plenty of solutions you can use. For example, you could invest in a recycling machine which allows your customers to return their old products for a discount on new purchases. Alternatively, you may also want to consider offering your customers a plastic-free option by purchasing only recyclable products for your range. These options will not only give your customers peace of mind when it comes to disposing of your products but will also enhance your green credentials and position your business as a socially responsible brand.

3.??????Reduce the amount of packaging you use.

One of the easiest ways you can reduce your impact on the environment is to reduce the amount of packaging you use in your product. Not only will cutting down on plastic and other packaging materials help to reduce your carbon footprint, but it can also save you a lot of money too. In fact, some studies have shown that companies can reduce their overall packaging costs by up to 30% by implementing smarter packaging strategies.?

Despite the potential problems that we foresee, none of these are unsurmountable. There are benefits to adopting a circular economy approach for businesses. We need #circulareconomy to work to save our planet for our grandchildren. I am therefore looking forward to new companies and governments who voluntarily use sustainable businesses to lead change. This will lead to sustainable growth as it will be possible to create jobs in the future and ensure that the planet can survive for another millennia!