Circular Economy – Definition, Benefits, And Importance

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Circular Economy Definition, Benefits, And
Importance
Sandra McCall Writer at Top developments
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• The circular economy has become quite a
  significant factor around the world these days,
  and a prominent example of that is the European
  Union, which is said to produce at least 2.2
  billion tons of waste yearly! Even as we speak,
  the region is updating its rules and regulations
  related to managing waste to promote a shift
  towards the more sustainable model we are talking
  about the circular economy. The question that
  needs to be asked is what this means and how it
  can benefit the global economy, at large.
• So, what is the circular economy?
• Well, circular economy can be defined as a model
  of consumption and production that requires the
  following actions to be taken with existing
  products and materials for as long as possible
• Sharing
• Leasing
• Reusing
• Repairing

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• Refurbishing
• Recycling
• The main aim here is to extend the lifecycle of
  these phenomena. In practical terms, this implies
  reducing waste to the lowest possible level.
  Thus, methods such as recycling are being used to
  keep the materials of a product in an economy
  when the latter reaches the end of its natural
  lifecycle. Hereby, the intention is to use them
  productively as many times as possible, thus
  creating more value.
• What are the benefits of a circular economy?
• The most prominent benefits of a circular economy
  are protecting the environment, reducing
  dependence on raw materials, creating jobs, and
  saving consumers money. When you reuse and
  recycle products, it slows down the extent to
  which natural resources are used. It also reduces
  the disruption of habitats and landscapes and
  helps limit biodiversity loss.

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• A significant benefit of a circular economy is
  the reduction of the emission of greenhouse gases
  in a year. The European Environment Agency says
  that product usage and industrial processes
  account for 9.10 of said emissions in the EU,
  while the percentage for corresponding waste
  management is 3.2.
• The population around the world is growing. It
  means there is a greater demand for raw
  materials. However, the supply of raw materials
  is not unlimited. It makes some EU countries
  dependent on other countries for raw materials.
  When you move towards a circular economy, you
  become more competitive, boost economic growth,
  stimulate innovation, and create jobs. It is
  expected that by 2030, a circular economy will
  create 700,000 jobs in the EU (European Union).
  By redesigning products and materials for
  circular usage, you boost innovation in many
  sectors of the economy.

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• Conclusion
• EU is taking several steps to be a circular
  economy. In March 2020, it presented the Circular
  Economy Action Plan, which aims at promoting more
  sustainable product design, reducing waste, and
  empowering customers. An example of this is the
  way its promoting the right to repair in the
  region. It focuses on sectors that use a whole
  lot of resources, such as ICT (information and
  communications technology) and electronics,
  textiles, plastics, and construction. In February
  2021, the Parliament also took a resolution on
  the new Circular Economy Action Plan focusing on
  areas, like carbon neutrality and environmental
  sustainability.

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