The circular economy concept (CE concept) can be identified as one of the world’s trending sustainable strategies to cater to the sustainable development of a country. Moreover, the circular economy concept has been introduced as the latest tool to address not only environmental disputes but also social-economy stability. Both present and future humans’ environmental and socioeconomic clashes are to be solved using this concept.
Over the past ten years, the circular economy concept has become a worldwide consideration, and a new set of people have been creating new development model for Circular Economy to contribute all the sectors in the economy. However the circular economy which emphasis on providing a better substitute for the primary economic model, called “Take, Make and Dispose“.
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Above figure clarifies the behaviour of the circular economy and current linear economy. The Linear economy is based on the open marketplace. That means, we take raw materials from the earth, make a new product or service, people will utilize or enjoy that product or services and finally dispose at the end of it (Typical Cradle to Grave Concept). With this concept, people have been facing so many social economic and environmental problems over and over again. Among those problems, resource scarcity, landfilling with improper waste disposal takes a prominent place. The circular economy concept has been introduced to the world to overcome the issues mentioned above. Hence it has become a sustainable economic model.
By examining the below-mentioned figure, it is vividly clear that the circular economy is based on closing loops’ through various kinds and degrees of recovery by converting the material into useful goods and services through resource efficiency. The most important feature of this is, resource efficiency has not been achieved only at the end of the product life but also on throughout the life cycle. That is the uniqueness of this concept. Simply the circular economy concept can be identified as “Take, Make, Re-design and Reuse“.
The circular economy view was advised to address environmental problems by converting waste into assets and by rebuilding manufacturing and consumption processes. A Proper multi-level alteration which includes, innovative business models, technological innovations and stakeholder partnerships are required as a modification to operate. The circular economy concept has introduced some new principles going beyond the famous “3R principle” into “6R principle“. We will discuss those principles and also how to use those principals in day to day life with coming up articles soon.
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