Circular economy model fills and expands the room for viability, robustness, and practicality in realizing targets related to the environment, economics, individual as well as societal ends bridged with the help of ample innovation.
Anyone who comes across the term circular economy for the first time or has little to no information about it is likely to be hinted by the word ‘circular’, ideating the existence of something moving in circles or a loop in an economy. This is layman’s initial impression about the very concept of Circular economy. Circular economy supports salient interests in terms of production, consumption and decomposition. These interests not only entail the ones linked to corporate gains but build paths leading to judicious consumer habits, responsible waste disposal and protectionist ideals towards the environment.
Circular economy is not a new concept but its relevance and importance are at the pinnacle in present times. There is interdependence and irreplaceability of its role in global pursuits towards environment conservation, sustainable development, combating pollution and climate change. Circular economy is guided by principles which specialize it from linear economy.
In a circular economy, any discarded or end product left behind is incorporated into another production process where it can serve again as a raw material. In fact, there is no such thing called waste in such an economy as every component is within a loop; joining another production line, keeping its utility intact. The materials are used in every possible way till they are reduced to its last place of no utility ensuring exit of minimal waste. Thus, any waste product becomes a raw material for another; locking both energy and advantage.
Power of Renewable Energy
The objectives of circular economy can be met by realising the colossal role of renewable energy sources in production and other processes. Solar, wind and tidal energy are major renewable energy sources and it is known that they are better energy sources than fossil fuels like coal. Circular economy entails environmental concerns. It is always in favour of cleaner fuels and energy sources that fulfil its means and ends in order to achieve pollution and wastage free results.
Circular economies are careful of what they take, make and release. One of the important principles of this economy is preserving environmental systems by regenerating and reviving components that are employed in the fulfilling resource optimisation. Raw materials taken are selected with the aim of multi-purpose and compatibility across manufacture, products made are designed in ways that prove useful even after discarding and externalities are monitored to make them minimal and less harmful.
The model of Circular Economy harbours opportunities that prove healthy for an array of parties. Even though executing the model invite heavy costs, the benefits which emanate from it are long-term and more desirable especially when environment is concerned.