The circular economy is a version of the economic model which produces goods and services in a sustainable manner, by limiting the consumption and reusing of natural resources as well as the production of waste.
The Circular Economy runs on 3 principles
Designing out of waste
The longevity of materials in use
Regenerating natural resources
According to an article in Economic Times, India is leading the developing nations in circular economy investments that are aimed at pursuing sustainable and climate-resilient growth and has an opportunity to save as much as $218 billion – around Rs 14 lakh crore or 11 percent of its GDP. This article provides information on how much the nation is progressing towards a sustainable environment.
Progressing in Circular Economy does not only include cautious use of natural resources, but also following the 3R’s (Reuse, Repurpose, and recycling) of Sustainability.
Here are a few foundation steps to follow a Circular Economy
Waste to resource
The first step in any economic model is choosing the raw materials. Instead of approaching the natural resources for raw materials, we can utilize the waste or disposed elements to refurbish and use them as the raw materials for the production of another by-product.
Collaboration
In the above-mentioned step, the involvement of different supply chains is required to make it efficient. This can be attained when manufacturers of different sectors unite in providing their production wastes to other sectors in utilizing them as their resources.
Prioritization
The circular economy and sustainability must be the key priority right from the production stage itself. This would cause a Domino effect or chain reaction on the following procedures involved in the production.
Longevity
The product manufactured should be enduring. This can make the product’s lifespan extend for a longer period. By doing this, the product takes longer time while it is being in consumption/ utilization. And the time it takes to reach the waste can be lengthened. For example, The fashion industry can design apparel that can be used over a long period and also out of biodegradable materials.
Practice
As the old saying goes, “Practice makes it perfect” ,we can start working on this economic model to educate the civilians about the merits which lie in this system.
This is the most effective and important of all these steps. Putting these steps into practice.
These are a few basic steps that could formulate for an economic well being and sustainability. We encourage you to follow come up with ideas that can help in spreading awareness. You can also comment on your views and suggestions on this. We would love to hear it from you.
Image credit : sustainabilityx.co
Add Comment