In simple terms, a Circular Economy is known to us as a planned approach to gain development of the economy, which is designed in such a way that it benefits businesses, our society, and also the environment. Worlds apart from the normal ‘taking making and wasting’ linear model, a circular economy tries to slowly and steadily accelerate growth from our consumption of limited resources. A circular economy is entirely based on these principles:
- Designing a plan that controls waste and Pollution
- Keeps a check on products and consumption
- Concentrates on regenerating natural systems
A circular economy focuses on designing out the detrimental effects of economic practices that impact human health and our environment, keeping in mind the release of poisonous greenhouse gases, harmful substances, air pollutants, land and water pollution along with traffic congestion. A Circular economy, in multiple ways, favors practices that hold value in any form of energy, labor, and raw materials, stressing on product durability, reuse, recycling for keeping these products circulating in the market. The circular economy also encourages multiple uses of bio-based products to continue the cycle between the Economy and the Environment. It also tends to avoid using non-renewable resources and makes efforts to enhance renewable resources by either returning valuable nutrients to the environment for supporting regeneration or making use of renewable energy instead of relying solely on fossil fuels.
The basic goal of a Circular Economy is to generate an impact on Environmental and Ecological systems to protect them for depletion. On successful following of the principles mentioned above, harmful greenhouse gases have been reduced to a great extent globally. A survey conducted by Circle Economy, calculations showed that approximately 60% of greenhouse gases are generated from the extraction and production of commodities meant for meeting people’s needs. Successful application of the economy will also create important ecosystems like soil, air, and water bodies which will help in cleaning, provide fertile lands, and generating clean water even fit for drinking! A circular economy will also help in preserving nature by minimizing the exploitation of natural resources and dumping of waste which will preserve the Ecosystem and natural heritage.