In recent years, a number of businesses have moved toward the circular economy model, seeking to embrace its environmental as well as its social benefits. We’ve written several times in support of this model, which we have defined very simply: “A circular economy is one in which we use all our resources, putting them back into the economy rather than discarding them.” So, for example, “instead of tossing all of our food waste into a landfill somewhere, we find ways to recycle it or to use it to produce new consumables.”
The simplicity of the circular economy is a great part of its appeal. With that said, there are still some common questions we hear about this theory of sustainability. In this post, we’d like to address just a few of them.
What are the key components of a circular economy?
Again, the concept is incredibly straight forward. When a business is run with a circular economic model, it’s almost like a forest, a growing entity that doesn’t waste anything. Every piece of industrial waste is removed from the system of production. All durable goods are reused. Consumables, too, are reused or recycled.
How realistic is the circular economy?
While the circular economy may seem aspirational, there are actually a lot of businesses that have adopted it. And the European Union is aiming to have a fully circular economy by 2050, proof that this is perceived to be an attainable and widely implementable goal.
Why don’t more companies embrace the circular economy?
Many business owners and stakeholders are simply unaware of the steps they can take to make their model more circular, or of the various business benefits associated with the circular economy. Additionally, many companies have built-in obsolescence as one of their primary profit-drivers, which makes them resistant to products that can be recycled or reused indefinitely.
How has technology made the circular economy more attainable?
The advent of the Internet has made circularity much more achievable, largely because it has created a wide, global market for reused or second-hand products. It has also provided new avenues for businesses looking to collaborate toward greater circularity.
Will the circular economy require major changes in consumer behavior?
In some industries, there will be a need to educate consumers about the merits of recycling or reusing products. With that said, the last decade alone has brought a big consumer shift toward companies that are socially- and environmentally conscious. A shift toward the circular economy is just the type of sustainability effort that can bolster a brand’s reputation in the public eye.
Circularity is a key principle for companies looking to better steward their environmental impact. WasteXperts can provide a range of recycling and trash management services that have these environmental principles in mind. Contact us whenever you’re ready to learn more!