The circular economy is an innovative economic model of production and consumption that is increasingly being adopted by governments around the world, including the UAE. It is important to understand the principles and systems that make circular economy effective in addressing today’s economic and environmental challenges.
- A circular economy is the opposite of the linear economy where people take from the natural environment, make something out of those from nature into consumable products – and then dispose them, which end up as waste.
- Circular economy means the products that are being created under this system can be used again and again and would not require more or new raw materials from the Earth. Our current lifestyle has demanded using more than 60% more resources than the Earth can provide, and in the process those products made mostly end up in landfills as waste.
- The things made and consumed under the circular economy are designed to minimize the use of natural resources, as well as reduce the emissions of carbon dioxide into the atmosphere. Some of the ways being implemented in this system is repairing, recycling, and redesigning so the product can be used again in one form or another.
- The end of life of the product people have bought are not buried in landfills but sent back to the economic system by reusing the materials used on those products as much as possible.
- The circular economy is estimated to be at a value of US$4.5 trillion by 2030. This means the system can provide new sources of income and job opportunities for many.
- To become a success, consumers, businesses, and governments should all commit to making the change and adopt the circular economy principles.
- The circular economy does not apply only to products. Ways of optimizing spaces can also be considered circular economy practices such as multiple uses of homes, offices, and buildings, turning an office space during day for example into a community centre or night school.
- Sharing resources particularly in the transport sector such as vehicle sharing support the circular economy principles because it reduces the use of more vehicles on the road as well as the demand for more private vehicles which require huge amount of earth materials, water, and energy in the manufacturing.
- Recycling, which converts waste materials into new materials and objects, has its limitations in driving a more robust circular economy because it still requires energy and water use to make new objects, which impact our natural resources. Redesigning products that last through several cycles and refurbishing old products and redistributing them can be more useful in a circular economy.
- The origins of the circular economy dates to 1966 but it has catapulted as a growing important model to deal with ever-increasing challenges in the early 2000 when material resources have become more expensive and difficult to acquire for manufacturers. Today, the pressing issues of climate change makes it imperative for economies to rethink their ways and adopt the circular economy.