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Here’s why Promoting a Circular Economy is the Right Thing to Do

Statistics suggest that the global circular economy in 2023 stands at 7.2%. A steady shrink took place in these numbers, which otherwise stood at 9.1% in 2018 and 8.6% in 2020.

However, before we dig into the diverse aspects and advantages of promoting a circular economy, let us first attempt to understand “what” a circular economy signifies.

A circular economy is the equivalent of an economic model that aims to minimize wastage by maximizing the use of resources. The goal here is to keep products and materials in circulation as long as possible.

Pillars of Circular Economy:

Now that we have understood all that a circular economy encompasses, let us attempt to throw light on the pillars of a circular economy.
  • Longevity as the Core:
One of the first principles of a circular economy is to direct efforts toward the production of products and resources that promise a longer life span. These are the products, which allow easy repair and upgrades, thus ruling out the need to opt for frequent replacements.
  • RRR:

The concept of circular economy rides on the 3Rs of Sustainability – Reuse, Recycle, and Reduce.

Reusing attempts to reduce the demand for newer resources as existing products now allow repurposing and remanufacturing.

Recycling eliminates the need for virgin resources by closing the loop on the production cycle.

Reducing makes a pivotal inclusion in the circular economy by reducing overproduction, optimizing the use of available resources and keeping a check on packaging waste.

  • Natural is Beautiful:
Speaking about the circular economy, we can seldom overlook nature’s and the ecosystem’s abilities to see every input as a resource. After all, our ecosystems take pride in being no-waste zones, something the circular economy looks forward to mimicking.

Here is what you are missing by overlooking the need for a Circular Economy

  • Waste Reduction Check:

At Yimby, one of our primary concerns is to eliminate waste and beat waste pollution by directing efforts towards waste reduction. Fortunately, this works as a by-product of a circular economy.

Since the circular economy is all for longevity and RRR, landfill disposal is reduced, wastages are minimized, waste management costs are avoided, and environmental hazards are mitigated.

Isn’t this a strong enough reason to promote a circular economy?

  • Energy Saver:

If we had to compare fresh manufacturing and recycling, it would not take us time to conclude that the former requires more energy consumption as compared to the latter.

In fact, the former even becomes responsible for excess greenhouse gas emissions, eventually leading to climate change and global warming. Here again, a circular economy wins hands-on by vouching for a cleaner planet.

  • Economic Growth:

If there is one objective every economy aims to achieve, it is economic growth. This, is again something that a circular economy makes possible by reducing production costs and improving resource efficiency.

In the process, job creation takes place, which helps eliminate the rising problem of unemployment.

Moreover, a circular economy opens doors to product innovation and research by imbibing the best of technological advancement.

Hence, it is safe to conclude that a circular economy is all our nation needs. Also, the contribution from each one of us matters.

To understand the concept of a circular economy in further detail, stay tuned to our newsletter. Also, don't forget to follow Gaurav Pokle and YIMBY India .