The Concept of Circular Economy
Although the concept of the circular economy has been around for several decades, it has gained considerable attention in recent years. The principles of the circular economy are based on the need for sustainable and responsible use of resources.
The circular economy is a resilient system that addresses global challenges such as climate change, biodiversity loss, waste and pollution. In doing so, the circular economy decouples economic success from the consumption of finite resources. Many companies are setting ambitious goals to reduce their environmental footprint. Adopting circular economy practices can help them achieve these goals.
Here, the circular economy is based on three principles:
- Eliminating waste and pollution
- Recycling products and materials (to their highest value)
- Regenerating nature
There are several reasons why the circular economy has gained more attention in recent years. One of them is the growing awareness of the negative environmental impacts of the traditional linear economy.
Not only nature, but also companies can benefit from the circular economy in various ways:
Companies can use resources more efficiently by moving to a circular economy model. Reducing waste, minimizing the use of raw materials and extending product life can save costs, increase competitiveness and improve resilience to supply chain disruptions.
A circular economy model can also open up new business opportunities for companies. Companies can develop innovative business models that generate new revenue streams and open up new markets.
Many countries are enacting regulations that require companies to reduce waste and adopt circular economy practices. The EU’s forthcoming Sustainability Reporting Requirement (CSRD), also requires companies to report on circular economy strategies, measures and targets.
- We help you to understand the interactions between Circular Economy and other environmental topics and to place the topic Circular Economy in your organization and to implement measures