Circular Economy: A sustainable solution to resource depletion

As the world population continues to grow, there is an increasing demand for goods and services, which in turn puts pressure on Earth's natural resources. In response, circular economy has been introduced as a concept representing an economic model that aims to keep resources in use for as long as possible. Circular economy seeks to design out the traditional linear economy system of make and dispose (waste), and replace it by reusing, repairing, repurposing, refurbishing and recycling, thereby creating a closed-loop system, thus materials are kept in use longer, and natural systems are regenerated through measures such as reforestation and sustainable agriculture.

The circular economy offers numerous benefits, both environmental and economic, such as reduced resource depletion and reduced greenhouse gas emissions. Such practices can lead to cost savings for businesses, by reducing the need for raw materials, energy, and waste disposal. It can also create new business opportunities, such as waste separation, composting, and upcycling by using materials such as old clothing, furniture that are made functional and aesthetically pleasing. This can help to support local communities and promote economic growth.

One of the key principles of circular economy is designing products for circularity so products can be easily disassembled, reused, repaired or repurposed at the end of their lifecycle. This can be achieved through sharing platforms. Airbnb and Uber are examples of circular economy practices that enable sharing resources efficiently, such as homes, vehicles and other resources, reducing the demand for new products and materials. In addition, circular economies seek to regenerate natural systems, such as restoring degraded ecosystems, conserving biodiversity and promoting sustainable agriculture and forestry practices.

Sweden is a leader in circular economy practices; it has developed a national strategy and targets to reduce resource consumption, waste generation, and bring together academia, industry and government to promote life cycle thinking, including practices in the construction and demolition sector by facilitating the exchange of materials and products. Also increasing the reuse and recycling of textiles and plastics by promoting recycled plastics, reducing plastic waste, and encouraging innovation in the plastics industry.

In France, the government has set ambitious targets for reducing waste and increasing recycling rates to move the country to a circular economy by 2025. For example, the government has implemented a tax on landfill waste, which provides an economic incentive for businesses to reduce waste and find more sustainable alternatives. Also supports circular economy startups by providing mentoring, networking opportunities, and funding and promoting reuse of products through a network of reuse centers and seeks to reduce plastic waste and promotes a circular economy for plastics.

The Finnish government has established a national roadmap for the circular economy by 2035 with targets for reducing waste and increasing the use of renewable materials, such as in construction, textiles, and electronics. Finland has also launched funding for entrepreneurs and businesses working on circular solutions by supporting research and piloting new business models. Other hubs develop circular solutions for sustainable forestry and biomass production and reduce and recycle plastic waste.

Amsterdam has implemented a "circular economy roadmap", which aims to achieve a fully circular city by 2050. This involves construction policies that prioritise the use of sustainable materials and encourage the reuse of building components, through designing buildings that can be easily disassembled, repurposed and using materials that can be recycled or repurposed at the end of their life. Amsterdam has also implemented a range of initiatives to reduce waste and promote recycling that converts organic waste into compost and biogas.

The Dutch government has made a commitment to transition into a circular economy by 2050 by providing funding for research and development and bolstering collaboration between businesses, research institutes, and government organizations to develop circular solutions for waste management, energy and mobility by providing knowledge, tools, and networking opportunities.

Singapore aims to support startups and small and medium-sized enterprises in developing and scaling up circular economy solutions. The programme provides funding and support for projects that address specific challenges in areas such as waste management, water management and energy efficiency. It also provides mentorship, and technical expertise. One recent example is a system for converting food waste into a nutrient-rich liquid fertiliser.

The United Kingdom has set out a clear vision for transitioning into a more circular economy, and established a number of initiatives to support this transition, such as allocating a £1.5 billion fund for the development of new circular business models by developing new technologies and business models to reduce plastic waste and increase recycling rates, such as producing backpacks made from recycled plastic bottles and biodegradable packaging, as well as developing new circular business models for the textiles industry.

However, in underdeveloped countries the roadmap is still not clear, yet some progress has been witnessed. In Nigeria waste is being converted into valuable products, such as fuel briquettes that burn more efficiently than traditional fuels. Colombia promotes the collection and recycling of waste in low-income neighbourhoods in Bogota to reduce waste pollution and create jobs. Kenya brings together entrepreneurs, investors, and policymakers to develop circular economy solutions, such as waste recycling and sustainable agriculture. India provides training, mentorship, and resources to entrepreneurs. Indonesia promotes green industrial development through sustainable resource use, energy efficiency, and waste reduction.

In conclusion, circular economy offers a sustainable solution to the challenges posed by population growth, resource depletion, regressing economies, and environmental degradation by keeping resources in use for longer, creating a closed-loop system, reducing waste, conserving natural resources, and promoting economic and social benefits. Implementing circular economy practices requires a shift in mindset and collaboration across different sectors and industries, but the benefits are clear and worthwhile, particularly in underdeveloped countries.