Circular economy bringing several benefits to the society

A circular economy is a systemic approach to economic development designed to benefit businesses, society, and the environment. A circular economy reveals and designs out the negative impacts of economic activity that cause damage to human health and natural systems. This includes the release of greenhouse gases and hazardous substances, the pollution of air, land, and water, as well as structural waste such as traffic congestion.

The current paradigm of linear economic model could be coming to an end and its place will be taken by the circular economy. The current model of production and management of resources, goods and services that seeks to promote short-term consumption is leading the planet to an unsustainable situation. The current economic system is the opposite of the life cycle of nature and collides with sustainable development, focused on the long term. In nature there is no waste or landfill: all elements play a role continuously and are reused in different stages.

The new model of circular economy is meant to allow the planet to breathe, while leaving no one behind. By decoupling economic growth from resource use, setting global standards in product sustainability, keeping resource use within planetary boundaries and promoting the re-use of materials, circular economy may be the only sustainable economic model for the future.

Secondly, the circular economy promotes the use of as many biodegradable materials as possible in the manufacture of products -biological nutrients- so they can get back to nature without causing environmental damage at the end of their useful life. When it is not possible to use eco-friendly materials -technical nutrients: electronics, hardware, batteries... - the aim is to facilitate a simple uncoupling to give them a new life by reintroducing them into the production cycle and composing a new piece.

When this is not possible, it will be recycled in a respectful way with the environment. Circular economy is a substantial improvement common to both businesses and consumers. Companies that have implemented this system are proving that reusing resources is much more cost effective than creating them from scratch. As a result, production prices are reduced, so that the sale price is also lowered, thereby benefiting the consumer; not only economically, but also in social and environmental aspects.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA