BRIEF OVERVIEW ON CIRCULAR ECONOMY
By Mina Kobilarev, PhD
The circular economy (CE) concept has been explored for many years already, becoming rather popular in regard to waste management, economics and sustainability. Government and business leaders have devoted much more attention to CE, as this concept is considered a method for superseding the existing consumption and production pattern based on constant growth and higher resource output. CE promotes patterns of production which imply the closure of the loop, and thus aims to enhance the efficiency of using resources, with an emphasis on industrial and urban waste, while at the same time striking a better balance between the environment, society and the economy. This paper aims to enhance the understanding of the CE and of its different dimensions and predicted effects. The article aims to explain some of the basics about the CE such as its origin, underlying core principles, the way some organisations seek to embed circular principles in their work, the way the circular economy compares to the race to improve efficiency within today’s ‘take-make-dispose’ economy, the financial, societal, and environmental benefits of a restorative model to businesses and the economy, and the manner in which companies and policy makers carry the concept to its breakthrough at scale. Furthermore, the article contains case studies demonstrating how substantial savings are possible at a company level or how companies can benefit from circular business models. Besides, an overview of circular policies and actions made by policymakers in order to further enhance and implement the circular concept is given in the article.