December 13

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Circular Economy 101: How It Helps Humankind


Humankind marvels at the natural cycles that have kept renewing for millions of years, from food chains comprising some of the largest predators to the smallest soil organisms. Carbon flows are also among these natural cycles, we release it when we breathe or burn things, and the same is absorbed by plants and synthesized for food.

Understanding natural cycles, we can also create a circular economy that can change how they manage and use resources efficiently, creating a waste-free cycle. A circular economy is a system in which people develop goods that last longer, with the outputs of one process becoming the inputs of another in such a manner that no waste remains. This article looks at how the circular economy benefits humankind.

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Economic Benefits of Circular Economy

Creation of Jobs

A report released in 2018 by international labor organizations shows that transitioning to a circular economy will create approximately six million job opportunities worldwide. Some jobs will indeed be lost in linear economy-based businesses, but the transition will create other job opportunities in sectors such as remanufacturing, repair, and recycling. Therefore, the real change will result in a net increase of nearly six million job opportunities by 2030, resulting in an overall benefit to humankind in job creation and waste management.

A Circular Economy Promotes Business Resilience

By shifting to circular economy-based businesses, companies will use few raw materials. Still, much of the resources are recycled, which means that companies will be less vulnerable to depleting raw materials, disruptions in supply chains, and price volatility in certain raw materials.

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Therefore, a circular model increases the chances of business survival and will also decrease overreliance on natural resources such as trees for wood which are critical to humankind’s survival.

Environmental Benefits of Circular Economy

Reduction in Greenhouse Gases Emissions

About 45 percent of global emissions come from manufacturing, food production, and product use, meaning that emissions are generated virtually in all product life cycle stages. Emissions are caused by transportation vessels used to deliver inputs to the factory and supply manufactured products to consumers.

However, by implementing the principles of the circular economy, much of the full-scale manufacturing processes will be cut off, leading to lower emissions. A report released in 2021 shows that the principles of a circular economy will benefit humankind by cutting emissions by almost 30 percent.

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Reducing The Amount of Waste

Nearly 300 million tons of plastic are produced worldwide annually, and much of the plastics are not recycled, leading to heavy damage to the ecosystems. Plastic waste also has harmful health effects on humankind. However, implementing a circular economy model can set up many industries to deal with recycling plastic waste and create many job opportunities.

Summary

Implementing a circular model in our businesses has several economic and environmental benefits to humankind than a linear-based economy. Some of these benefits include creating jobs and promoting busing resilience. Some ecological benefits of a circular economy include reducing greenhouse gas emissions and waste disposal.

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