In this series, Jennifer Gumpert, our VP of Business Development and Operations, walks us through material terms and concepts that are used frequently, but not always understood. This week: circular economy.
Perhaps the most simple-to-understand definition of circular economy is the one shared with us by the Ellen MacArthur Foundation: Underpinned by a transition to renewable energy sources, the circular model builds economic, natural, and social capital. It is based on three principles:
- Design out waste and pollution
- Keep products and materials in use
- Regenerate natural systems
In a circular economy, economic activity builds and rebuilds overall system health. What’s most practical about a circular economy is that it recognizes the important of the economy, large and small, to impact change.
By sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as we can, a products life cycle is extended therefore reducing waste to its absolutely minimum.