A circular economy aims to keep resources in use for as long as possible, extract the maximum value from them whilst in use, then recover and regenerate products and materials at the end of each service life.
Unlike the linear cradle-to-grave model of production and consumption, the Circular Economy seeks to keep resources at their highest utility and value for as long as possible.
This doesn’t mean simply redoubling our efforts to recycle – welcome though this would be – but requires systemic, wholesale change across organisations, including re-thinking product design, business models, and the supply chain.
There are a number of reasons why a switch to Circular Economy is so important, such as the increasing demand for a limited supply of raw materials and the negative impact a linear economy is having on the earth’s climate, as well as the potential opportunities a Circular Economy offers to businesses.
The truth is, we are currently using twice the amount of resources that planet Earth can currently produce and by 2050 we will need five times the amount to sustain the basic needs of the world population.
Earth Overshoot Day marks the date when humanity has used more from nature than our planet can renew in the entire year. In 2019, it fell on July 29.
The construction industry is responsible for around 1/3 of total waste generated in the EU and is therefore a prime candidate for applying a Circular Economy approach.