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Evaluating the opportunities of the circular economy

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To truly get the circular economy implemented on a global scale, the opportunities involved need to be well established and communicated. Though endless opportunities are available, the key opportunities that deserve highlighting are described in this list:

 Leveraging the closed loop: Allowing product materials to stay within a closed-loop material flow would greatly reduce the amount of raw material extraction required. This act alone would eliminate billions of dollars in annual costs tied not only to the extraction of these raw materials but the processing, storage, and delivery of them as well. This large saving would then, in a perfect world, adjust the sales prices of products.

 Fostering optimization: After developing a system that values durability, implementing the circular economy framework would encourage the development of optimized products — products that last longer and can be easily repaired or refurbished, customized to suit your preferences, and, ultimately, easily recycled and made into a new product.

 New jobs: One of the best opportunities to implement the circular economy involves the creation of new businesses and jobs. With the education required, the optimization necessary for material manufacturing and shipping processes, and the inevitable growth in material science studies, many new businesses and job opportunities will have to be created in order to support this transition from a linear economy to a circular one.

Circular Economy For Dummies

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