Circular economy: a system that can save the Earth!
In circular economy systems, every product may be reused, refurbished, remanufactured or recycling in order to create a closed-loop system. In other words, the product's life is eternal! Earth can be saved! Good for us!
The circular economy is inspired by the mechanisms of natural ecosystems that generate long-term resources in a continuous process of resorption and recycling!
“Bending” the economy from its present linear sequence of resource extraction –> production –> consumption –> waste disposal to become circular and sustainable requires a much more thorough systems approach to goods and services!
Thus, despite all the known issues, the linear economy still remains in most of the countries worldwide. In this production line, economic growth depends on the consumption of finite resources.
Furthermore, a linear economy exposes companies and countries to frequent risks regarding resource price volatility and their supply disruptions. In short, if we insist on the linear economic system, there's a risk of depletion of raw materials!
3 Principles that runs a circular economy:
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Preservation: to preserve and increase natural capital, as well as to controlling finite stocks and balancing renewable resource flows.
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Optimization: to optimize the production of resources, allowing to circulate products, components, and materials at the highest level of utility all the time, both in the technical and biological cycle.
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Evaluation: to evaluate the system effectiveness by revealing negative externalities and if needed, to exclude them from projects. That is, the process goes through verification in order to check out how the plan was designed before its applying. If necessary, to removing what went wrong by correcting the process deviations.
Circular economy positive impacts
Volatility
in the price of raw materials and the limitation of supply risks.
Customer
with resumption programs and new business models
Competitiveness
companies can take advantage of anticipation by marketing their environmental solutions and innovations comparing to other companies.
Conservation of natural capital
due to a reduction of waste emissions
How to make fashion circular
Most of the clothes that are made and used today are extremely wasteful and polluting. So making fashion circular drives collaboration between industry leaders and other key stakeholders to create a textiles economy fit for the 21st century. The ambition here is to ensure clothes are made from safe and renewable materials, new business models increase their use, and old clothes are turned into new.
This new textile economy would benefit business, society, and the environment!
The fashion industry, therefore, needs to rethink its operating model into a circular system. Hence the fashion industry will unlock an enormous economic opportunity.