Video: World Economic Forum Shares Benefits of Circular Economies

The World Economic Forum (WEF) shares the benefits of Circular Economies and how the model can grow small economies of the world.

A circular economy is aimed at eliminating waste and the continual use of resources. Often referred to as circularity, the system advocates for reuse, repair, recycling, remanufacturing, sharing, refurbishment, minimising resource inputs, and reducing the creation of waste to enable a close-loop system

Circular economies strive to keep infrastructure, products and equipment in use for longer periods, thus improving the efficiency of these resources. The goal is that ‘all waste’ should become ‘food’ for other processes such as by-product, recovered resource for other industrial processes, regenerative resources for nature, e.g. compost. This approach is in contrast to the traditional linear economy, which has a dispose, take, make,’ model of production.

According to Europarl, the benefits of circular economy are waste prevention, reduction on the pressure on the environment, economic growth boosts, improvement in the security of the supply of raw materials, improvement in the quality of life, increase in competitiveness, stimulation of innovation, job creating increase (580,000 jobs in the EU alone).

In the video below, WEF lists some of the benefits of Circular Economies:

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