Circular economy is a sustainable economic model that aims to minimize waste and resource consumption while maximizing the use of resources. It is based on the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.
In a circular economy, products and materials are designed to be reused, repaired, or recycled at the end of their life cycle, rather than being discarded as waste. This reduces the demand for new resources and minimizes the environmental impact of production and consumption.
Circular economy also involves redesigning production processes to reduce waste and improve efficiency, as well as promoting the sharing of resources and encouraging the use of renewable energy sources. By implementing circular economy principles, businesses can reduce costs, increase resource efficiency, and improve their environmental performance.
Overall, circular economy is a holistic approach to sustainability that aims to create a more regenerative and equitable economy, while minimizing the negative impact on the environment and society.