Circular Economy: What It Is and Why It Matters

01 Jun, 2021

Circular Economy: What It Is and Why It Matters

When it comes to sustainability, there are a lot of ways to implement Earth-friendly practices into the workplace. Many businesses implement recycling programs, cut down on electricity or gas usage, or even provide incentives to employees who walk or bike to work. 

One of the best ways to ensure sustainability? Cultivate and participate in a circular economy. Though this method is incredibly effective when it comes to sustainability practices, let’s take a closer look at what it means. By understanding and mastering the basics, we all can become better bosses, employees, and consumers. 

What Is a Circular Economy?

A circular economy is a closed economic system that centers around reusing and recycling resources and supplies that already exist, rather than creating new products out of extra resources. It relies on three principles: 

• Design out waste and pollution
• Keep products and materials in use
• Regenerate natural systems

This system allows for less waste, ensuring that infrastructure and resources are used to their maximum capacity before being discarded. This system is also referred to as a closed loop economy (which, in turn, inspired our name!) 

Who Uses a Circular Economy?

A circular economy can be used by anyone, provided that there is a system in place to do so. In order for a full economic system to be effective, it must be accepted by a substantial group of people.

Noteworthy examples of utilizing circular economic ideals include:

• A household cleaning company recycling or reusing 99% of its waste 
• A drink company using financial incentives and reverse vending machines to efficiently collect, sort, reuse, and recycle used bottles.
  
  With the right mindset and support, any workplace can work together to implement and benefit from a circular or closed loop economy.

Incorporating a Circular Economy Into Your Business 

The circular economy model can have an incredible impact on a business of any size or type. It’s up to us to behave responsibly with our dwindling resources, and make every effort to use sustainable practices. 

This goes beyond recycling (though this is certainly a good step). It includes repairing machinery and furniture rather than replacing it, implementing biodegradable materials, and truly assessing how your daily practices can help the environment rather than harm it. Many businesses are drawn to this idea not only for the sustainability, but because it can save a significant amount of money as well.

Closing the Loop 

If you are ready to take part in maintaining our planet, contact us at Close The Loop. We can help you develop and execute a circular economy model that works seamlessly with your business practices, and makes the most out of existing resources.