A decade of Action: Importance of Circular Economy

 

Michiel Schwarz once quoted that “As the ‘circular’ approach to sustainability begins to gather ground, we humans are finding ourselves within the circle, not without.” 

 

When we try to fill a hollow ball with passion and desires in today’s world, we are forming a circular economy. The circular economy is a practice where we focus on creating resources that can be used and reused, methods for elimination of waste. A sustainable economy can be created with such practices. The industrial revolution in Europe leads to the development of a multifaceted idea i.e. Circular economy. The input used are waste products and energy. and obtained output is a sustainable resource.

 

It aims to create outputs with less production of waste, pollutants, and carbon-emitting sources, and lessening the use of resources. The World Economic Forum believes that the start period of the Circular economy can create $4.5 Trillion business possibilities.

Yet only 9% of today’s economy is circular. Severe weather effects, climate transition crisis has gained acknowledgment from various policy-makers. The tool kit prepared by the United Nations for the climate change crisis has an important segment of the circular economy.

 

Extraction and processing of natural fuels such as petrol, diesel result in more than half of the emission of the world-leading greenhouse effect. These reactions may be doubled by 2050. The Amazon rainforest, tundra in the arctic region, and different African forests are getting eliminated at a very high rate.

People are getting interested in the idea and its significance in saving Earth from harmful effects. As described by the UN in Sustainable Development Goals (SDGs) and climate actions we are now in the decade of “Action Now”. By the deadline of 2030, it is important to bring a circular economy in practice to achieve the aforementioned goals.

 

The functioning of the circular economy is one of the most prominent matters now rather than the economies of the countries. Concerns included are social sustainability and perseverance. Methods used for circular economy require a refined representation of the social dimension of sustainability.

Business aspects and environmental interests were kept in mind while designing the scheme. But social benefits are not considered. There are a lot of difficulties in implying a circular economy such as the absence of strategy. Several plans are required for different departments such as fashion, IT sector, markets, etc. This poses a great difficulty in the implementation of the circular economy.

The circular economy can be considered as climate agenda as in the 21st century there is an upsurge in climatic upsurge. This period is also the shattering point of nature.

Many methods have been identified by the Circularity Gap Report 2021 such as reducing carbon emission and the greenhouse effect. The greenhouse emissions can be reduced by 22.8 billion tonnes which is a 39% of reduction of 2019. A variety of platforms are created by circular economy by “new, inclusive and green economy” methods.

The circular economy can be considered a global attempt. New platforms can be created to build sustainable future economies. The global market is extremely combined. We can use micro and macro-level explications. Earlier the circular economy was focused only on the industrial sector but now other sectors are also taken into consideration.

The immediate focus is required on developing policies that can emerge economies. Policymakers should put their entire attention in creating better sustainable decisions. There is a dire need of creating circular jobs and making people aware of their participation. The welfare of every side of the planet is viewed in the circular economy.

There is an urgent requirement for a widespread and diverse alliance. No success can be achieved in a short period. Therefore unity with diversity is needed. Businesses and industries should consider making the circular economy their prime method of approach. Strong checks and balances in lifestyle are needed for our society to lead with sustainability.