Creating a Circular Economy to Reduce Waste

The global push towards a circular economy, aimed at eliminating waste and pollution while maximizing resource use, is gaining momentum. Despite the increased awareness and public discourse around the concept, global circularity has declined in recent years, according to the 2024 Circularity Gap Report by Circle Economy Foundation.

To combat this decline, major economies are implementing policy measures to propel circularity forward. The EU’s new circular economy action plan focuses on key sectors like electronics, batteries, plastics, and textiles to leverage the potential for circularity. China has also pledged to increase circularity through regulatory measures and economic incentives, such as a nationwide trade-in scheme for equipment and consumer goods.

Empowering consumers through education is another critical aspect of increasing circularity. Companies like IKEA and ATRenew are leading the way by launching educational campaigns and public welfare projects to raise awareness and encourage recycling among consumers.

Creating a closed-loop system within supply chains is essential for advancing circularity. Companies like Coca-Cola and Cashify are pioneering circular economy models by maximizing the reuse of packaging materials and facilitating the sale and purchase of used electronics.

The journey towards a circular economy requires a collaborative effort from governments, businesses, and consumers. By implementing strategic approaches like policy incentives, consumer education, and closed-loop systems, the transformation of the current linear economy into a circular and sustainable one is achievable. With unified efforts, the increase of global circularity and the preservation of the planet for future generations are well within reach.