CIRCULAR ECONOMY

 

Raw natural resources are taken and transformed into products and get disposed of. Whereas, a circular economy focuses upon filling up the gap production and the natural ecosystems’ cycles. The rate at which people are using the scarce resources will eventually bring the day too soon when the mankind would run out of these resources. It’s a single planet but we are using as if we have more than just one. Hence, the circular economy is way too essential as we humans are ultimately dependent upon it.

The World Economic Forum’s Definition of Circular Economy says, “A circular economy is an industrial system that is restorative or regenerative by intention and design. It replaces the end-of-life concept with restoration, shifts towards the use of renewable energy, eliminates the use of toxic chemicals, which impair reuse and return to the biosphere, and aims for the elimination of waste through the superior design of materials, products, systems, and business models. ”

 

The concept of a circular economy:

The circular economy helps economic activity fix and remodel the health of the overall system. The concept identifies the significance of the economy that needs to work proficiently at each scale – for small as well as large businesses, organizations and mankind, both locally and globally.

It’s an organized approach to economic development that helps businesses and society gain benefit.

Recently, the Ministry of electronics and information technology (MEITY) has formulated policy paper of circular economy.

The third largest consumer of raw material in the world is India. It is estimated that India could use 15 million tonnes of the raw material by 2030. This rate shows that there is an urgent need to adopt recycle and waste management theories through circular economy..

 

We need to think in a new way:

Many people think that circular means recycling. But actually, that’s the last alternative. The right idea is to produce things that can be reused. And when finally when the product can no longer be used in their present form, the material should turn into something useful. Eventually, when the material degrades, it should be recycled and turned into new goods. This will make use of as few resources as possible and that too the renewable resources.

For example, we have seen products like mobiles, cars are produced. People purchase them, use them for sometime, then they sell the product to someone else and finally when the product’s life comes to an end, it gets dismantled and some parts of these products come into use again.

 

Origins of the circular economy concept:

The roots of circular economy are connected with several sources and hence, it’s not possible to track any specific root.

The idea of circularity has profound historical and philosophical heritage.

 

Plastic can’t be avoided:

We can’t deny that plastic is a crucial and essential part of our global economy. The use of plastic since last 40 years has exceptionally grown. Its very normal to come into contact with plastics, normally the packaging of the products are specially made out of plastics.

Annual production of plastic is nearly 300 million tonnes, out of which 26% goes into packaging.

Plastic extends the shelf life of the food eventually resulting in avoiding waste which also reduces fuel consumption during transport.

 But there is a huge problem increasing complications.

Only 14% of all the world’s plastic packaging gets collected out of which only 8% is recycled. This hugely contributes in contaminating our streets, rivers and oceans.

Benefits: 

According to NITI Aayog, circular economics has the potential to produce huge number of job opportunities for unskilled/semiskilled population.

Products in circular economy are most cost effective and can ensure benefits for consumers.

There is a need of business friendly guidance to India regarding setting up of the remanufacturing units.

                                                                                      _ARJUN B. SHARMA