2. Circular Economy Model
This is an innovation model created to eliminate waste.
"Circular economy" is an economy that aims to reduce waste and promote the continual use of resources. It includes the concept of eliminating waste and pollution through design innovation while keeping products and materials in use.
The circular economy model has various benefits such as :
1. Reduced use of resources: The circular economy model follows the principle of take>make>use>recycle. This results in the longer life of the product and ensures its efficient use. Also, it reduces the dependency on virgin resources in two ways-
i)As the products stay in use for a longer period, the demand for new products is minimized. The need for manufacturing the new products is reduced which also decreases the need for new resources.
ii)The recycling and dismantling (during repair) aids in the recovery of the components of the product. These components can be reused in the manufacturing process after modifications according to the need. Thus, the demand to create new components from the virgin resources also reduces.
2. Decreased waste and pollution: As the circular economy promotes the principles like reuse, repair, recycle etc. the products are used for a longer period, thereby decreasing the waste generation and pollution. The products are not thrown away after single use. This reduces the waste generation and the pollution (from waste and manufacturing of new products)
3. Greater economic efficiency: This model adds extra steps to the traditional linear model of ‘take>make>discard’. The additional steps like recycling, repairing, upcycling, refurbishing etc are important steps. New businesses can be set up based on these processes. The setting up of new businesses creates new employment opportunities as well. Also, this will ensure proper and hassle free supply of raw materials to the manufacturing industries.
During the designing of products and systems it is feasible to create closed loop systems that can be used again and again instead of being discarded and ending up in landfills. The process can result in significant financial savings as well as positive effects on the environment and society.
Key Elements of Circular Economy Model:
- Product Design: Designing products that are recyclable, repairable, and reusable with an aim of reducing waste and environmental impact.
- Resource Efficiency: Using resources more sensibly, such as by switching to renewable energy sources, reducing or monitoring water usage, regular servicing and reviewing of the machinery etc.
- Recycling and Recovery: Maximizing material (and resource) recovery and reuse through practices like composting and recycling.
- Collaboration and Sharing: Encouraging shared use of resources and infrastructure, for example carpooling and shared workspace.
Overall, the circular economy model offers an innovative perspective on resource use and economic growth that has the potential to have a significant positive impact on both the environment and society.