How to Eliminate Waste by Creating a Circular Economy | Entrepreneur
How to Eliminate Waste by Creating a Circular Economy Entrepreneur
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The Role of Circular Economy in Achieving Sustainable Development Goals
A circular economy is a nonlinear approach aiming to eliminate waste and pollution, keep products in use for longer, make better use of finite resources, and help regenerate natural systems. In recent years, its critical role in combating global challenges, most notably climate change, and in supporting humankind’s quest for a sustainable future is gradually being recognized, evidenced by consensus in global events such as COP28.
Despite public discourse around the concept nearly tripling in the past five years, global circularity has declined. The 2024 Circularity Gap Report by Circle Economy Foundation reveals a gradual decrease in global circularity from 9.1% in 2018 to 7.2% in 2023. The public’s consensus and increased awareness of the circular economy have not been effectively translated into practical implementation.
1. Policy Measures to Propel Circularity Forward
Faced with the pressing challenges of resource depletion and environmental degradation, major economies worldwide are moving forward with policy frameworks to bolster circularity, demonstrating a growing commitment to circular economy principles worldwide.
The EU’s new circular economy action plan (CEAP), adopted in March 2020, aspires to aid the union’s transition into a circular economy. It focuses on sectors where the potential for circularity of resources awaits to be leveraged, including but not limited to electronics, batteries, plastics, and textiles.
Meanwhile, China has pledged to its “Dual Carbon” goals, peaking carbon emissions by 2030 and achieving carbon neutrality by 2060 through a mix of regulatory measures and economic incentives that aspire to increase circularity across society.
2. Empowering Consumers through Education
Consumers can play a significant role in backing businesses’ environmental ambitions, and business-led educational campaigns to increase consumers’ awareness and exposure to recycling options have been proven pivotal to increasing consumers’ participation in recycling and circularity across society.
IKEA, known for its commitment to sustainable practices and operations, has launched a series of educational campaigns to increase the circularity of its products by promoting the idea that its furniture can be repurposed and reused.
In China, ATRenew has launched a public welfare project in 541 communities across 15 cities nationwide. The project aims to educate residents about recycling by using smart recycling kiosks installed in communities, and those who put recyclable materials into the kiosks are rewarded with points.
3. Creating a Closed-Loop System with Supply Chains
To further advance circularity, it has become imperative to establish a closed-loop system that encourages the return of products for refurbishment, resale, recycling, or reuse.
This vision is embraced by manufacturers worldwide, including Coca-Cola, which aims to maximize the reuse of its packaging materials. Recycling and second-hand companies, including India’s Cashify, are also pioneering circular economy models with closed loops.
The journey towards a circular economy necessitates a multifaceted strategy through economic incentives, consumer education, and the creation of a closed loop for recycling and reuse. The shift towards a circular economy emerges not merely as the responsibility of an individual sector but as a collaborative endeavor spanning governments, businesses, and consumers. Through unified efforts and a commitment to these discussed strategic approaches, the increase of global circularity and the transformation of the current linear economy into one that is circular and sustainable for the planet’s generations is well within reach.
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 14: Life Below Water
- SDG 15: Life on Land
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
- Target 12.5: By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse.
- Target 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning.
- Target 14.1: By 2025, prevent and significantly reduce marine pollution of all kinds, particularly from land-based activities, including marine debris and nutrient pollution.
- Target 15.2: By 2020, promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and substantially increase afforestation and reforestation globally.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Circular material use rate
- Percentage increase in circularity
- Carbon emissions reduction
- Number of educational campaigns and initiatives
- Number of recycling kiosks and participation rates
- Number of products collected and recycled
- Number of second-hand products sold
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 12: Responsible Consumption and Production | Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources. | Circular material use rate |
| SDG 12: Responsible Consumption and Production | Target 12.5: By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse. | Percentage increase in circularity |
| Target 12.5: By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse. | Number of products collected and recycled | |
| SDG 13: Climate Action | Target 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning. | Carbon emissions reduction |
| SDG 14: Life Below Water | Target 14.1: By 2025, prevent and significantly reduce marine pollution of all kinds, particularly from land-based activities, including marine debris and nutrient pollution. | Number of recycling kiosks and participation rates |
| SDG 15: Life on Land | Target 15.2: By 2020, promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and substantially increase afforestation and reforestation globally. | Number of second-hand products sold |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: entrepreneur.com
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