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A circular economy (also referred to as circularity or CE) is a model of resource production and consumption in any economy that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible. The concept aims to tackle global challenges such as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model. The three principles required for the transformation to a circular economy are: designing out waste and pollution; keeping products and materials in use, and regenerating natural systems. CE is defined in contradistinction to the traditional linear economy. The idea and concepts of a circular economy have been studied extensively in academia, business, and government over the past ten years. It has been gaining popularity because it can help to minimize carbon emissions and the consumption of raw materials, open up new market prospects, and, principally, increase the sustainability of consumption. At a government level, a circular economy is viewed as a method of combating global warming, as well as a facilitator of long-term growth. CE may geographically connect actors and resources to stop material loops at the regional level. In its core principle, the European Parliament defines CE as "a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended." By the year 2050, 9.3 billion metric tons of CO2 equivalent (equal to all current emissions from transportation), can be reduced by implementing circular economy strategies in five sectors: cement, aluminum, steel, plastics, and food. In a circular economy, business models play a crucial role in enabling the shift from linear to circular processes. Various business models have been identified that support circularity, including product-as-a-service, sharing platforms, and product life extension models, among others. These models aim to optimize resource utilization, reduce waste, and create value for businesses and customers alike, while contributing to the overall goals of the circular economy. In a linear economy, natural resources are turned into products that are ultimately destined to become waste because of the way they have been designed and manufactured. This process is often summarized as "take, make, waste." By contrast, a circular economy aims to transition from a 'take-make-waste' approach to a more restorative and regenerative system. It employs reuse, sharing, repair, refurbishment, remanufacturing and recycling to create a closed-loop system, reducing the use of resource inputs and the creation of waste, pollution, and carbon emissions. The circular economy aims to keep products, materials, equipment, and infrastructure in use for longer, thus improving the productivity of these resources. Waste materials and energy should become input for other processes through waste valorization: either as a component for another industrial process or as regenerative resources for nature (e.g., compost). The Ellen MacArthur Foundation (EMF) defines the circular economy as an industrial economy that is restorative or regenerative by value and design. Circular economy strategies can be applied at various scales, from individual products and services to entire industries and cities. For example, industrial symbiosis is a strategy where waste from one industry becomes an input for another, creating a network of resource exchange and reducing waste, pollution, and resource consumption. Similarly, circular cities aim to integrate circular principles into urban planning and development, foster local resource loops, and promote sustainable lifestyles among their citizens. Less than 10% of economic activity worldwide in 2022 and 2023 will been circular. Definition There are many definitions of the circular economy. In China, CE is promoted as a top-down national political objective, while in other areas such as the European Union, Japan, and the USA, it is a tool to design bottom-up environmental and waste management policies. The ultimate goal of promoting CE is the decoupling of environmental pressure from economic growth. A comprehensive definition could be: "Circular economy is an economic system that targets zero waste and pollution throughout materials lifecycles, from environment extraction to industrial transformation, and final consumers, applying to all involved ecosystems. Upon its lifetime end, materials return to either an industrial process or, in the case of a treated organic residual, safely back to the environment as in a natural regenerating cycle. It operates by creating value at the macro, meso, and micro levels and exploiting to the fullest the sustainability nested concept. Used energy sources are clean and renewable. Resource use and consumption are efficient. Government agencies and responsible consumers play an active role in ensuring the correct system long-term operation." More generally, circular development is a model of economic, social, and environmental production and consumption that aims to build an autonomous and sustainable society in tune with the issue of environmental resources. The circular economy aims to transform our economy into one that is regenerative. An economy that innovates to reduce waste and the ecological and environmental impact of industries prior to happening, rather than waiting to address the consequences of these issues. This is done by designing new processes and solutions for the optimization of resources, decoupling reliance on finite resources. The circular economy is a framework of three principles, driven by design: eliminating waste and pollution, keeping products and materials in use, and regenerating natural systems. It is based increasingly on renewable energy and materials, and it is accelerated by digital innovation. It is a resilient, distributed, diverse, and inclusive economic model. The circular economy is an economic concept often linked to sustainable development, provision of the Sustainable Development Goals (Global Development Goals), and an extension of a green economy. Other definitions and precise thresholds that separate linear from circular activity have also been developed in the economic literature. History and aims The concept of a circular economy cannot be traced back to one single date or author, rather to different schools of thought. The concept of a circular economy can be linked to various schools of thought, including industrial ecology, biomimicry, and cradle-to-cradle design principles. Industrial ecology is the study of material and energy flows through industrial systems, which forms the basis of the circular economy. Biomimicry involves emulating nature's time-tested patterns and strategies in designing human systems.... Discover the Shell International B V Development Rese popular books. 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