What is it?
An economic system aimed at eliminating waste and the continual use of resources.
How does it work?
A Circular Economy is an economic model that is designed to benefit businesses, society, and the environment. In contrast to the traditional linear economy, which operates on a ‘take-make-dispose’ approach, the circular economy is regenerative by design and aims to gradually decouple growth from the consumption of finite resources. It is based on three principles: design out waste and pollution, keep products and materials in use, and regenerate natural systems.
When is it useful?
In the business context, a circular economy can be applied in various ways. Many businesses have started to rethink their production processes, product designs, and business models to minimize waste and make the most of resources. This can involve recycling and reusing materials, designing products to be more durable or upgradable, offering products as a service, or even completely reinventing products to turn waste into a resource.
Real-World Impact
A good example of a company that applies the principles of a circular economy is TerraCycle. TerraCycle offers a range of national, easy-to-use recycling platforms allowing everyone to #RecycleEverything, as well as Loop, a sustainable shopping experience moving consumers away from single-use packaging.
How to Get Started
Understanding the concept of a circular economy is beneficial for businesses looking to optimize their operations, reduce waste, and become more sustainable. Empress supports this mission by providing tools and resources that help businesses transition towards a circular economy, including analytics and insights to identify waste and inefficiency, and strategies to redesign products and processes.
Get the Empress Edge
Adopting a circular economy not only has environmental benefits, but it can also lead to new opportunities for growth and innovative business models. It can help businesses become more resilient, meet regulatory requirements, and gain a competitive advantage. Moreover, it can drive greater resource productivity, improve the security of raw material supply, and contribute to climate change mitigation.