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Circular Economy - Coggle Diagram
Circular Economy
Definition
Keeping products and materials in use
Regenerating natural systems
Designing out waste and pollution
Long-term sustainability
Benefits of linear economy reaching its limits
Eradicate waste
Offset sharp price increases
Overcome limitations of linear consumption
Competitive advantages
Benefits of Circular Economy
Resource optimization
New business model
New activities, new jobs
Long-term sustainability
Smart Design
Desirability (human)
Circularity (environment)
Viability (business)
Feasibility (technology)
Where to apply Life Principles
Multiply local synergies
Consider waste as a resource
Optimize resources
Use of renewable energy
To eliminate the toxic materials and eradicate waste
Example:
Technical nutrients
Biological nutrients
How to reach the goals
Consider the raw material input, production, transportation etc during design phase
Forum of World Economic
Innovate demand-focused business models
Focus on pure material stock management at outset
Set up global reverse networks for products
Examples of Circular Economy
Philips
TATA