All Economies Lead to the Circular Economy
Circular economy is a popular term these days with think tanks, governments, and the private sector. It may very well be the panacea for all that ills us environmentally.However, in spite of its repackaged name, the circular economy has its origin in the mid-1970s environmental movement that resulted in the widely accepted 3 R's - reduce, reuse, and recycle.Since the 1970s, advances in technology have allowed us to encompass much more in the 3 R's and have shifted our focus from standalone operations into an interconnected feed-in feed-out system that reframes our idea of waste into usable by-products. This cyclical approach, intended to maximize benefit from both virgin materials and operational by-products gave rise to the circular economy.
As demonstrated by Nzambi Matee of Kenya, in her efforts to repurpose plastic waste into building bricks, the circular economy is accessible across all economic classifications.Incorporating life cycle thinking and waste management hierarchy into ESG risk analysis is critical in our efforts to support the transition to the circular economy.