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CIRCULAR ECONOMY: REIMAGINING A NEW WORLD ORDER
In 2019, the world generated 300 million tons of plastic, a weight almost equivalent to the weight of the human population. Scientists believe that our oceans would have more plastics than fish by 2050! Despite many people going hungry, a third of the food produced goes to waste. Overall, each year, more than 100 billion tons of resources flow into the economy. Out of this, more than 60% end up as greenhouse gas emissions and waste. In short, we have a waste problem. Experts have been talking about the circular economy but how does it help? Or to be more precise, does it help at all?
What is Circular Economy?
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There is a linear economy wherein raw materials are converted into finished products which are then consumed and disposed of. Circular economy, on the other hand, intends to bridge the gap between the natural cycle of ecosystems (on which we humans ultimately depend) and the production cycle. This means complete elimination of waste either by composting biodegradable waste or reusing, remanufacturing, and recycling nonbiodegradable waste. There’s also the added dimension of helping natural systems regenerate by cutting off the use of chemical substances and promoting renewable energy and resources.
