A circular economy and a green economy are related concepts but have distinct focuses and approaches:
- Circular Economy:
Focus: The circular economy primarily revolves around resource efficiency and minimizing waste. It aims to keep products, materials, and resources in use for as long as possible through strategies like recycling, reusing, remanufacturing, and reducing consumption.
Principles: Key principles include closing material and product loops, reducing the use of finite resources, and extending product lifecycles.
Emphasis: It places a strong emphasis on resource conservation, waste reduction, and the shift from a linear “take-make-dispose” model to a circular one.
A circular economy reduces environmental degradation by minimizing resource extraction and waste generation, mitigating pollution and habitat destruction. It fosters economic growth through innovation and job creation in recycling, remanufacturing, and service industries, and enhances resource security, reducing dependency on scarce resources and volatile commodity markets.
It also promotes social equity by encouraging local, inclusive, and accessible economic models.