References to circles frequently appear in our regular discourse.
We have heard about the circle of life, that it makes no sense reinventing the wheel, and many hold the view that what goes around comes around. People often boast about “running rings” around others.
At a time when cutting and contriving, belt tightening, and making ends meet are all phrases that have been resurrected in line with the gloom of protracted economic recession, the so-called circular economy is also now gaining further traction.
Its importance internationally, as enunciated at the recent World Economic Forum (WEF) in Davos, Switzerland, is certainly growing.
With global warming raising concerns about the impact of nuclear power plants and other larger sources of pollution, natural resources being depleted, and the ozone layer considered an endangered species by some experts, the weaknesses of the linear economy – manufacture, use and dispose – have been exposed.
The debate is being fuelled by some international economists and environmentalists and is some significant relevance to Barbados considering the island’s own limited resources, and the fact that officials appear switched on in their push towards achieving a green economy.
Unlike its linear counterpart, the concept of a circular economy is focused largely on reusing and recycling. In other words, goods go from the design and production stage, to the retail sector, onto consumers/ householders, then these items are repaired and reused, before heading to the recycling sector and back to the production process. In so doing it all comes full circle, money is saved, and precious natural resources are spared.
WRAP, an organisation established more than 13 years ago in Britain to create a market for recycled materials there, said a circular economy was important for several reasons. In addition to creating new growth opportunities, it said, such a system reduced waste, drove greater resource productivity, and delivered a more competitive economy.
A new report the WEF released in partnership with the Ellen MacArthur Foundation based in Britain concluded that the circular model of growth would have “huge potential for innovation, job creation and economic expansion, and is expected to generate US$1 trillion a year for the global economy”, The Economic Times, which is based in India, reported.
Commenting on the findings during a session on waste to wealth at the Davos meeting, the foundation’s founder Ellen MacArthur said: “The circular economy opens up ways to reconcile the outlook for growth and economic participation with that of environmental prudence and equity. It is inspiring CEOs, politicians, engineers, designers and the next generation of leaders.”
However, as with most things, there have been critics of the concept. Some argue that some manufactured items are literally not made with recycling in mind and hence resources will have to be spent on redesigns.
The issue of increased transportation costs to get recyclable materials from one point to another is also considered a significant challenge. Consumer education and related behavioural change was another hurdle.
That said, it was thought that the benefits of the circular economy movement would far outweigh the disadvantages.