INTHEBLACK December 2021 - Magazine - Page 18
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STORY AMANDA WOODARD
WHAT GOES
AROUND
A C I R C U L A R E C O N O M Y H O L D S G R E AT P R O M I S E F O R
S U S TA I N A B I L I T Y, B U T C I R C U L A R B U S I N E S S M O D E L S
A N D C AS H F L O W S – A N D T H E O P P O R T U N I T I E S T H E Y
P R E S E N T – A R E Y E T T O B E F U L LY U N D E R S T O O D B Y
I N D U S T R I E S A N D R E G U L AT O R S .
AT A
GLANCE
A circular economy
aims to reduce the
environmental impact
of production and
consumption while
driving economic
growth through
more efficient use
of natural resources.
A key part of “circular”
production is a design
process that enables
effective recovery of
components and
materials that can be
used, reused, recycled,
redesigned and
remanufactured.
A
circular economy is based on three principles –
design out waste and pollution, keep products and
materials in use and regenerate natural systems.
These ideas aren’t new. Back in 1970, the American
Association for the Advancement of Science (AAAS)
declared, “The object of the next industrial revolution is
to ensure that there will be no such thing as waste, on
the basis that waste is simply some substance that we
do not yet have the wit to use...There must be a loop
back from the user to the factory.”
The concept of a circular economy has since evolved
beyond better waste management, says Jaine Morris,
COO at Coreo, an Australian company that advises
and guides organisations through their circular
economy aspirations.
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18 ITB December 2021