Circular economy refers to an economic model that aims to minimize waste and maximize resource use. Unlike the traditional linear economy, which is based on the take, make, dispose model, the circular economy promotes reuse, recycling, and regeneration of materials. It encourages businesses and consumers to adopt more sustainable practices, such as designing products to last longer, using recycled materials, and developing services that support reuse. For instance, instead of buying a new product, consumers might choose to rent or repair an existing one. By implementing circular economy principles, pressure on natural resources can be reduced, pollution can be diminished, and contributions to climate change can be addressed.
