At a time when human beings have far exceeded the Earth’s capacity to sustain the current consumption levels for long, a new paradigm called the Circular Economy is showing great promise. As the name suggests, a Circular Economy goes beyond recycling and focuses on eliminating material loss and waste through careful design. It supports systems that help eradicate waste not just from manufacturing processes, but throughout the life cycle of products and their components.
“Towards the Circular Economy,” a 2014 report from the World Economic Forum, the Ellen MacArthur Foundation and McKinsey & Company estimates that shifting to this model could add more than $1 trillion every year to the global economy by 2025 and create 100,000 new jobs within the next five years. This is possible if businesses start focusing on building circular supply chains and increase the rate of recycling, reuse and remanufacture.
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Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.
KEYWORDS: Philanthropy, Jobs, circular economy, World Economic Forum, ellen macarthur foundation, McKinsey & Company, Tetra Pak, Unilever, Ricoh, Mud Jeans