A circular economy illustrates what is described as a continuum of inextricably linked parts. Participants seek to reduce the environmental impacts of production and consumption while enabling economic growth through more productive use of natural resources, also associated with the terminology known as Environmental Social Value (ESV).
The circular economy allows us to avoid waste with thoughtful design and effective materials recovery that can be reused in market verticals. The value people obtain from the resources used to create goods and services increases as new use-cases are found from recycled materials (materials innovation). These evolutions transform our linear economy mindset of taking, using and throwing away, which instead fosters innovation and productivity that invigorates existing businesses. Existing business benefits from circular movements and new constructs, providing more jobs, growth, and social inclusion to the local, regional, state and global economies.
Governments worldwide are shifting to becoming more circular in mindset, and their actions are responding to global economic transitions. Many businesses employ circular economy experts to enable a smooth transition of economic principles aligned with circular economy movements and trends. Recognising and responding to this shift is vital for Australia’s international competitiveness, and it enhances the opportunity to strengthen partnerships with like-minded nations.
The Advantages of a Circular Economy
The advantages of a circular economy extend toward reducing waste generated while working toward the gradual reduction of harmful greenhouse gas emissions. Improving materials efficiency and reducing waste can generate tangible cost savings while reducing producing products’ environmental and financial costs. In addition, recycling further promotes the local use of recycled materials turned into products of value, expanding the value chain by manufacturing new products or materials that can be utilised in external markets. These activities ease pressures on the environment and promote new economic opportunities and activities, which generate cost savings for businesses and consumers benefit within households.
Materials recovered at the end of life are beginning to demonstrate the potential of the recycling market by reprocessing materials back into high-value products such as new, more efficient and effective building materials or the continuous reuse of old glass products by turning them into new products with practical design applications. New business models are also being developed to accommodate the products and methods of recycling. Moreover, as the old jobs fall away due to automation and other technological advancements, the circular economy can add jobs because businesses will have more disposable cash from the savings generated to reinvest and expand their local and international operations.
The recycling process also frees up land that would otherwise be used for landfills. Instead, products are collected, stored and recycled in highly efficient ways, which do not require long-term storage of waste products. The innovative recycling outcomes enable additive contributions to Australia’s GDP as the demand for new materials increases worldwide. The patents generated for such activities in Australia can be licensed to external economics for more significant returns.
Scientists have indicated that by 2060, the volume of materials used globally is expected to double, and the management of these materials is expected to contribute to 65% of global greenhouse gas emissions. Therefore, it is imperative to effectively manage the output and recycle of materials while being earth conscious and balancing carbon output and carbon extraction will become increasingly important.
Decarbonisation and other Economic Considerations
At this stage in the planet earth’s history, the carbon price will be exorbitant as the world struggles to meet economic output while balancing the challenges of eliminating carbon emissions. Nevertheless, the hope is that technology and the innovation of recycled materials will see emissions drop low enough to maintain a healthy planet.
The global environmental benefits of a circular economy extend well beyond reducing greenhouse gas emissions as the impacts are felt by society. The reduction of food waste can feed the hungry demonstrating social good, and improvements made to sanitary conditions worldwide can impact the health benefits of struggling economies. Managing plastic waste and cleaning the world’s oceans is essential to maintaining healthy ecosystems that feedback into the circular economy. The loss of life in the oceans is an unseen catastrophe that may see man’s decline if not rectified with haste.
The Mitigation of Biodiversity Loss
The world has already seen extensive biodiversity loss due to man’s encroachment on the wild. The impacts of poaching, and the clearing of wild environments like jungles, rainforests and coastal areas, remove the much-needed biodiversity required to keep the earth in balance. The finding of new ways to utilise human and animal waste and improve sewerage systems are necessary to bring about transformative changes that aid in maintaining clean waterways, reservoirs and oceans.
Risky waste management practices that cut corners and do not appropriately resolve storage and conversion issues pose unacceptable public health and environmental risks. The issues are only exacerbated when unpredictable weather like floods contributes to the further pollution of waterways via runoff from unmaintained sewage plants and storage reservoirs. Contaminated water that finds its way back to sea ultimately kills life on land and sea. Local and international governments are taking firmer action to improve the regulatory framework of the waste and resource recovery sector.
A Circular View
As with everything circular, as the circle turns, so does the rotation of favourable and tragic circumstances when not effectively provisioned and managed. Ignorance is no longer an acceptable excuse as the interwoven fabrics of life depend on a highly astute and collaborative human population to right the wrongs of past generations while preparing for the sustainability of all future life on earth. What could be more important than the continuation of life in all its forms to realise a future where our children’s children can still appreciate the world as we once did but with more knowledge and technology to manage all the intricate details.
Our Vision
Ocean Blocks is on a mission to realise this vision of life with good health, the appreciation of nature’s beauty in all its forms, clean air, water and an abundance of food, medicine, health care and the basic necessities to live a fulfilled life that can continue. Follow our journey as we influence investments, measure the impacts of green initiatives, help develop measurable strategies toward carbon neutrality and protect the natural wild spaces to maintain biodiversity on land and sea. Be more aware and carbon-conscious by following Ocean Blocks.