The vision of a circular economy is to balance renewable resource extraction and consumption rates with the rate at which the Earth is able to regenerate. Alongside this, finite resources like metals, plastics and rare earth elements are kept in use indefinitely by creating a cycle of use and reuse in which both inputs, in terms of materials or energy, and outputs, like waste and emissions, are kept to a minimum.
There are three key pillars on which a circular economy is built:
— Eliminate waste and pollution
— Circulate products and materials
— Regenerate natural systems
A circular economy is regenerative by design, running on renewable energy and operating within ecosystem boundaries. The ‘circular’ part refers especially to the circulation of products, retaining maximum value and inputting minimum energy over each lifecycle — repair before you refurbish, refurbish before you remanufacture, remanufacture before you recycle.