Circular economy principles are based on a shift at national level , from the take-make-dispose model of product ion to a circular mode, where nothing is wasted at any stage of manufacture, extract ion,use or post -use. The goal is to preserve material resources including energy, by reducing their use,reusing wherever possible and as a last measure, recycling them. A product should remain in use for as long as possible and should be designed that way.
Industry and governments world over will benefit from maximising utility of natural resources and retaining value along the life-cycle of products. All these are the core benefits of a circular economy,whose principles are rooted in systems thinking.
Circular economy (CE) principles are being adopted by governments all over the world to steer their economies, via industry, in the direct ion of maximizing value and resource use through changes in product /process design, strongly supported by innovation and technology. Investment and innovation in new technologies; new metrics; business models; eco-design; waste-as-a- resource business models and finance mechanisms will encourage a shift towards circularity.
Work in circular economy is recently initiated at CII through studies in material flow analyses (MFA) in the paper and steel sectors: establishing a sound database is an important first step in drawing flow diagrams which show how much material enters a system and how much leaves it . This helps improve resource productivity as well as reduce waste and pollution, and tackle scarcity and price volatility.