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Turns out, one sure shot way for the planet to become much more sustainable than what it is right now, is to strive and become a circular economy. Yes, economic activities that go round in circles.
What's That?
The circular economy is a model of production and consumption, based on sharing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible.In short, a method to extend the life cycle of every possible product.
In the real world, it means reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the same system wherever possible. These can be productively used again and again, thereby creating further value.
It's A Sea Change
In the real world, it means reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the same system wherever possible. These can be productively used again and again, thereby creating further value.
It's A Sea Change
In contrast to the traditional, linear economic model, which is based on a take-make-consume-throw away pattern, going circular relies on large quantities of cheap, easily accessible materials and energy.
The Sector Has A Fiduciary Duty
As the largest consumer of raw materials and thus naturally, the largest emitter of greenhouse gases, the construction industry has to take leadership to ensure that a large portion of the economy becomes circular.
Some initiatives can enable this;
- Using lesser material and greener materials while constructing
- Consuming only renewable energy (like wind and solar) to power construction processes
- Prolonging the life of an asset
- Using environmentally sustainable design and engineering
The Savings Are Big Though
However, achieving this transition will require a colossal amount of collaboration given that today, only 8.6% of the world is circular.
All hopes now rest on the promised ESG compliant financing that will be deployed with the sole aim of getting things to go in circles.