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A circular economy (also referred to as circularity or CE) [1] is a model of resource production and consumption in any economy that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.
The Circular Economy Development Strategies Action Plan was created on January 23, 2013, and it further embedded the idea of a circular economy into Chinese legislation. [6] The plan outlined three levels of circular economies in China, being within a company, industrial park and city or region. [6]
Incorporating life cycle assessments, the report contrasts scenarios from maintaining the status quo to fully adopting zero waste and circular economy principles. It indicates that effective waste prevention and management could cap annual costs at USD 270.2 billion by 2050, while a circular economy approach could transform the sector into a ...
In order to grow an economy while preventing depletion of natural resources, a given amount of a resource must be used as much as possible with as little waste as possible. Closed-loop recycling systems attempt to maximize the amount of time a given amount of a resource is available to an economy.
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction.
[84] [85] ESD is a component of measurement in an indicator for Sustainable Development Goal 12 (SDG) for "responsible consumption and production". SDG 12 has 11 targets, and target 12.8 is "By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature."
Numerous design projects demonstrate systemic design in their approach, including diverse topics involving food networks, [26] industrial processes and water purification, revitalization of internal areas through art and tourism, [27] circular economy, [28] [29] exhibition and fairs, social inclusion, and marginalization.
Sustainable sourcing is directly related to SDG 12: Responsible Consumption and Production, and can also contribute to achieving a number of the other SDGs including SDG 1: No Poverty, SDG 2: Zero Hunger, SDG 3: Good Health and Well-being, SDG 4: Quality Education, SDG 5: Gender Equality, SDG 8: Decent Work and Economic Growth, SDG 10: Reduced ...