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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.
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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.
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Circular procurement is an approach to government procurement that enables private and public authorities to support a transition to a circular economy.This is done by purchasing works, goods, or services designed to create closed energy and material loops within supply chains while minimizing, or avoiding, the generation of waste and other negative factors on the environment.
The circular economy promotes recycling, reuse, and reduced reliance on non-renewable resources. Governments and organizations globally are supporting bio-based solutions that align with this model. Recycling bio-emulsion polymers reduces reliance on virgin materials and minimizes the environmental footprint, driving industry growth.
The circular economy is all about identifying and closing loops so as to create self-sustaining systems where producers and consumers are closely coupled to enable constant feedback. For example, food production, consumption, and disposal might be organized to be part of the same closed cycle.
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