A Perfect Loop: Will the Circular Economy Replace Waste with Profit?

In the new Circular Economy, companies are combining competitive business practices with environmental sustainability by bringing innovation to the factory floor.

“Waste not, want not.” They aren’t just words to live by anymore. A new think-tank in Toronto wants to revolutionize our current economic model by changing how we make things. The Circular Economy Lab is only a year old, but it already has the backing of some of the world’s largest manufacturers and retailers of consumer products.
Proponents of the Circular Economy likes Hughes are seeking a transformation from the linear Take, Make, and Throw Away model to one that leverages technological innovation in the sites where products are built. That means using as few non-renewable resources as possible and permitting virtually no waste.
What is the Circular Economy?
The circular model of production and consumption aims to create a perfect loop of efficiency—whether that’s using renewable energy in manufacturing processes, creating recyclable or compostable packaging from recycled material, or designing long-lasting products that can be re-used, recycled or re-manufactured.
The Circular Economy is about more than eliminating waste, says Chris Lindberg, director of the Circular Economy Lab. “The concept is focused on maximizing value and developing an economy that can de-couple growth and development from reliance on non-renewable resources.”
This model offers a strategy for responding to the challenges faced by business and government: reducing carbon emissions, remaining competitive through innovation, overcoming non-renewable resource scarcity, and reducing environmental degradation.