What is circular economy?

Circular economy refers to the model where waste is minimized, resources are used efficiently, and materials are reused or recycled instead of being disposed of. The aim of the circular economy is to create a closed-loop system where products are designed to be reused and recycled. It encompasses the three R's- reduce, reuse and recycle. In contrast to the linear economy model, which is characterized by the "take-make-dispose" approach, the circular economy model is more sustainable and provides an opportunity for businesses to create value and reduce their environmental footprint. The circular economy is gaining momentum globally as businesses, and governments recognize the need for more sustainable and resource-efficient approaches to production and consumption.

This mind map was published on 4 June 2023 and has been viewed 69 times.