Lead Us To A Circular Economy

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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 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

A circular economy, which promotes the elimination of waste and safe use of natural resources, offers an alternative that could yield up to USD4.5 trillion in economic benefits by the time this decade ends.

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.