The circular economy (sometimes referred to as “circularity”) is an economic system aimed at eliminating waste and the continual use of resources. The system used up until now is referred to as the linear economy. The advent of climate change has made us realise that we live on a planet with finite resources.
The world population is growing and this is affecting the environment. This is not sustainable so we as business owners have no option but to find alternative ways to pivot or develop our businesses. To ensure there is enough food, water and prosperity in 2050, we need to switch from a linear to a circular economy. That’s where we come in. We are here to help research and provide help with applications for funding for progressive businesses looking to convert their model to a circular system.
The difference between the linear economy and the circular economy
To put it simply, in a linear economy we mine raw materials that we process into a product that is thrown away after use. The cycle is raw materials, production, use, non-recyclable waste. In a reuse economy, the cycle is raw materials, production, use (recycling between production and use) and finally non-recyclable waste. In a circular economy, we close the cycles of all these raw materials. The cycle here is raw materials, production, use, recycle, raw material again and so on in a continuous loop.
A circular economy aims to redefine growth, focusing on positive society-wide benefits. Over time it involves decoupling economic activity from the consumption of finite resources, whilst designing waste out of the system. For example, electrical devices are designed in such a way that they are easier to repair. Products and raw materials are reused as much as possible.
The benefits of pivoting to a Circular Model
Companies committed to sustainability have higher returns and are less likely to go bankrupt. Consumers are more aware of climate change and the need or sustainable busines models within our economic systems therefore being a circular business means your brand is enhanced. Millennials in particular are very aware of where they work and they prioritise companies that are focused on sustainability, giving you a key competitive advantage in the workspace.
How Janus Innovations Consulting can help
We work with clients to develop Multiple or Single Projects that are funding friendly and are rooted in their company’s strategic plans and objectives. This includes the scoping and development of project ideas and identifying potential project partners. We can also help with finding funding lines and liaise with agencies and National Contact Points.
Get in touch with our team to discuss your project by booking an appointment or calling us on +353 87 686 8296.