The circular economy is defined as an economic system that revolves around the processes of recycling, reusing and recovery of materials (Kirchherr J, Reike D, Hekkert M 229.) CE (circular economy) was first introduced as a concept in 1989 by environmental economists David W. Pearce and R. Kerry Turner and has recently been adopted by a number of countries. In 2015, Denmark, Netherlands, Japan, Sweden and Scotland agreed on CE legislation (Braw. E). The circular economy is a relatively new framework that is efficient in the delivery of services and goods and optimal in its production of them with the aim to achieve sustainability while generating economic profitability. (Kirchherr J, Reike D, Hekkert M 229.) This is in relation to the current
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This is further exacerbated by a decline in the discovery of new resource deposits which inherently raises resource prices. (Miret S). The current linear economy can be said to gain profitability by resource consumption, but a circular economy keeps resources in check within a restorative and regenerative loop by using the 3Rs (Recycle, Reuse, Recovery). Overall, a circular economy brings in profits by increasing efficiency without compromising sustainability. However, an article published by Fast Company stated that major companies face a hurdle in adopting a circular economic model because of an overhaul is needed in the way a business operates. This would be time consuming and as such it cannot be done overnight. The risk involved to transit from a linear to circular economy may incur costs that would be experimental and unproven. A case study showcased Dell’s failure to transit to a circular economy in ways that was unforeseen …show more content…
It is a country that has and always been resource-scarce. This is supported by an online article published by marketmogul which mentions “Singapore has few natural resources. There are no metals on the island and coal, oil and natural gas in very limited supply; even water is considered “scarce”” (Gray. T). It has limited natural resources available just to suffice for the necessity of its survival. Its struggle to survive has prompted the government to accept the situation and seek the opportunity to innovate itself into a circular economy. Thus, this paper seeks to discuss the potential benefits of a circular economy and how the Singapore government has used these benefits to its advantage to solve many of the problems it has faced by the linear
This is further exacerbated by a decline in the discovery of new resource deposits which inherently raises resource prices. (Miret S). The current linear economy can be said to gain profitability by resource consumption, but a circular economy keeps resources in check within a restorative and regenerative loop by using the 3Rs (Recycle, Reuse, Recovery). Overall, a circular economy brings in profits by increasing efficiency without compromising sustainability. However, an article published by Fast Company stated that major companies face a hurdle in adopting a circular economic model because of an overhaul is needed in the way a business operates. This would be time consuming and as such it cannot be done overnight. The risk involved to transit from a linear to circular economy may incur costs that would be experimental and unproven. A case study showcased Dell’s failure to transit to a circular economy in ways that was unforeseen …show more content…
It is a country that has and always been resource-scarce. This is supported by an online article published by marketmogul which mentions “Singapore has few natural resources. There are no metals on the island and coal, oil and natural gas in very limited supply; even water is considered “scarce”” (Gray. T). It has limited natural resources available just to suffice for the necessity of its survival. Its struggle to survive has prompted the government to accept the situation and seek the opportunity to innovate itself into a circular economy. Thus, this paper seeks to discuss the potential benefits of a circular economy and how the Singapore government has used these benefits to its advantage to solve many of the problems it has faced by the linear