Circular business models – means solutions that are based on circular economy principles and activities like reuse, repair, resell, and refurbish. Circular Business models stand for a future where doing business is both economically and environmentally sustainable and more profitable.
There are three basic levels of Circular Economy:
1. The elementary level is waste management. In this the recovery and recycling of used inorganic materials and the transformation of organic waste into Energy and fertilizers is achieved.
2. The middle level is where items are reused and/or refurbished.
3. The top level is where items are designed to be circular. That is for the components that compose them to be reused and reintroduced in the Economy in new products.
From Linear to a Circular Economy
The current linear Economy is an Economy that wastes Natural resources. Dubai has set a target of zero landfill waste by 2030.This can only be achieved with Circular Economy. We must move away from our current “take – make – waste” linear economic model to a Circular Economy. The transition towards a Circular Economy is estimated to represent a 4.2 $ trillion global growth opportunity by 2030, while helping to restore our natural systems.
