What is Energy Circular Economy?What is Energy Circular Economy? https://www.esgenterprise.com/wp-content/uploads/2022/01/energy-circular-economy-1.jpg 1440 741 ESG Enterprise https://www.esgenterprise.com/wp-content/uploads/2022/01/energy-circular-economy-1.jpg
There is an approach to sustainable development that has gained the attention of economists, business people, and policymakers in recent years. It is called the energy circular economy.
Although several opinions about the circular economy, they all talk about a novel way of creating value and prosperity. This approach involves increasing the lifespan of a product and relocating wastes from the end to the beginning of a supply chain. As a result, resources are used more efficiently.
The opposite of the circular economy is the linear economy. This approach has been practiced since the industrial revolution in the 18th century. It involves taking raw materials from the environment and turning them into finished products. The finished products are used and then discarded into the environment. This system has a beginning and an end where limited raw materials run out eventually. Also, waste accumulates, which brings about extra waste-disposal expenses.
In a circular economy, on the other hand, old products are used to produce new products. Every end product is reused as a raw material or used as an energy source. This approach aims to close the gap between production and our natural ecosystems’ cycles.
Benefits of Building a Energy Circular Economy
Shifting towards the circular economy is vital. Doing this will cause a significant contribution towards preserving the environment.
Also, creating a circular economy for economic sectors like cement, plastics, aluminum, food, steel, and food would reduce CO2 emissions by 3.7 billion tons in the year 2050. This is similar to eradicating current emissions from every means of transportation.
Apart from the economic advantage, it makes a lot of sense to maximize scarce resources by using a system that prevents waste. Note that there is 100 times more gold in a ton of abandoned mobile devices than we have in a ton of gold ore. Also, if we limit food wastage by only a quarter, 870 million hungry people would be well fed.
Based on research, adopting a circular economy offers more economic opportunities by reducing waste and creating employment opportunities.
Ways to Adopt the Principles of Circularity
Adopting the circular economy could force one to have a rethink how to run your business. Here are some ways to apply the circular economy across a company’s operations
- Create a Design for the energy circular economy
This refers to designing processes and systems that are efficient and sustainable.
For instance, instead of using stick-built structures for a gas plant, you can use modular, skid-mounted structures. This reduces construction costs significantly and limits wastes.
- Create a circular supply chain
No doubt, adopting circular supply chains can keep products in the supply chain for a longer period.
For instance, drum containers and steel can be recycled back into the supply chain. They could be useful for other local manufacturers.
- Reduce environmental impact
Another thing to do is to focus on decarbonization and reduce greenhouse gas emissions. The aim is to reduce and reuse CO2 emissions. For example, CO2 can be used as a raw material for oil recovery and concrete curing.
Finally, the world is current suffering from a serious waste problem. This is why the principle of circular economy has come to stay. The first step towards this is to evaluate our practices and adopt more eco-friendly approaches.