NAME – KEVINKUMAR DHANSUKHBHAI SAVALIYA

NO – 191AIG026

1. CAN CIRCULAR ECONOMY AND RELATED CONCEPTS ENSURE THE PROFITABILITY?

WHAT IS CIRCULAR ECONOMY?

Circular economy can be define as a system in which Production, Consumption and
Trade are Design to minimize net extraction of key resources such as Fossil fuels, Raw
material, Water, Land, and the environment pollutant along with diminishing
Environmental and Health impacts.

AIM OF CIRCULAR ECONOMY.

To minimize the net uptake of resources and the associate negative environmental
impacts.
Unfortunately, the concept of circular economy is rapidly rising on political agendas.

Here is Circular Process of Circular Economy in simple words.

TAKE MAKE USE DISPOSE TAKE MAKE

THE 7 R’s CONCEPTS OF CIRCULAR ECONOMY

1. RE-THINK
Re-thinking business models and solutions at every level to be mindful of resource
use and waste production.
2. REDUSE
Reduce consumption of energy and material by applying lean design principles and
producing products that made to last.
3. RE-USE
Re-use products by transferring them to another user.
4. REPAIR
Repair components and parts so that products can be used longer by the user. With
the slow-down of throw-away consumption, consumers will be thinking about
purchasing products that last and the Repair business will get a boost.
5. REFURBISH
To achieve circular economy, businesses can look into recovering and refurbishing
old products to be sold again or transformed in new products.
6. RECOVER
Recover embedded energy from non-recyclable waste material where feasible. Non-
recyclable waste may at least be converted into energy through waste-to-energy
processes such as combustion and gasification.
NAME – KEVINKUMAR DHANSUKHBHAI SAVALIYA
NO – 191AIG026

7. RECYCLE
Recycle materials or resources by disassembling components and separating parts.

ECO-DESIGN CONCEPT

Re-think the alternate way of manufacturing which consume few resources, design of
product is environment friendly and most importantly it is easy to recycle product.

Use of substitute for better supply, we can use recycled plastic instead of virgin plastic
material, recycled paper to virgin paper product and even we can switch to renewable
energy instead of Fossil fuels. Due to this we can decrease carbon emission.

EU report said that there are 20 critical raw materials are available such as Cobalt,
Gallium, Indium, Tungsten and many more by using the 7 R’s Concepts we can preserve
it for long as we can for future use.

By using the concepts, We can produce or design Eco friendly product using waste or
possible solution. In EU, there are many third party verified Eco-labeled product like as
Detergents, Floor covering, Lubricants, paper products and many more within
environmental criteria.

EXAMPLES OF ENVIRONMENTAL AND ECONOMICAL SAVINGS

Some companies have begun implementing a circular design to their product

1. TIMBERLAND – FROM TIRES TO SHOES

Footwear is one of the biggest users of virgin rubber. Once it reached to end of the
product life, they are shipped to recycling unit and turned into crumb rubber. It
processed into sheet rubber for the outsole of shoes.
2. JOHNSON CONTROLS – RECYCLEDS BATTERIES
Company managed to design a battery that is 99% recyclable, an incredible feat for a
product so chemically and hazardous. By encouraging this solution we can prevent
millions of batteries from ending up in land landfills.
3. AQUAZONE – TURNING WASTE WATER INTO FERTILIZER
The waste water treated bio-chemically, and solids, waste and nutrients are
separated. The water can be used for irrigation or can be further recycled into
drinking water, the sludge is nutrient-rich and can be used as an organic fertilizer.
NAME – KEVINKUMAR DHANSUKHBHAI SAVALIYA
NO – 191AIG026

CONCLUSION

In my opinion, Circular Economy is the best way to preserve natural resources for the
future. By using its concepts we can control over negative environment impacts. On the
other hand, concept of Re-make or Re-produce makes good business opportunity. Here I
must say its profitable concept not only as term of money as well terms of environment.

PROFITABLE OPPORTUNITY
Resources in product you sell today, recycled into resources for products you sell
tomorrow.

REFERENCES

YouTube channels-
 EU Environment
 CNBC international
 TEDx Talks