Looking beyond the current take-make-waste extractive industrial model, a ‘circular economy’ aims to redefine growth, focusing on positive society-wide benefits. It entails gradually decoupling economic activity from the consumption of finite resources, and designing waste out of the system. Underpinned by a transition to renewable energy sources, the circular model builds economic, natural, and social capital. It is based on three principles:

  • Design out waste and pollution
  • Keep products and materials in use
  • Regenerate natural systems

(Source: Ellen Macarthur Foundation website https://www.ellenmacarthurfoundation.org/circular-economy/concept)