10 November 2021
As the world shifts toward sustainable development, the concept of a circular economy has evolved globally as a comprehensive solution.
A circular economy is defined as the restructuring of the conventional linear and extractive economy into a closed-loop recycling process that regenerates natural systems and designs out waste and its harmful by-products. This concept aims to balance the complex interrelationship between the three pillars of sustainability, namely economic growth, environmental sustainability and social welfare.
Developed countries pioneered this concept, but it does not mean the least developed or developing countries cannot adopt it. A report from the McKinsey Global Institute has estimated that around 85 percent of opportunities to improve resource productivity lie in developing countries.