What is the circular economy EU?
4 March 2022
Europe’s economy remains resource-dependent with the struggle to reinvigorate competitiveness and bear massive technological innovation. The circular economy offers Europe increased resource productivity, decreased waste, and increased employment and growth. The European Union Commission has launched this green deal to adopt an ambitious Circular Economic Plan, which aims to circulate the economy from consumption and recycling waste products to run a sustainable business. It revises legislative proposals on waste products, foreseeing the natural environment to foster new job opportunities and boost global competitiveness.
Thus, it fulfills the criteria of closing the circular economy loop by circulating the recycled waste product and the wealth. It is a concrete long-term path for management, growth, and health. With the increasing human needs of mobility and food, the transition of the circular economy project needs to be governed.
Because Europe is not using the resources once and companies resource dependency is more and growth is less. In 2012, the average European used 16 metric tons of materials, of which only 40% were reused and 60% discarded. So in meaningful terms, it lost 95% of the material value. Moving to a circular Economy EU plan could lower the European costs in the coming years. The priority of EU Circular Economy Action is to lead the process of circular transition, but it is not achievable all alone. A local, national, regional, and global level action is required. The public sectors and regional policymakers greatly influence the state through investments, agricultural subsidies, transportation, mobility systems, food systems, disposal, and each system level.
To minimize the risk and guarantee the growth and productivity of the systems, the Circular Economy would be a massive step. The plan also suggests that benefits would continue to grow rapidly in the coming years through recycling, regeneration, optimization, and exchanging for new and better technologies and systems.