The importance, potential and impact of the circular economy

The importance, potential and impact of the circular economy

Earlier this year, the UAE established a federal circular economy council to generate new economic opportunities, reduce the use of natural resources and protect the environment. In this piece, Nour Sleiman, co-founder and chief marketing officer at UAE-based Cartlow, a re-commerce website explains the impact and importance of the circular economy.

Transitioning into a circular economy is not solely aimed at minimising the negative impact of a linear economy, but also on the overall health system of the economic activity. Shifting from a 'take, make, use, dispose' to a 'make, use, return, re-use' model would require the dedicated contribution of organisations, individuals, and businesses together - large and small - to work effectively at all scales. This model shift will generate new business and create economic opportunities while contributing positively to the environment as a whole. 

Nowadays, the earth's raw materials are increasingly consumed at a large scale to generate the products that we use on a daily basis. According to a report by the OECD, approximately 50 per cent of greenhouse gas emissions are generated through this process. Furthermore, GCC countries generate about nine million tonnes of scrap metal per year, with plastic and metal waste rising at