What is circular economy?
The world’s natural resources are under increasing pressure and it is critical for the environment that resources are used far more effectively to reduce the need to extract new resources.
In a circular economy, the product life cycle must be as long as possible, and products must be repaired, upgraded and to a larger degree reused. When products can no longer be reused, the material can be recycled and used as raw material in new production. This way the same resources are used multiple times and as little as possible is wasted.
According to the 2024 report from the Circularity Gap Reporting Initiative (CGRi) the share of secondary materials consumed by the global economy has decreased from 9.1% in 2018 to 7.2% in 2023 – a 21% drop over the course of five years.