"Sea" Beyond the Sea

Investigating the secrets of environmental conservation glasses

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Circular Economy

Purpose of Circular Economy

“Circular economy” is a kind of renewable and regenerative economic system. The purpose is to maximize the reuse of resources and reduce waste generation without decreasing the supply to promote economic development. In the circular economy, there are three core principles: Recycling, Reusing, and Reducing, abbreviated as the 3R. Under this circular economic model, products are designed with material combinations and usage that can be used in multiple cycles to further achieve a circular economy with zero waste. Damaged and by-products are no longer considered a waste instead making it into materials that can be used in new production cycles. The specialty of this kind of circular economy model is the combination of resource usage and environmental conservation to create more eco-friendly methods of production and consumption.

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Development of Circular Economy

Currently, society and businesses operate with the framework of a linear economy. The linear economy will consume the scarcity of natural resources to develop the economy and others. This is a destructive economic model that will deplete the Earth's resources. Therefore, in the 1960s economists established the idea of Circular Economy. The economist explains that the Earth’s resources are non-renewable and finite; society should learn how to maintain the balance between natural resource extraction and ecological preservation. Therefore, the economic improvement and natural resources concurrently. However, since 1983, environmental pollution and overexploitation have continued to escalate. Thus, the Circular Economy becomes the future development. Also, many countries have emphasized and promoted the concept of the Circular Economy. The Circular Economy can meet the society and market demands while reducing environmental degradation and consumption. This can achieve the goal of sustainable development.

Methods to Create Green Business Opportunities for Circular Economy

The aforementioned green business opportunities also raise the awareness of large transnational corporations towards circular economy transitions. For instance, these companies have a clear “supplier behavior code” to ensure that the supplier fulfills the relevant international standards. Furthermore, it also demands the suppliers to apply recycled materials as a fixed portion of materials used in the product manufacturing process. Thus, the attention of global green businesses towards the circular economy is gradually increasing. According to the prediction of McKinsey consulting company, the circular economy can produce an annual 1.8 trillion euros of economic benefits in 2030. Simultaneously, the reuse of material can also provide benefits towards the manufacturing factories, such as lowering production and waste management costs. Additionally, the recycle and reuse mechanism in the circular economy also produces business opportunities for recycling, renewable energy refining, and waste management related green industries. Following improvements throughout the years and the high requirement for the factories, manufacturers need to expand its green businesses and incorporate elements of a circular economy in its products to maximize its benefits.

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Applications of 
Marine Waste to 
Circular Economy

Each year there were 12.7 million tons of waste entering the ocean that caused the polluting marine ecosystems. The ocean wastes can be used in different ways in the Circular Economy. For example, we can use plastics in the ocean, metal, and other wastes. Those materials could be reused which can turn into new products or matter. Currently, 8 to 12 million tons of marine waste are recycled annually. Nevertheless, there were still numerous wastes that were not effectively recycled. Furthermore, businesses should reduce marine waste to reproduce new products. Reducing ocean waste can increase the rate of ocean waste and decrease the demand for new raw materials. In addition, when the new products are created. We can check the recyclability and reusability. Those methods can decrease the damage to marine ecosystems which can achieve the goal of recycling the resource effectively.

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