5 Things Malaysians Need to Know About the Circular Economy
Updated: Aug 5, 2021
Here you are wondering what exactly is a circular economy? You probably heard about it from a sustainable environment workshop, your marine conservation clients or the internet. Never mind, we will give you a better idea about what the circular economy truly is about, here are the five things you will take away from us today.
1. Surprise! It is a sustainable economy model
In contrast to the traditional linear economy, the values of reuse, sharing, recycling and repair are prioritized under a circular economy. It is a process of creating a closed-loop system, meaning resources are getting recycled and reused multiple times in a circle. In short, we don’t just take a natural resource and produce something with a short lifespan. A circular economy ensures the product (virgin resource) has a second life after its initial usage! It's also important to think also about its packaging and any waste that's created when creating the product. No waste is wasted anymore but a resource!
2. The Core Principles of a Circular Economy
Remember, the very idea of a circular economy is not to consume additional natural resources. Instead, we aim to create a curative model that can constantly give those used resources a new beginning to ‘express’ themselves to the world! Avoiding the consumption of non-renewable resources, fossil fuels, is a key component in making sure a circular economy is tightly knitted. Here are three principles of it, raised by The Ellen MacArthur Foundation.
· Design out waste and pollution
· Keep products and materials in use
· Regenerate natural systems
3. The Benefits of a Circular Economy
First and foremost, it reduces unnecessary waste generated by your product. Some social enterprises have started to be part of this economic system, such as Fuze Ecoteer. We collect plastic waste from the Sungai Ayu River and around Malaysia, then use it as ingredients to produce our very own eco-friendly coasters, flower pots, and sunscreen.
Subsequently, the pressure on the environment decreases. The circular economy is practically giving our planet a chance to catch its breath while more eco-friendly projects are implemented to increase awareness. Moreover, it derives more value from the virgin resources when wastes are reduced and recycled. Innovation and economic growth are expected to improve greatly in return.
4. The Actual Economic Upside
The circular economy has been receiving a lot of traction and interest from major corporations to leaders within Malaysia. Their belief is that adopting a circular economy will provide vigorous macroeconomic growth to society, and the impact will be appreciated by the members. Material costs will decrease as it’s no longer consuming new resources, the price of which is expected to increase in coming years as vital metals and materials become rarer. The savings can then be directed into areas such as Research & Development.
As the circular economy continues to grow, it poses a huge opportunity for innovative designs and implementation to take place in achieving a more productive utilization of existing resources. Finally, a steady increment of job opportunities can be predicted across countries that embrace circular activities. Our very own Malaysian experts in environmental protection issues, high-skilled workers at the manufacturing sites, first-line workers to collect recycled products will be in demand.
5. Everyone is in the Loop
Everyone. We mean it. It cannot be just the environmental-friendly companies, or the eco-warriors to run the show. We are all capable of doing it, we just need to start somewhere, but we need to act quickly. Our mother company Fuze Ecoteer is always here to help corporations in understanding and exploring the circular economy, actions that can be taken and translated into an effort to our community instantly.
Sometimes, you just need to make the first step and others will follow. When you turn your head back, you realize you are already the leader in the circular economy. This loop of circular economy can be as large as we want, as long as we each play the role to protect and be responsible to our environment. Everyone is inside this loop, so don't settle!
For more information about Circular Economy, we highly recommend you to look at https://www.youtube.com/watch?v=6g0AYbEoOGk&vl=en