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What is the circular economy?
15th January 2019
The circular economy is one that’s sustainable, and as much as possible eliminates waste. But it’s more than that. It’s an all-encompassing approach to life and business.
It’s about developing new business models, designing products more smartly, remanufacturing and reprocessing to create new products from old, and repairing what we can – all to keep products and materials within the economy for as long as possible.
Benefits to the Scottish Economy:
Scotland wastes 1.4 million tonnes of food every year. Just taking into account food wasted at home which could have been eaten, that’s £1.1 billion worth of good food going in the bin.
By using by-products from our food and drink sectors to create higher-value products, including bio-fuels or advanced proteins, we could generate an additional £500-800 million a year for Scotland.
Remanufacturing is already contributing £1.1 billion per year to Scotland’s economy and has the potential to grow by a further £620 million by 2020, adding 5,700 new jobs.
By 2050, a more circular economy could reduce carbon emissions by 11 million tonnes a year.
Support and funding is available from Zero Waste Scotland to help mobilise circular economy projects. For further information visit: https://www.edinburghchamber.co.uk/circular-edinburgh/