It’s Earth Day — have you considered what the ideal sustainable society would look like? A sociopolitical shift has brought awareness of climate change and environmental sustainability, but what might the end result look like? Though there are many competing ideas about what an ideal sustainable society would look like, one of them is the “circular economy.”
Achieving a circular economy
A circular economy is an ideal end goal envisioned by many environmentalists. In contrast to it is the linear economy, which involves “take, make, dispose” processes of extraction, production and consumption, which leads to waste (in other words, it is “cradle-to-grave”). A circular economy aims at a closed-loop system that minimizes, removes, or reuses waste—in other words, a cradle-to-cradle system of reuse. It is restorative and regenerative.
An example of a circular economy is the textile industry’s shift toward a closed-loop system. As an alternative to producing and disposing of clothing and other textiles, companies are exploring ways to reduce waste and reuse materials. This can include the following practices:
- Recycling: Recycling old clothing into production of new clothing from older material.
- Upcycling: Turning old clothes into new, higher-value products.
- Reselling: Taking what is purchased and selling it again instead of disposing of it.
- Rental: Renting clothing instead of disposing of it after use.
- Sharing: Sharing clothes among others to extend the use and life of clothing items.
Through adopting a circular economy approach, the textile industry can reduce waste, decrease the use of new resources, and create a more sustainable and efficient system. Other industries are also exploring circular economy models to promote sustainability.
Financial Fitness Group has prioritized integrating sustainability into our business practice. Companies and consumers alike are opting for ethical alternatives. Thinking of the future, many businesses and shareholders will proactively follow suit and explore the benefits of committing to a sustainable future.
By considering an environmentally focused approach, investors can identify opportunities for sustainable investments that can positively impact the environment and their portfolios. Let’s work together to choose ethical alternatives and explore the benefits of committing to a sustainable future.