Repurposing the economy

Abstract

The circular economy has slowly seeped into public discourse worldwide. Supporters include the governments of Denmark and the Netherlands, as well as organisations like the Ellen MacArthur Foundation. One of the major early adopters is Philips, the tech giant. The global textiles industry has also taken significant strides fuelled in part by price volatility in fabrics like cotton, which will worsen with climate change. Public policy initiatives were set rolling through the European Union’s 2015 Circular Economy Action plan. So far, so good. And yet, the circular economy is still largely associated with waste management or recycling. In fact, even the EU’s Action Plan, for all its good intentions, places undue emphasis on EU-wide recycling targets and goals. Recycling is necessary, but it is a costly endeavour, both financially and environmentally. Recent estimates from global commodity markets indicate that recycled plastic is currently around 8% more expensive than virgin plastic per metric tonne, on average (see S&P Global Platts, 2019). Plus, is it really worth shipping recyclable waste halfway around the world, where it is sometimes incinerated?