PD 2: Moving towards a circular economy
Relying on system-wide innovation, a circular economy keeps more value in products, components and materials by designing out waste, keeping materials in use and rebuilding natural capital.
In this alternative to a traditional linear economy (where linear = take > make > use > dispose), the maximum value is extracted from resources in use, then products and materials are recovered and regenerated at the end of each service life.
Many studies have demonstrated the benefits of making our economies more circular. The World Economic Forum puts the potential economic benefit at $1 trillion USD annually worldwide and a study commissioned by Green Industries SA indicates that it could create over 25,000 jobs in South Australia.
A relatively new concept in Australia, the circular economy is fast becoming an accepted strategic direction for businesses and governments globally. Universities are uniquely placed to pilot circular approaches on campus, and build capacity of future professionals.
This session will explore:
- why leading businesses are going circular
- key concepts – circular economy in a nutshell
- international and Australian policy developments
- circular economy in practice – what are leading universities, businesses and cities achieving?
- why and how to integrate circular economy into teaching