Benifits of circular economy in engineering.pptx

its about sustainable approach in engineering field related circular economy

1. BENEFITS OF CIRCULAR ECONOMY PRESENTED BY MUHAMMAD MASOOD (20-NTU-TE-0156) ZULQARNAIN HAIDER (20-NTU-TE-0170) USAMA NADEEM (20-NTU-TE-0180) 1

2. TABLE OF CONTENTS INTRODUCTION TO CIRCULAR ECONOMY PRINCIPLES OF CIRCULAR ECONOMY CIRCULAR ECONOMY MODELS BENEFITS OF CIRCULAR ECONOMY CHALLENGES AND BARRIERS FUTURE OUTLOOK CONCLUSION REFERENCES 2

3. INTRODUCTION TO CIRCULAR ECONOMY The circular economy is an economic model focused on maximizing the use of resources by reducing waste, reusing products, and recycling materials to create a closed-loop system. The concept of the circular economy was popularized by Walter R. Stahel in the 1970s and further developed by the Ellen MacArthur Foundation in the early 21st century. 3

4. PRINCIPLES OF CIRCULAR ECONOMY Reduce, Reuse, Recycle (the 3Rs) 1. Reduce: Minimize the consumption of resources and generation of waste by using less, conserving energy, and opting for efficient products and processes. 2. Reuse: Extend the lifespan of products and materials by using them again for the same or a different purpose, thereby reducing the need for new resources. 3. Recycle: Process used materials into new products, diverting them from landfills and conserving resources by giving them a second life. 4

5. Design for Longevity and Durability Designing for longevity and durability involves creating products with robust materials and construction techniques, prioritizing quality over quantity. By considering the lifespan of products from inception, this approach minimizes waste and encourages sustainable consumption habits. 5

6. Resource Efficiency and Optimization Resource efficiency and optimization refer to the effective management and utilization of resources to minimize waste and maximize output. It involves strategies such as reducing energy consumption, optimizing production processes, and minimizing raw material usage to achieve sustainable and cost-effective operations. 6

7. CIRCULAR ECONOMY MODELS Closed-Loop Systems Closed-loop systems in the circular economy refer to processes where products and materials are continuously reused, recycled, or repurposed within a circular flow, minimizing waste and maximizing resource efficiency. Product-as-a-Service (PaaS) Product-as-a-Service (PaaS) in the circular economy refers to a business model where consumers access products as a service, rather than owning them outright. This model emphasizes the product's performance and longevity, incentivizing manufacturers to design for durability, repairability, and recyclability, thus promoting resource efficiency and waste reduction. 7

8. BENIFITS OF CIRCULAR ECONOMY 8 1. Resource Efficiency 2. Cost Savings 3. Environmental Conservation 4. Innovation 5. Job Creation 6. Energy Savings 7. Resilience 8. Climate Mitigation

9. CHALLENGES AND BARRIERS 1. Lack of Awarenes 2. Complexity of Supply Chains 3. Policy and Regulatory Hurdles 4. Financial Barriers 5. Technological Limitations 6. Behavioral Change 7. Product Design Challenges 8. Cultural and Social Norms 9. Information and Data Gaps 10. Collaboration and Coordination**: Effecs. 9

10. FUTURE OUTLOOK The Global Waste Recycling and Circular Economy market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. The circular economy could result in a reduction of primary material consumption (i.e. car and construction materials, real estate land, synthetic fertiliser, pesticides, agricultural water use, fuels, and non-renewable electricity) by 32% by 2030. By 2030, Coca cola company aims to have at least 25% of all its beverages sold through reuse models. The company's 2025 targets include reducing the use of virgin plastic by 20%, eliminating problematic or unnecessary plastic packaging, and using only 100% reusable, recyclable, or compostable plastic packaging. 10

11. CONCLUSION The circular economy represents a transformative approach to economic development that offers solutions to some of the most pressing challenges facing our planet today. By shifting from the traditional linear model of "take-make-dispose" to one that emphasizes resource efficiency, waste reduction, and sustainable consumption and production, the circular economy presents a pathway to a more sustainable and prosperous future. 11

12. REFERENCES Ellen MacArthur Foundation. (2020). Completing the Picture: How the Circular Economy Tackles Climate Change . European Environment Agency. (2016). Circular economy in Europe: Developing the knowledge base. McKinsey & Company. (2020). The business benefits of the circular economy. World Economic Forum. (2020). The Circular Economy Imperative: An Analysis of the Top 100 Companies. 12