A gold mine of untapped potential
Repurposing material rather than simply disposing of it is always the preferred option when compared to the outdated linear economy, that is to simply take and throwaway material.
Professor Hugh Durrant-Whyte, NSW Chief Scientist and Engineer, explained the scale of the untapped opportunity around transitions to circular economies. NSW Circular outlined that the extraction of virgin materials would not sustain society beyond 2050, which is why the time is now right for investment into circularity to occur. It is a growing area valued at in trillions of dollars internationally and projected to add as much as $210 billion to Australia’s overall GDP by 2050.
Services and product should be built on circular design. Many novel business solutions were presented and are ready to be implemented. Better design and design thinking in manufacturing are a cornerstone in the circular economy; products and services should acknowledges circularity through reduce and reuse characters, ‘designing out waste' and eliminating products unfit for circulation while being intuitive, accessible, and comprehensible. Every new product should follow circular economy principles, reducing waste by establishing circularity at the creation stage.