The circular economy aims to keep resources in use for as long as possible, extracting the maximum value from them, and then recovering and regenerating them at the end of their life. The circular economy is becoming an increasingly important concept for sustainable business operations as it provides a framework for companies to reduce their environmental impact, improve resource efficiency, and create new business opportunities. However, the share of the circular economy in the world economy has declined in recent years, indicating that progress toward achieving a circular economy is slow. In fact, materials that are recycled back into the global economy at the end of their life represent only 7.2% of total material inputs into the economy (down from a rate of 9.1% in 2018 and 8.6% in 2020), showing that the globe relies almost exclusively on virgin materials. Despite the decline, the circular economy remains an important concept for sustainable development, and it is crucial that more efforts are made to accelerate the transition toward a circular economy. That's why we need greater awareness and education, the implementation of policies and regulations to promote the circular economy, and incentives for companies to adopt circular economy practices. #factfriday #didyouknow #csls #myklu #circulareconomy #sustainabledevelopment
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Find the link to the source for this fact here: https://www.circularity-gap.world/2023