What Is Circular Fashion and Circular Economy and How Does It Benefit You?

A circular economy incentives the reuse and recycling of products, all forms of waste, such as clothes, scrap metal and obsolete electronics, are returned to the economy or used more efficiently.

This can provide a way to not only protect the environment, but use natural resources more wisely, develop new sectors, create jobs and develop new capabilities which is respectful to the environment and to our future generations.

Circularity is already part of Eco.lure, such as offering circular fashion, this is where you can send us back your items to be recycled and we issue you with a discount code, our packaging is compostable and recyclable, and our tags are embedded with lavender seeds.

We make strides in improving our social and environmental footprints, we take onboard public policy through voluntary sustainability standards. By 2024, the government has in view the implementation of a new policy which holds retailers liable for the end life of plastic bags they offer to their consumers, and by 2030 the government is seeking to implement liability for the end life of all products sold and used as a form to incentivise circular economy, which will implement positive changes, green job generations and innovation. If you have a company be ahead of the game by taking steps towards circularity, to start, consider sustainable circular apparel, this is something we can help with, check out our link here.

In a world where most trades happen in parts and components in highly globalized chains, promoting and cooperating towards sustainability and social responsibility is imperative, as well as individuals and consumers empowered with the benefits of

circular economy knowledge by encouraging discussions and activities seeking to bring value out of waste streams, by encouraging discussions around collaborative economy sectors, by the examination of innovate business models and encouragement of consumer awareness and behavioural shifts.

So let's talk about the benefit of circular economy and circular brands:

1. Economic Growth

A research by Accenture shows that the circular economy could generate an additional $4.5 trillion of economic output by 2030 through job creation and innovation, as more businesses and consumers adopt circular models and policies that incentivize their adoption are enacted, we will begin to see the economic benefits more clearly.

2. Job Creation

A 2018 report issued by the International Labour Organization found that by transitioning to a circular economy, the world could see a net increase of 6 million jobs by 2030.

3. Business Resiliency

By switching to a circular model, businesses use fewer virgin materials and more recycled products. This reduces a company’s exposure to volatile material prices and supply chain disruptions. These supply disruptions are becoming more frequent and will continue to do so as the frequency of disruptive weather events increases over the coming decades. By moving to more decentralised circular economy models, businesses can increase resiliency and gain a competitive advantage over the companies which lag behind.

4. Reduce GHG Emissions

Circular economy could bring 70% cut in carbon emissions by 2030 and offers opportunities to boost jobs and tackle climate change, according to study on Sweden by The Club of Rome. The Circularity Gap Report 2021 by Circular Economy suggests that by implementing circular economy principles globally, we could reduce global greenhouse gas emissions by 30% by 2032.

5. Reduced Waste

Globally, we currently produce roughly 300 million tons of plastic waste each year! This waste ends up not only causing significant damage to ecosystems and human health but also represents missed opportunities that our current linear economy doesn’t make use of. By implementing circular economy models, we can significantly reduce the amount of waste being produced and increase economic growth by creating new industries around better managing the waste being produced.

6. Reduced Resource Consumption

Our current linear model is increasingly resource-intensive, and it’s clear that continuing such a model is unsustainable. The adoption of a circular economy would see a shift from primarily virgin resource usage in manufacturing to a greater focus on recycling, repair and remanufacturing practices, alleviating the need for the consumption of raw materials. Reducing natural resource consumption is core to the circular economy concept, and it has the potential to decrease our use of these resources by up to 70%!

7. (if you have a business) Increased Customer Loyalty

New business models emerging from the circular economy, such as leasing contracts and subscriptions, establish longer-term relationships between businesses and their customers, as well as increase the number of touchpoints over the lifetime of a product. As a result, companies that adopt these new circular models have the opportunity to gain competitive insights into their customers’ usage patterns that can lead to better customer service, greater brand loyalty, and in turn, increased profits.

The above is only a fraction of the benefits a circular economy offers to businesses, individuals and society as a collective. We hope you enjoyed reading, share, let's start a discussion, together we can generate a positive impact.

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Eco regards,

Eco.lure

Eco and Ethical Fashion

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