The circular economy is an approach to resource management in which waste and waste materials are reused as much as possible to minimise environmental impact and maximise resource efficiency. It is a systemic concept that focuses on the entire value chain of products and services and aims to prevent waste and utilise resources more efficiently.

Some of the steps in a circular economy are

• Avoiding waste through the use of sustainable materials and production methods
• Reusing products and materials to extend their lifespan
• Recycling waste and waste materials to transform them into new products
• Utilisation of waste as a source of energy
• Disposing of waste that cannot be recycled or recovered in an environmentally sound manner

The circular economy has both environmental and economic benefits. It reduces dependence on natural resources, protects the environment by reducing the amount of waste going to landfill, and it can also save energy and reduce greenhouse gas emissions. It can also help to increase the competitiveness of companies by creating new business opportunities and reducing the cost of resources.