Circular economy is becoming increasingly popular as people and businesses alike prioritize sustainability. Circular economy model aims to reduce waste and promote sustainability by keeping resources in use for as long as possible, which is a significant shift from the traditional linear economy. Innovation is a driving force behind circular economy, with companies developing new products and services that promote sustainability while also reducing costs and improving efficiency.
There is a continuous increase in the popularity of circular economy. The prime reason is people and businesses’ rising focus towards sustainability.
One example of this innovation is Extended Producer Responsibility (EPR) services, which require companies to take responsibility for a product's entire lifecycle, from design to disposal. EPR services encourage companies to design products that can be easily reused or recycled, reducing waste and conserving resources. Sustainable materials and products are another innovation in circular economy, with companies exploring materials like bio-based plastics made from renewable sources and easily recycled or biodegraded.
Governments are also taking action to promote sustainability through policies and regulations, such as waste reduction targets and incentives for companies to adopt circular economy practices. These innovations are driving change and helping to create a more sustainable future, and we all have a role to play in promoting circular economy.
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