The COVID-19 global virus outbreak has caused many developments that have deeply affected, and continue to affect, as many as 5 billion people and over 300 million businesses. The current picture has triggered a review of supply mechanisms, trade links and cycles to address needs for various countries. This seems to have made the "circular economy" popular once more. The essence of a circular economy is the "principle of circularity," by prioritizing the environment and climate change, which we can see has some serious effects on the world economy.
The term covers all the solution processes for production and service delivery of all the goods produced to meet public needs and is not only limited to the design phase, i.e. materials and products. The basic principle of the circular economy is to extend the life cycles of the economy and create a foundation based on the principle of "zero waste" by obtaining the raw materials from within the economic cycle through recycling methods, instead of continuously extracting and over-consuming the raw materials and resources required for production from the natural environment.
This issue is also vital for the "green order" that the European Union has made the number one item on its agenda. After such global crises as those we have experienced, as part of a process that focuses on further strengthening the immune system of the Turkish economy, second- and third-generation reforms are being discussed that put the circular economy in focus once more to radically decrease Turkey's dependence on imports and increase the sustainability of our exports.
The circular economy, as a paradigm shift, is an approach that increases the effectiveness and efficiency of processes in the value chain and reduces unnecessary consumption. The subsequent decrease in the need for natural resources that this allows also reduces the environmental impact of daily activities. The recent global virus outbreak has once again demonstrated the necessity of this. Maintaining our existence on the planet requires a paradigm shift in this direction and a realignment of all aspects of life and production toward reusability within a sharing economy.
Firstly, this requires that all cities and neighborhoods be equipped with smart life, smart city technologies and that production and life processes are designed in a similarly intertwined way. Based on the concern that the world’s limited resources will run out following our formerly held approach and considering the cost of space mining when compared to the opportunities and possibilities that the circular economy will bring, reason and logic require humankind to let go of false hope.
Pause in direct investments