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Circular Economy Assignment Report

Discuss and evaluate concepts relating to development, scale and diversity in the circular economy for cities using key ideas from the module and referencing specific papers and reports.

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Added on  2022-09-18

Circular Economy Assignment Report

Discuss and evaluate concepts relating to development, scale and diversity in the circular economy for cities using key ideas from the module and referencing specific papers and reports.

   Added on 2022-09-18

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Running Head: CIRCULAR ECONOMY
Circular Economy
Name of the Student:
Name of the University:
Author Note:
Circular Economy Assignment Report_1
CIRCULAR ECONOMY1
Circular Economy
Circular economy is considered to be the closed loop in which raw materials as well
as products and components moved in a circular motion with the hope of reuse the same
material and components to reduce the cost of production (Kirchherr, Reike and Hekkert
2017). As per my opinion this increase the profit earning of the organization and help them to
produce the same volume of products by investing less cost in the process. This is also
essential for the organization as per my observation to enhance the corporate social
responsibility that will automatically enrich the image of the firm in the marketplace
(Geissdoerfer et al. 2017).
I have also noticed that there are three elements in which circular economy is
revolving and the components are: Reduce, Reuse and Recycle. If the organization follows
this economy in their business model then they will not only reduce the cost of production but
will also benefit the society and the environment (Korhonen, Honkasalo and Seppälä 2018).
As per my opinion, this is crucial for the expansion of the firm in the marketplace and also to
enrich the image in the society and become popular among the consumers in the marketplace.
Therefore, this is critical as well as necessary for the organization if it is willing to achieve
the target and to become popular in the marketplace (Zink and Geyer 2017).
Role of Cities in Circular Economy
As per Macarthur (2017), it has been observed by me through his writing is that cities
play a major role in the growth of the global circular economy. It has been noted that 54% of
the total pollution of the world lives in urban region and the cities mainly contributes to the
85% of the world GDP. Therefore, the cities accounts for the 75% of the consumption of the
natural resources along with that 60% - 80% of the emission of the greenhouse gas and 50%
of the production of the global wastes. Therefore, it is essential for the companies to
Circular Economy Assignment Report_2
CIRCULAR ECONOMY2
understand the demographics of the wastes so that they can adopt the circular economy
system in their organization. This will automatically cut down the wastage of the resources
along with that the production of the waste will be reduced in the process. As per my opinion,
this will also reduce the emission of the greenhouse gases which are harmful for the
environment. This is essential and crucial for the organization to understand so that they can
reduce the wastage process and can reuse the same components and material in the
operational process by recycling the material (Ezzat 2016). This will ultimately help the
organization to expand in the marketplace and will also enhance the GDP of the world. As
the cost of the production are reduced in the process and this technique should be introduce
by the firms in the urban regions which will not only benefit the firm but also will benefit the
environment. This aspect will enable them to become popular in the marketplace as per my
observation.
There are few challenges that have been observed by me is that the firms who are
operating in the cities are mainly depends on the business structure of “take-make-dispose”
system which requires to change by the company. They need to look after the strategy which
will enable them to follow “reduce-reuse-recycle” system in the organization as well as in the
industry they are operating. This will be beneficial for the firm if they use this system rather
than what they are following till now (Bonato and Orsini 2018). But this is not so easy for the
company to change the system suddenly as this is new for them to adopt and it will take time
to operate in an effective and efficient way as per my observation. Therefore, the company
need to take the planned strategy to implement it in their business model so that they can
achieve the target what they are intending to obtain without any difficulty in the process.
As per my observation, it can be noted that the organization use the structural wastage
system as well as negative environmental impact in their business model, which might create
a negative impact in the minds of the consumers. This will hamper the image of the
Circular Economy Assignment Report_3
CIRCULAR ECONOMY3
organization in the marketplace and they will be unable to operate smoothly in the process
(Pomponi and Moncaster 2017). This need to be understand by the firm so that they can
adopt the circular economy strategy in their business model, which will be beneficial for the
company as well as help them to achieve the success in the process. There are benefits in the
circular economy which will be beneficial for the company to flourish in the marketplace and
to achieve the success in the process.
As per my opinion, circular economy will not only enhance the environmental
condition of the society but will also help the organization to check their cost of production
which is increasing gradually as they are not reusing the material in the production process.
The circular economy enables them to do so and that is the main reason the organization will
be able to achieve the success what they are intending to obtain in the marketplace (Neczaj
and Grosser 2018). The pollution rate of the world will decrease if all the firm adopt the
circular economy system in their firm and along with that the production rate of the company
will automatically increase in the process, which will assist them to meet the demand of the
consumers in the marketplace. This will also make them popular in the process and enable
them to achieve the target in the process, which need to be look after by the company so that
they flourish in the marketplace (Fratini, Georg and Jørgensen 2019). Therefore, as per my
opinion, it can be said that the firms in the cities plays a major role in the GDP of the world
and that they need to adopt the circular economy in their business structure so that they can
obtain what they are willing to gain in the process. Hence, the pollution rate of the world will
also decrease in the process and let the society be a better place to live in.
Circular Economy in Local Practice
As per Petit-Boix and Leipold (2018), it has been observed by me that the author has
rightly discussed about the use of the circular economy by the local so that they can expand
Circular Economy Assignment Report_4

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