Hringrásarhagkerfinu

Hringrásarhagkerfinu, or the circular economy, is an economic model that aims to keep resources in use for as long as possible, extract the maximum value from them whilst in use, and then recover and regenerate products and materials at the end of each service life. This contrasts with the traditional linear economy, which follows a "take-make-dispose" model. The core principles of a circular economy include designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.

This approach involves strategies such as product longevity, repair, reuse, remanufacturing, and recycling. The goal is to minimize waste generation and the depletion of finite resources. By closing loops and returning materials to productive use, the circular economy seeks to create a more sustainable and resilient economic system. It can lead to economic benefits through innovation, job creation, and reduced resource costs, while also offering environmental advantages by reducing greenhouse gas emissions, pollution, and the need for raw material extraction. Many governments and businesses are increasingly adopting circular economy principles to address environmental challenges and foster sustainable growth.