Circular Economy - Social and Economic Benefits

Infographic displaying the social and economic benefits of the circular economy

The final week of Circular Economy Month looks at the social and economic benefits of circularity.

Transitioning to a circular economy allows societies to move towards a more sustainable and equitable future. By promoting the continuous use of resources through circular business models, the circular economy offers several social and economic opportunities and benefits.

A 2019 report commissioned by Environment and Climate Change Canada found that in just six circular industrial sectors in Canada, 371,000-379,000 jobs had been created while 1.6 million tonnes of CO2e annual emissions were avoided. Even with limited data, these sectors saved 470,000 tonnes of material from the landfill!

The value retention processing (VRP) market (i.e. reuse, repair, refurbishment) of the six circular industrial sectors generated approximately $44 billion in 2019.

In 2017, Canada's industrial sector accounted for 70 million tonnes of CO2 emitted, while the country's entire economy generated 720 million tonnes of CO2. The estimated 1.6 million tonnes of CO2e reduced in the six sectors studied in 2019 demonstrated, even at the study's conservative lower estimate, circular economy jobs and innovations were significant.

Now, imagine if all industrial sectors across the country adopted circular approaches!

Read more about the social and economic benefits of circularity at CircularEconomyMonth.ca.