The world economy is A$72 trillion in size but applying the circular economy model would lead to at least $1 trillion in savings immediately, he said, and potentially much more in years ahead.

The foundation adds: “A circular economy decouples economic activity from the consumption of finite resources. It is a resilient system that is good for business, people and the environment.

Businesses can help support the sustainability movement by transitioning into the circular economy.

A 'circular economy' would turn goods that are at the end of their service life into resources for others, closing loops in industrial ecosystems and minimizing waste (see 'Closing loops').

In our current economy, businesses extract materials from the Earth, make products and packaging using them, and then they are eventually thrown away as waste. This process is defined as ‘linear ...