Benefits and Advantages of a Circular Economy Research Paper

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Topic: Circular economy: Diverting food waste and food lossI. IntroductionSustainability has now become a major issue with a much more globalized business operating environment. Here, consumers are now demanding that governments and businesses look to ensure that the resources are preserved in such a manner that future generations are able to leverage their benefit. This is a stark departure from popular sentiments just a few decades ago. Here, the prevailing economic theory of the time postulated that businesses only existed to maximize shareholder wealth. Here, it was thought that as shareholder provided the majority of capital to a business and took a majority of the financial risk of failure, the rewards should therefore flow to these individuals. However, this thinking has shifted to incapsulate many environmental, social, and governance standards aimed at creating a much more sustainable operating environment for businesses. These standards are based on the premise that business has an obligation not only to its shareholders but also to its community, employees, and society overall. This shift in mindset has allowed for society, business, and government to work together to provide more sustainable product offerings and solutions consumers (Anja, 2018).This concept of sustainability has manifested itself in many emerging industries such as renewable energy, electrification of vehicles and reduction of carbon emissions. Each of these areas requires investment on the part of government to provide financial incentives for doing so. This has occurred in the electric vehicle market through government tax credits. This has also occurred in the renewable energy sector with public-private partnerships. Each of these elements help to create solutions that are mutually beneficial for all stakeholders involved. These sustainable solutions are what underpin a circular economy (Ahmed, 2021).As it directly relates to food waste and food loss, agricultural initiatives are now becoming increasingly important. This is particularly true as population growth and demands from society continue to increase. As result a large number of investments are required to create a circular economy as it relates to food. For example, investments will need to be made in infrastructure as consumers, particularly in third world countries will require adequate methods to travel to markets. Likewise, innovations that improve overall crop yields will also be needed. These innovations will involve three primary categories which include environmental quality, agriculture productivity and socio-economic viability. Each of these elements will be discussed in detail below are integral elements within the overall circular economy as it relates to food waste (Anna, 2021).II. Core Conceptsa) Definition of Circular EconomyAccording to the Ellen Macarthur foundation a circular economy is a method of processes and behaviors that involve activities designed to increase sustainability. These activities often include recycling, refurbishing, reusing, and sharing of materials and products. Here, the objective is to minimize hard to the planet, by utilizing resources for as long as possible, while being mindful of productivity (Rizos, 2017).b) Circular economy across the value chainHere, it is important to understanding that a circular economy often leverages various inputs across the value chain. These inputs can often have a very dramatic impact on the overall output and success of the circular economy. For example inefficient farmers using antiquated methods can cause lower crop yields. These lower crop yields impact all other elements with the value chain subsequently including distribution, product pricing, and carbon emissions. Here, every element within the value chain should be enhanced through sustainability initiatives.

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The Farmer for example should recycle used products or materials during the production process. Distributors should use reusable or recycled packaging to delivery the products to the store. The store should have a portion of its energy needs being met from renewable sources. The grocery delivery staff should utilize electric vehicles that reduce carbon emission. Finally, the consumer should recycle the packaging used once the groceries are consumed. Here in each stage of the value chain, each participant in engaging in sustainable behavior that helps preserve natural resources (Juana, 2018).c) How does circular economy eliminate food waste and food loss?Through leveraging the above value chain, food loss and waste is mitigated. Here, each participant in the value chain is looking to reduce the impacts of…

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…capital to these initiatives over a prolonged period of time.IV. Existing implementation of circular economy in the counties. Countries adopting circular economy. Companies’ adoption of circular economyCircular economies have been proven to be successful as many countries particularly in Asia have successfully adopted these practices. South Korea, Singapore and Japan have adopted and implemented the circular economy approaches. A primary catalyst for their rapid adoption is the collectivistic nature of eastern society which is often diametrically opposed to that of western civilization which is more individualistic. Brands that have heavily adopted circular economy practices are IKEA which sells second hand furniture, Burger King which uses reusable packaging, and Adidas implement shoes that customers return once they are done using them (Li?Heng, 2020).V. The Mena region implementation of Circular Economy. United Arab Emirates adopting a policy for Circular Economy Saudi Arabia initiativeThe Mena region is dealing with continued instability and conflict, high youth unemployment, and a lack of positive economic reforms since the outbreak of COVID-19. To combat these issues the UAE and Saudi Arabia have engaged in a circular economy implementation initiative. Here the countries have experience prosperity due in part to their dependance on hard full of natural resources. Their petroleum-based resources have been very destructive to the environment are seeing much lower demand as the world transitions away from fossil fuels. As result, the economy is looking to engage in a circular economy by preserving the natural resource needs of its ballooning population. The UAE and Saudi Arabia are targeting sustainable manufacturing, infrastructure, transportation and food production in their initiative. They have also published an ambitious 10-year plan in which to reduce GHG emission and pollutants, become more competitive internationally, and create high paying green jobs for their workers.VI. ConclusionTo conclude, the circular economy movement is an attempt to preserve the worlds natural resources, improve productivity, and ultimately protect the environment. Here, the significant benefits have been recognized around the world. This report highlighted a few initiates occurring in China, the UAE, and in America. In each instance, each country recognizes the need….....

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