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It’s not a new concept. European countries such as Finland are far advanced in adopting circularity, and in July, China and the European Union, current world leaders in circular economy policy, signed a memorandum of understanding on CE cooperation.

Canada lags behind many of our global competitors and we risk being shut out of benefits such as improved business competitiveness, innovation, job creation and economic development.

In Europe, circular economy benefits quantified by the Ellen MacArthur Foundation and other research partners show that by 2030, the adoption of CE principles could increase Europe’s GDP by 900 billion Euros more than the projected growth based on a linear economic model.

A circular economy in Canada would also help eliminate plastic from the waste stream. According to the foundation, only 14 per cent of plastic packaging used globally is recycled, while 40 per cent ends up in landfill and a third in fragile ecosystems like oceans.

So how do we start seeing “waste” as a valuable resource and integrating it back into the economy? First, we need to recognize that it’s not simply a case of recycling or cleaning up pollution. We are running out of the natural resources we are currently using.

The global management consulting firm Accenture Strategy has warned that resource supply disruptions and rising and volatile prices will translate into trillion-dollar losses within 20 years for companies and countries whose growth remains tied to the use of scarce, virgin natural resources.