FinanceFix
Mariana San Martin Quiroz
Student of Abraham Lincoln Peruvian North American School - La Molina
Grade 9 - Class Elliot Ness
Circular Economy
" ... it's a model that seeks to maximize the use of resources, reducing waste and giving products a new lease on life, unlike the traditional economic model, which is a linear economy based on producing, consuming, and disposing of. Instead of continuing to extract and throw away, the circular economy proposes repairing, reusing, recycling, and sharing, with the goal of caring for the environment and being more sustainable. This way, we not only help the planet, but also our wallets!"
--- Karin Figueroa, Deputy Manager of Expense Control at Inter-American Finance Bank
Circular economy is an economic system that focuses on designing and using systems where the resources or goods that are under your property are kept in usage as long as possible without decreasing their quality levels.
This aims to minimize waste and maximize their potential total value. Instead of following the traditional “take, make, and throw away” model (linear economy), the circular economy encourages reusing, repairing, recycling, and sharing.
For example, instead of buying a new phone every year, a person could repair or upgrade their current one or even sell it so it can be reused by someone else. This way, both money and resources are used more efficiently, reducing environmental impact.