Recovery, Renewal, Resilience

Alongside the health and environmental risks, COVID-19 has exposed the vulnerability of current economic models. Circular economies are those that produce significantly reduced waste with the aim of producing zero through sharing, reusing and recycling products and byproducts - and the circular economy is becoming increasingly relevant during COVID-19. Consider:

• Developing more 'pay for service' models that do not require people to own goods in times of financial uncertainty e.g. using launderettes rather than having the burden of owning a washing machine provides alternatives to manage consumption, either by reducing expenditure, or opting for the basic alternative. These can be designed to support social distancing and COVID-19 measures
• Redefining and classifying what is considered essential if resources are limited or strained in order to prioritise needs. The circular economy may require redefining and rethinking the importance of certain roles, tasks, products and services e.g. the shift in perceptions of those in retail or waste management have been classified as essential workers
• Focus on local supply chains. Local supply chains can be more environmentally friendly and can also be more secure. De-globalization is a clear post COVID-19 trend. World trade is expected to contract between 13% and 32% in 2020, which indicates reliance on international supply chains may be seen as riskier than sourcing products and components locally
• Incentivize businesses, big and small, to become part of the circular economy e.g. encouraging businesses to take more responsibility for providing reusable facemasks to their staff, or supporting projects which aim to clean up and protect ecosystems from plastic waste such as disposable gloves and masks