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What is circular economy?

What is circular economy?

Circular economy is a new production and consumption model that ensures sustainable growth over time. With the circular economy, we can drive the optimization of resources, reduce the consumption of raw materials, and recover waste by recycling or giving it a second life as a new product.

The aim of the circular economy is therefore to make the most of the material resources available to us by applying three basic principles: reduce, reuse and recycle. In this way, the life cycle of products is extended, waste is used and a more efficient and sustainable production model is established over time. The idea arises from imitating nature, where everything has value and everything is used, where waste becomes a new resource. In this way, the balance between progress and sustainability is maintained.

What is the difference between the circular economy and the linear economy?

Until now we have lived with linear production models, in other words, we extract, produce, consume, and discard. The society in which we live means that the pace of consumption is accelerating, a model that is fast but unsustainable for the planet.

The circular economy establishes a more sustainable production and consumption model in which raw materials are kept longer in production cycles and can be used repeatedly, therefore generating much less waste. As its name suggests, the essence of this model is that resources are kept in the economy for as long as possible, making it possible to use the waste we generate as raw material for other industries.

View source version on :

https://www.repsol.com/en/sustainability/circular-economy/index.cshtml

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Mr. Fazleen Majeed

CEO

Having gained extensive experience at Aberdeen Holdings’ Group Finance division, Mr. Fazleen is an expert in Organizational Restructuring, ERP Implementation, Private Placement and Colombo Stock Exchange Listing, Annual Reporting, Financial Policy Development, and Group Financial Reporting. At Neptune Papers, he was lauded for his operational savvy, people management, change management, business turnaround, and leadership skills. He holds qualifications in Business Administration, Finance, Marketing, and Human Resources Management.

Mr. Abdullah Kassim

Managing Director

Counting over ten years of experience in senior management, Mr. Abdullah Kassim is renowned for his expertise in Business Process Re-Engineering, Mergers and Acquisitions, Strategy, and General Management. He holds a First Class (Hons.) BBA from Staffordshire University as well as an M.Sc. in International Business and Management from Manchester Business School at the University of Manchester. His insistence on delivering results has garnered him success across diverse industries, including Environmental Management, Sustainability, Financial Services, and Insurance, among others.

Mr. Rizan Jaufer

Executive Director

A decorated business professional with over fifteen years of experience in the Paper industry, Mr. Rizan Jaufer is a pioneer in Sri Lanka’s Waste Management sector, having made innumerable contributions over the years. He joined the Aberdeen Holdings Group in 2005 as Commercial and Finance Manager. Mr. Rizan holds a BBA from the University of Colombo and is an Associate Member of the Certified Management Accountants of Australia.