A WIKI documentation providing an overview of the Circular Economy Stylized Models has been developed by the partners of the CIRCOMOD project. It provides a brief description of the models, their Circular Economy features and their significance in climate mitigation. It also provides external links for further reading. This documentation supports the analytical framework of the CIRCOMOD project and stands for the deliverable 1.2 of the project.
Contrary to other types of models, the stylized models simplify complex real-world phenomena by using a set of key assumptions that avoid representing of many of the details. These models focus on capturing the main features of the Circular Economy to improve our understanding of the fundamental mechanisms, relationships, or cause-and-effect dynamics.
The Circular Economy and Climate Mitigation
The Circular Economy aims at redefining the traditional linear economy of “take-make-dispose” into a closed-loop system where waste is minimized and resources are kept in use for as long as possible. It involves redesigning products, processes, and business models to prioritize sustainability, with a focus on reducing waste, increasing efficiency, and creating value from waste materials.
The Circular Economy can play an important role in climate change mitigation by helping in the reduction of greenhouse gas emissions. By reducing waste, reusing products, and recycling materials, it reduces the need for extracting raw materials and producing new goods, which in turn reduces energy consumption and associated emissions. Additionally, the Circular Economy encourages the use of renewable energy and the development of new low-carbon technologies.
The Circular Economy provides a framework for achieving sustainable development and reducing our impact on the environment. For this reason, it is important to represent Circular Economy in climate mitigation models that primarily lack this feature. CIRCOMOD is developing Circular Economy stylized models to support and inform this effort.