• The Financial District


Researchers at the Warwick Manufacturing Group (WMG) at the University of Warwick have claimed that a more sustainable model based on the circular economy framework could help the world recover financially from COVID-19 while facilitating the attainment of net zero carbon goals, ScienceDaily reported.

The researchers from the United Kingdom, Malaysia, Nigeria, United Arab Emirates (UAE) and Japan led by WMG have concluded that adopting circular economy strategies would be the best way for the world's economy to recover. The World Health Organization (WHO) declared the COVID-19 pandemic on March 11, 2020 and it saw global supply chains severely disrupted and strained global supply chains lines, and the financial market unsettled, resulting in a cross-border economic disaster. Lockdowns and border closures shattered the core sustaining pillars of modern world economies, with the economic shock due to these measures still being weighed across the globe.

In the paper, “A critical analysis of the impacts of COVID-19 on the global economy and ecosystems and opportunities for circular economy strategies.” published in the journal Resources, Conservation & Recycling, they critically analyzed the negative and positive impacts of the pandemic. To make the world resilient post-COVID-19, the adoption of circular economy framework is recommended for all sectors.

The pandemic, they noted, led to the reduction in environmental noise and traffic congestions has led to an increase in the number of people exercising outside to enjoy the atmosphere. Less tourism induced by the pandemic also resulted in less exploitation of the beaches, leading to increased cleanliness. There is also the decline in global primary energy use. For instance coal use was down 8%, 60% less oil, and electricity plummeted by 20% compared to the first quarter of 2019, leading to record low global CO2 emissions. The experts stressed that the crisis triggered the need for diversification and circularity of supply chains, and evinced the power of public policy for tackling urgent socio-economic crises. The researchers have examined the impacts of the pandemic and its interplay with circular economy, to evaluate how it could be embraced to rebuild the world's economy.

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