We must acknowledge the undeniable fact that there is only one Earth, which challenges the prevailing ideology of perpetual growth. Our environment not only shapes our consumption patterns but also sets the boundaries for our growth.

Last year, Earth Overshoot Day, highlighted by the Global Footprint Network, fell on Thursday, July 29th, reminding us of the Earth’s limitations (Global Footprint Network 2023).

According to calculations by the United Nations, humanity is projected to consume resources equivalent to three Earths annually by 2050 (OECD 2019; European Commission 2020).

It is evident that our current actions are unsustainable.

Finnish individuals consume their fair share of the world’s natural resources approximately four months earlier than the global average. According to the Global Footprint Network, Finland’s hypothetical Earth Overshoot Day was March 31st.

If everyone consumed resources at the same rate as Finns, we would already require over three and a half Earths. To combat overconsumption, concrete actions are imperative. The circular economy represents one of the few viable approaches to averting an impending ecological disaster.

The Implications of Excessive Consumption

The global consumption of materials such as biomass, fossil fuels, and metals is projected to double within the next 40 years (European Commission 2020). This growing consumption directly impacts the availability of virgin natural resources, intensifying global competition and relations between major powers.

Additionally, the production of waste is predicted to increase by 70% by 2050.

Studies indicate that up to half of greenhouse gas emissions and over half of biodiversity loss and water stress stem from unsustainable exploitation and processing of natural resources (European Commission 2019).

Since the advent of the industrial revolution, the average global temperature has significantly risen, with the past decade being the warmest in recorded human history. Out of the 20 warmest years on record, 19 have occurred in the 21st century (Copernicus 2021).

The European Environment Agency (EEA) anticipates that climate-induced changes will impact the economy and public health (European Environment Agency EEA 2017). As more regions become uninhabitable, climate-related displacement will increase.

The devastating drought in East Africa and rising sea levels have already forced numerous individuals to migrate, resulting in entire villages disappearing underwater (Albert et al. 2016).

In light of these factors, the EU is striving to transition from the traditional linear economic model to a circular economy and achieve resource independence. We are currently witnessing a transformative period where many structures and practices will evolve.

There is no going back to the old normal (Solovjew-Wartiowaara et al., 2023).

Moving Towards a Regenerative Growth Model

The circular economy model challenges the traditional economic system’s assumption of infinite natural resources. In the traditional model, materials are initially sourced, extracted, or harvested from nature and then discarded as products reach the end of their life cycle (Andelin 11.2.2022).

The circular economy represents a counterreaction to such thinking and practices. The foundation of it lies in sustainable material choices, design for durability, prolonging product lifespans, efficient recycling, and, most importantly, systems thinking. Systems thinking considers the impact of different components within complex systems, their interrelationships, and the overall outcomes.

The goal of the circular economy is to promote the preservation of the value of used materials and prevent waste generation by reusing products or their components in a sustainable manner.

The EU aims to progress towards a regenerative growth model that goes beyond mere resource conservation. This model fosters the restoration and regeneration of natural systems, creating a harmonious and sustainable relationship between the economy and the environment.

Through a circular economy approach, the EU is leading the way toward a more resilient and ecologically conscious future.

References

Albert, S., Leon, J., Grinham, A., Church, J., Gibbes, R. & Woodroffe, D. 2016. Interactions between sea-level rise and wave exposure on reef island dynamics in the Solomon Islands. Environmental Research Letters, 11, 054011.

Andelin, M. 11.2.2022. Lineaarisen talousajattelun on aika väistyä – kestävä kasvu ja hyvinvointi tulee kiertotaloudesta. Tekniikka & Talous.

Copernicus 2021. 2020 warmest year on record for Europe; globally, 2020 ties with 2016 for warmest year recorded.

European Comission. 2019. Euroopan komission tiedonanto. Euroopan vihreän kehityksen ohjelma. COM(2019) 640 final.

European Comission. 2020. Euroopan komission tiedonanto Euroopan parlamentille, neuvostolle, Euroopan talous- ja sosiaalikomitealle ja alueiden komitealle. Uusi kiertotalouden toimintasuunnitelma. Puhtaamman ja kilpailukykyisemmäm [SIC] Euroopan puolesta. COM(2020) 98 final.

European Environment Agency EEA 2017. Climate change, impacts and vulnerability in Europe 2016. An indicator-based report. EEA Report No 1/2017. Publications Office of the European Union. Luxembourg.

Global Footprint Network 2023. Earth Overshoot Day.

OECD 2019. Global Material Resources Outlook to 2060. Economic Drivers and Environmental Consequences. OECD Publishing. Paris.

Solovjew-Wartiovaara, A., Aspivaara, C. & Nyman, S. 2023. Megatrendit 2023: Näitä kehityskulkuja emme voi ohittaa.