What is the circular economy?

The circular economy can benefit individuals and the planet, and it is an innovative economic model designed to eliminate waste and continually use resources. Unlike the traditional linear economy, which follows a 'take-make-dispose' pattern, a circular economy focuses on reusing, repairing, refurbishing, and recycling existing materials and products. This model is grounded in three principles:

• Designing out waste and pollution

• Keeping products and materials in use

• Regenerating natural systems

For example, by offering daily bike rentals at an affordable rate of $10, nabo gives individuals access to high-quality bikes without the need to purchase one. This reduces the demand for new bikes and maximizes the utility of existing ones, keeping them in circulation longer and preventing waste.

One significant advantage of a circular economy is its potential to save individuals money. By renting instead of buying, individuals can access the products they need at a fraction of the cost. For instance, renting a bike through nabo eliminates the upfront expense of purchasing a new bike and ongoing maintenance costs. This makes biking more accessible and affordable for everyone.

The circular economy fosters a more sustainable and cost-effective way of living. By prioritizing the reuse and sharing of resources, it reduces environmental impact and offers financial savings.