An economic instrument for zero waste, economic growth and sustainability

If global problems such as climate change and waste remain unresolved, society can choose either to continue attempting to incrementally reduce wastes and lessen impacts, or to consider a more ambitious approach that paradoxically may be easier to implement. This paper suggests how an approach designed to prevent waste and other global impacts could be based upon the established practices of precycling, circular economic policy and recycling insurance. A new economic instrument called ‘precycling insurance’ is proposed, so that decision-making can be led by the market rather than by prescriptive regulation or educational campaigns. The approach gains relevance now that China is developing a national ‘Law on the Promotion of the Development of Circular Economy’.