The Economics of Recycling
The act of recycling has become more than just a trendy concept. It is a social responsibility that every citizen has a duty to practice. The economics of recycling are many. Some may sidestep recycling because it is not convenient or the fact that they do not see the benefits. Recycling is not just good for the environment, but it can also be an incredibly useful economic tool. Recycling can help towns to save money, and it can also create jobs when materials are salvaged for reuse. In this blog, we will dive into the economic benefits of recycling.
1. Reducing incineration is better for air quality
The act of recycling is an excellent way to reduce incineration, and this can save the environment a lot of unnecessary damage. As incineration sites reach capacity, communities must find alternatives, which may include shipping their waste to other countries or building new incineration units. All of these solutions are costly and ultimately can lead to raised taxes. The more waste that can be diverted from incineration, the more money that is saved by the country. That means, more money can go to other critical services needed by the community, such as schools, hospitals, and infrastructure improvements. So the first step is always to reduce!
2. Creating jobs in the recycling industry
Recycling may have been initially seen as up-cycling, but it has evolved to be an industry in its right, and it offers several employment opportunities. From sorting, processing, to manufacturing, recycling creates employment opportunities for many. By making the right choices, there will always be jobs in the circular economy.
3. Recycling boosts the economy
According to industry statistics, the recycling industry is worth hundreds of millions, and this number is on the rise. Therefore, recycling material, such as plastic, paper, and metal, is driving this industry forward. These materials that are recycled that were once waste and unusable now have a new value and purpose. The recycling industry is increasingly offering marketable processed materials that can intentionally does boost the economy due to its large revenues.
4. Lower prices of commodities through recycling
It may sound strange, but recycling can lower the prices of the commodities and other goods that we use daily. Cities, such as San Francisco, have reported lower prices due to their recycle system initiatives that benefits manufacturers. Recycling can drive the costs of raw materials down because there are more materials available, and there is no need to mine for these materials. This, in turn, benefits manufacturers by having more recycled materials available, which means they can drop the price on their products.
5. Recycling reduces energy usage
The economics of recycling helps to reduce the amount of energy consumed in the manufacturing process by using recycled materials. The process of recycling aluminum cans cost 95% less energy compared to producing new cans. This equates to saving the energy that would power a single home over ten years. If more people recycled, the savings for energy could have a domino effect. The energy saved could, in turn, be used for other services such as health care or education.
Conclusion
Recycling’s impact on the economy goes far beyond the job creation and waste reduction that it offers. It helps countries maintain a cycle of resource reuse, energy savings, and cost savings, which boosts economies. Everyone can participate in this eco-economic boost by making an effort to reduce, reuse and recycle. Every time that we recycle, we contribute to a healthier planet, a better economy, and more sustainable communities. Let’s not wait any longer – let’s create a better economy and planet for ourselves and future generations.
