Table 2.
Circular economy tools
| Tools | Description |
|---|---|
| Materials passports | Materials passports is a value monitoring tool that can be used to bring back residual value to the market. Materials passports allow information about materials, substances, or processes available at any time, from manufacturing to ordering, use, and maintenance. The properties of the material are required; this information involves physical or chemical properties, material safety data sheets, bill of materials (BOM), logistics, disassembly, and recyclability. The process required to create one includes multiple stakeholders and organizations |
| Life cycle costing (LCC) | Derived from ISO 15686. LCC is an economic methodology that calculates the total cost of a commodity, resource, operation, or service over its life cycle. LCC is used for decision-making in a variety of ways and for a variety of reasons. It is classified into three types: conventional, environmental, and social |
| Life cycle assessment (LCA) | Derived from ISO 14040. LCA evaluates the net environmental impact of the production process, use, pollution, and activities associated with the construction and management of a building, service, or object. Economic or cultural issues, on the other hand, are ignored |
| Social life cycle assessment (S-LCA) | S-LCA adheres to the ISO 14040 framework; nevertheless, some features change, are more prevalent, or are intensified at each stage of the research. S-LCA does not provide information on whether or not a product should be created, but can provide information that is useful in making a choice. The United Nations Environment Programme (UNEP) is in charge of coordinating environmental responses across the United Nations system. They have also suggested recommendations and procedures for creating life cycle inventories |
| Material circularity indicator (MCI) | MCI is a decision-making process designed to evaluate how well an organization or product does as it transitions from a linear to a circular economy. The MCI value of the component or components is between 0 and 1 (or 0% − 100% of the recirculated parts), with a value greater than 1 indicating greater circularity |