Improved Value Generation from Residual Resources in Iceland: the First Step Towards a Circular Economy

Improved value generation and efficient use of resources are important steps national economies can implement to minimize the use of resources and mitigate the creation of waste and toxic emissions. The increase of resource efficiency is eminent to tackle the imminent challenges of depleting resources and the emerging environmental crisis. In this study, we explore the value generation and efficiency of resource recovery in waste streams in the most important economic sectors in Iceland, namely, (i) fisheries, (ii) domestic waste processing, (iii) geothermal energy production, and (iv) aluminium production. By describing the processes, the opportunities, and the market potential of the value generation through enhanced resource efficiency in the four case studies, we identify possible solutions towards a more sustainable society. The results reveal that the increase in resource efficiency reduces the environmental impacts, increases the economic output, and enhances the resilience of the economy. We conclude that the presented concepts of added value generation could be the first step towards a circular economy, adhering to a more sustainable world while preserving vital resources for the next generations. While our results are based on the presented examples in Iceland, the described processes of resource recovery can be applied in any other country with similar resources.