A regenerative economy is a network of local people, organisations and businesses who live and work in a way that protects and restores the environment, builds healthier communities and improves people’s wellbeing.
The concept of regeneration is not a new idea – it’s an approach that has informed many indigenous societies and cultures across the world for thousands of years, and it continues to inform them today. However, it has also become popular in the West in recent years as an alternative to the idea of sustainability. That’s because, while sustainability is based on maintaining what we have, regeneration is about doing better. It’s about actually restoring, repairing and rehabilitating the health and wellbeing of society and the ecosystems that we are a part of.
Is the existing environment and economy one that we want to try and sustain? Or one that needs checking into rehab? With current figures from WWF showing that global biodoversity has declined by an average of 68% since 1970 and a 2022 report from Oxfam highlighting how the richest 1% of the global population own more than twice as much wealth as 6.9 billion people combined, the answer is fairly obvious.
Because, while sustainability looks like working hard to cling on to a system that’s killing us, regeneration is about rolling up our sleeves and repairing things. This is where a regenerative economy comes into play because, unlike conventional approaches which tend to treat the economy, the environment and human wellbeing as separate issues requiring separate solutions, regenerative approaches tackle them together by breathing life back into essential parts of the local economy and ecology which meet community needs.