The ultimate ambition for sustainable currency is not incremental improvement but transformation: a circular economy where resources are continually reused, waste is eliminated, and the lifecycle of money mirrors the resilience it represents. Achieving this vision requires systemic change.
A circular currency economy begins with design. Notes and coins must be conceived with their end in mind: substrates that can be recycled, inks that do not contaminate, metals that can be re-smelted without degradation. This design-for-recycling approach is standard in other industries—packaging, electronics—and is slowly entering currency thinking.
Next comes collaboration. No single printer, mint, or central bank can create circularity alone. Shared recycling infrastructure, harmonised standards, and transparent data are essential. Regional initiatives, where multiple countries pool resources for recycling or transport, could reduce duplication and cut costs.
Policy support matters too. Governments can incentivise greener practices through procurement requirements—mandating lifecycle analyses, renewable energy use, or recycling commitments in contracts. Public accountability drives momentum: when citizens know their withdrawn notes become benches or insulation rather than ash, trust in institutions deepens.
Technology will play a role. Blockchain-based tracking systems could one day follow the lifecycle of each batch of notes, ensuring accountability from production to destruction. Artificial intelligence may optimise transport routes, reducing emissions. Material science may unlock biodegradable polymers or infinitely recyclable alloys.
The challenge is urgency. Currency is not a fast-moving consumer product; change comes slowly, as notes and coins are redesigned only every decade or two. Yet climate pressures demand faster action. The industry must learn to innovate on shorter cycles, piloting greener solutions and scaling them rapidly.
The ICA can serve as a convener in this transformation. By sharing best practices, publishing benchmarks, and amplifying success stories, it can help make circularity the norm rather than the exception. A truly circular cash economy would mean fewer resources extracted, fewer emissions released, and more value retained.
In the end, money itself is a promise. A circular currency economy extends that promise—not only that a note or coin will be accepted in exchange, but that its very existence honours a contract with future generations. It is a vision worth striving for, and one the industry has the tools to build.
