Yes, depending on what material your recycling – for example, aluminum is refined from aluminum oxide which is a fairly abundant resource, the reason to recycle aluminum is that the refinement of aluminum oxide requires a high electricity input, through recycling you are actually saving electricity more than you are saving aluminum, and electricity generation is largely correlated with both carbon production and water consumption. This does vary with different materials though, and depends heavily on the process of recyling compared to the process of manufacture.
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