Year: 2024
Type: article
Abstract: The circular economy offers a transformative approach to redefining value chains for sustainability by shifting from a traditional linear "take, make, dispose" model to a closed-loop system that maximizes resource utility, minimizes waste, and supports sustainable development. As global challenges such as resource scarcity, pollution, and climate change intensify, the circular economy provides an effective solution by keeping materials in circulation, designing out waste, and regenerating natural systems. Central to this model are principles like reducing, reusing, recycling, and remanufacturing, which are integrated into value chains from production to end-of-life management. Circular economy practices involve innovative business models, such as product-as-a-service and the sharing economy, which emphasize access over ownership and extend product lifecycles. The transition to circular systems impacts the entire value chain, from sustainable product design and resource sourcing to efficient logistics and consumer interaction. However, challenges like high initial costs, limited consumer awareness, regulatory barriers, and a lack of standardized metrics hinder widespread adoption. Overcoming these requires collaboration among governments, businesses, and consumers to implement supportive policies, raise awareness, and promote sustainable practices. The circular economy thus represents a comprehensive framework for achieving resilience, economic stability, and ecological integrity, contributing to a sustainable future for present and future generations.
Source: Library Progress (International)
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W7218222270