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Circular economy

A circular economy (also referred to as circularity or CE)[1] is a model of resource production and consumption in any economy that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.[2][3][4] The concept aims to tackle global challenges such as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model. The main three principles required for the transformation to a circular economy are: designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.[5] CE is defined in contradistinction to the traditional linear economy.[6][7]

An illustration of the circular economy concept[8]

The idea and concepts of a circular economy have been studied extensively in academia, business, and government over the past ten years. It has been gaining popularity because it can help to minimize carbon emissions and the consumption of raw materials, open up new market prospects, and, principally, increase the sustainability of consumption.[9][10] At a government level, a circular economy is viewed as a method of combating global warming, as well as a facilitator of long-term growth.[11] CE may geographically connect actors and resources to stop material loops at the regional level.[12] In its core principle, the European Parliament defines CE as "a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended."[2] Global implementation of circular economy can reduce global emissions by 22.8 billion tons, 39% of global emissions in the year 2019.[13] By implementing circular economy strategies in five sectors alone: cement, aluminum, steel, plastics, and food 9.3 billion metric tons of CO2 equivalent (equal to all current emissions from transportation), can be reduced.[14][15][16]

An illustration showing the difference between the take, make waste linear economy approach, and the circular economy approach

In a circular economy, business models play a crucial role in enabling the shift from linear to circular processes. Various business models have been identified that support circularity, including product-as-a-service, sharing platforms, and product life extension models, among others.[17] These models aim to optimize resource utilization, reduce waste, and create value for businesses and customers alike, while contributing to the overall goals of the circular economy.

Businesses can also make the transition to the circular economy, where holistic adaptations in firms' business models are needed.[18][19] The implementation of circular economy principles often requires new visions and strategies and a fundamental redesign of product concepts, service offerings, and channels towards long-life solutions, resulting in the so-called 'circular business models'.[20] [21]

  1. ^ "Circularity Indicators". www.ellenmacarthurfoundation.org. Archived from the original on 2019-07-31. Retrieved 2019-03-14.
  2. ^ a b "Circular economy: definition, importance and benefits - European Parliament". www.europarl.europa.eu. 2015-02-12. Retrieved 2021-10-07.
  3. ^ Iacovidou, Eleni; Hahladakis, John N.; Purnell, Phil (2021). "A systems thinking approach to understanding the challenges of achieving the circular economy". Environmental Science and Pollution Research. 28 (19): 24785–24806. Bibcode:2021ESPR...2824785I. doi:10.1007/s11356-020-11725-9. PMC 8144154. PMID 33289042.
  4. ^ Kirchherr, Julian; Reike, Denise; Hekkert, Marko (2017). "Conceptualizing the circular economy: An analysis of 114 definitions". Resources, Conservation and Recycling. 127: 221–232. Bibcode:2017RCR...127..221K. doi:10.1016/j.resconrec.2017.09.005.
  5. ^ "Circular Economy Concept". www.ellenmacarthurfoundation.org. Retrieved 2023-04-23.
  6. ^ "New to circular economy overview". ellenmacarthurfoundation.org. Retrieved 2021-12-06.
  7. ^ Cite error: The named reference Reuter was invoked but never defined (see the help page).
  8. ^ Geissdoerfer, M., Pieroni, M.P., Pigosso, D.C. and Soufani, K. (2020). "Circular business models: A review" (PDF). Journal of Cleaner Production. 277: 123741. Bibcode:2020JCPro.27723741G. doi:10.1016/j.jclepro.2020.123741. S2CID 225282542.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  9. ^ Tunn, V. S. C.; Bocken, N. M. P.; van den Hende, E. A.; Schoormans, J. P. L. (2019-03-01). "Business models for sustainable consumption in the circular economy: An expert study". Journal of Cleaner Production. 212: 324–333. Bibcode:2019JCPro.212..324T. doi:10.1016/j.jclepro.2018.11.290. ISSN 0959-6526. S2CID 158627557.
  10. ^ Shpak, Nestor; Kuzmin, Oleh; Melnyk, Olga; Ruda, Mariana; Sroka, Włodzimierz (August 2020). "Implementation of a Circular Economy in Ukraine: The Context of European Integration". Resources. 9 (8): 96. doi:10.3390/resources9080096. ISSN 2079-9276.
  11. ^ Calisto Friant, Martin; Vermeulen, Walter J. V.; Salomone, Roberta (2020-10-01). "A typology of circular economy discourses: Navigating the diverse visions of a contested paradigm". Resources, Conservation and Recycling. 161: 104917. Bibcode:2020RCR...16104917C. doi:10.1016/j.resconrec.2020.104917. ISSN 0921-3449. S2CID 222121823.
  12. ^ Castro, Camila Gonçalves; Trevisan, Adriana Hofmann; Pigosso, Daniela C. A.; Mascarenhas, Janaina (2022-04-15). "The rebound effect of circular economy: Definitions, mechanisms and a research agenda". Journal of Cleaner Production. 345: 131136. Bibcode:2022JCPro.34531136C. doi:10.1016/j.jclepro.2022.131136. ISSN 0959-6526. S2CID 247150037.
  13. ^ Cite error: The named reference Circle was invoked but never defined (see the help page).
  14. ^ "Completing the picture: How the circular economy tackles climate change". ellenmacarthurfoundation.org. Retrieved 2023-06-19.
  15. ^ Cite error: The named reference :1522 was invoked but never defined (see the help page).
  16. ^ "COMPLETING THE PICTURE: HOW THE CIRCULAR ECONOMY TACKLES CLIMATE CHANGE" (PDF). circulareconomy.europa.eu/.
  17. ^ Urbinati, Andrea; Chiaroni, Davide; Chiesa, Vittorio (2017-01-01). "Towards a new taxonomy of circular economy business models". Journal of Cleaner Production. 168: 487–498. Bibcode:2017JCPro.168..487U. doi:10.1016/j.jclepro.2017.09.047. hdl:11311/1087435. ISSN 0959-6526. S2CID 157679243.
  18. ^ Bocken, Nancy M. P.; de Pauw, Ingrid; Bakker, Conny; van der Grinten, Bram (2016-07-03). "Product design and business model strategies for a circular economy". Journal of Industrial and Production Engineering. 33 (5): 308–320. doi:10.1080/21681015.2016.1172124. ISSN 2168-1015.
  19. ^ Manninen, Kaisa; Koskela, Sirkka; Antikainen, Riina; Bocken, Nancy; Dahlbo, Helena; Aminoff, Anna (January 2018). "Do circular economy business models capture intended environmental value propositions?". Journal of Cleaner Production. 171: 413–422. Bibcode:2018JCPro.171..413M. doi:10.1016/j.jclepro.2017.10.003.
  20. ^ Lewandowski, Mateusz (2016-01-18). "Designing the Business Models for Circular Economy—Towards the Conceptual Framework". Sustainability. 8 (1): 43. doi:10.3390/su8010043. ISSN 2071-1050.
  21. ^ Ferasso, Marcos; Beliaeva, Tatiana; Kraus, Sascha; Clauss, Thomas; Ribeiro-Soriano, Domingo (December 2020). "Circular economy business models: The state of research and avenues ahead". Business Strategy and the Environment. 29 (8): 3006–3024. doi:10.1002/bse.2554. ISSN 0964-4733.
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