The Circular Economy is a Compulsory Choice for a Sustainable World

Abstract

The linear economy is frequently characterised by the presence of structural waste: instances where components, products or materials reach their end-of-use/life prematurely, or where their capacity for value creation is underutilised. To address this, the circular economy (CE) concept proposes a range of efficiency and productivity enhancing activities collectively known as circular strategies, such as reduce, reuse, repair, recycle, restore, cascading, etc. In this sense, CE is an umbrella concept: it groups a range of sub-concepts and imbues them with a new meaning by highlighting a shared feature of the sub-concepts . This new meaning revolves around the notion that through the application of circular strategies both more value can be created as well as value loss and destruction reduced. For CE this means that there is currently a focus on developing CE transition methodology. This is taking place in a number of aspects relevant for Circular Oriented Innovation, such as in business models, metrics and assessment, product design and the creation of organisational capabilities such as experimentation, value chain innovation and other human factors.The circular economy aims at sustainable production, consumption and resource use by minimizing pollution, turning waste products into productive assets, extending product lifecycles and sharing of products and services. It strives for a competitive economy that creates green and decent jobs and keeps resource use within planetary boundaries.

In recent years, the circular economy has become part of key national and international policies. Partnerships and collaboration among national and sub-national entities, business and public sector actors as well as consumers and local communities are needed for the circular economy transition. Regions and municipalities have a major role to play in circular economy strategies and roadmaps, and as a laboratory for experimentation with new ideas, based on bottom-up approaches with strong buy-in from citizens, consumers and business, as showcased by leading examples, such as the city of Glasgow.

This economic model moves away from the traditional "take-make-waste" culture of a linear economy and attempts to uplift the economy from a social, economic and environmental standpoint. A circular economy is vital to tackle the looming issues of climate change, dwindling finite resources, pollution, waste, and the need for sustainable energy.

We cannot achieve a circular economy overnight with the cooperation of one sector alone. It requires help and collaboration from all industries, as well as governments. Some industries are trying to implement circularity in their production processes to make their products more sustainable while reducing waste and energy consumption. In 2015, the United Nations established 17 Sustainable Development Goals (SDGs) that were adopted by world leaders, with the aim of achieving them by 2030. 

The objective of this writing is to uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth in order to be able to continue to make progress in this field.