Over the past ten years, the adoption of the circular economy (CE) idea by academics and professionals has consistently increased. A study conducted by Kirchherr et al. in 2017 revealed that the notion of CE is understood and applied in many manners. Although various interpretations of CE can enhance scholarly viewpoints, the process of divergence and fragmentation can hinder the formalization of the idea. Although sustainable development is often seen as the primary objective of CE, there are still uncertainties over the ability of CE to simultaneously promote environmental sustainability and economic growth.

The Circular Economy is an economic system that aims to replace the notion of “end of life” with reducing, reusing, recycling, and recovering materials throughout the supply chain. This paradigm shift facilitates value maintenance and sustainable development, resulting in environmental quality, economic growth, and social equity, ultimately benefiting present and future generations. It is facilitated by a coalition of stakeholders, including consumers, policymakers, industry, and academia, together with their technology advancements and capacities.

Practically speaking, it results in minimizing waste to the lowest possible level. Recycling ensures that the materials of a product be retained within the economy wherever feasible when it hits the end of its useful life. Moreover, these can be repeatedly and effectively utilized, thereby generating additional value.

This deviates from the conventional, linear economic paradigm, which operates on a capture-production-consumption-disposal cycle. This strategy is dependent on substantial amounts of inexpensive, readily available resources and energy.

The three fundamental concepts of the circular economy

• Central to the concept of a circular economy is the notion that waste does not exist. Thus, the initial concept is to recognize that pollution and waste are inherent outcomes of deficiencies in our designs.
• Principle two of a circular economy is the conservation of limited resources. In essence, it is imperative that we guarantee the preservation of the resources we obtain from our planet for the purpose of constructing various products and materials inside the economy for the maximum duration feasible. Essentially, firms are overhauling their development strategies to create goods and components that are capable of being fixed, reused, or remanufactured.
• The third and ultimate concept is rooted in the restoration of natural cycles and systems through the applications of a cyclical methodology.

In conclusion

Since the advent of the industrial revolution, economies have adhered to a linear paradigm of production and consumption, leading to a profound accumulation of waste and environmental degradation. Nevertheless, the circular model seeks to counteract this harm by implementing a regenerative industrial model specifically developed to enhance the efficiency of resources, decrease greenhouse gas emissions, and minimize all adverse externalities throughout the production and disposal cycles.