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Circular economy and business sustainability

Katsanevaki Evangelia

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Summary

The circular economy is gaining increasing attention as a promising approach to achieve sustainable development goals. The concept of the circular economy is based on the principles of keeping resources in use for as long as possible, minimizing waste and pollution, and regenerating natural systems. It aims to decouple economic growth from environmental degradation by promoting a closed-loop system where resources are used efficiently and effectively, thus reducing the pressure on natural resources.Circular economy application methods involve different strategies such as redesigning products and processes, reusing and repurposing materials, and recycling waste streams. The design of circular products is crucial to achieving the circular economy's goals. The circular product design approach involves considering the entire lifecycle of a product, from its production, use, and disposal, to ensure that it is designed for durability, repairability, and recyclability.There are various ways of implementing the circular economy, including product-service systems, sharing platforms, and collaborative consumption models. The household industry has an important role to play in achieving a circular economy, by reducing waste through the adoption of sustainable practices and product choices, such as composting, using reusable products, and buying second-hand products.Social sustainability is also an essential aspect of the circular economy. This involves ensuring that all members of society benefit from the transition to a circular economy, such as through access to affordable and sustainable products and services, fair wages and working conditions, and inclusive business models.Policies to promote sustainability are also critical in the transition to a circular economy. Governments can incentivize sustainable practices, such as through taxation, subsidies, and regulation. For example, policies that encourage extended producer responsibility and the use of recycled materials can help to promote the circular economy.In conclusion, the circular economy is an essential approach to achieving sustainable development. Its application methods, product design, implementation strategies, household industry, social sustainability, and policy interventions are critical components of transitioning to such a stand. The circular economy offers a promising approach to achieving a more sustainable and equitable future, and efforts to promoteits adoption should be continued and expanded.

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