Integrating the Circular Economy into Business Processes to Reduce Waste and Increase Environmental Sustainability
Journal Title: Grassroots Journal of Natural Resources - Year 2024, Vol 7, Issue 2
Abstract
This article considers the possibilities of introducing the circular economy into various business processes in order to reduce waste and improve environmental sustainability in the conditions of transformational changes in the global economy. The combination of innovative approaches of the circular economy and the principles of environmental management allows business entities to reduce the costs of natural resources, improve the quality of products, and reduce the negative impact on the environment. This approach involves creating a sustainable economy where business works in harmony with nature, ensuring economic success and preserving the environment for future generations. The essence and significance of the circular economy from the standpoint of scientists, managers, and business for the sustainable development of the economic system and ensuring environmental sustainability are considered. The formation of institutional foundations (legislative acts) on the example of the EU member states for the integration of the circular economy into business is highlighted. This provided an opportunity to outline the main principles and directions of the circular economy in the business sphere in the context of global environmental security problems. An analysis of the effectiveness of the circular economy was carried out and its dynamics were considered on the example of the countries of Europe and Asia (CAGR), the city of Amsterdam. The change in the level of reuse of materials at the global level (2004-2022) and in the EU countries (2022) was evaluated as the main indicator of the effectiveness of the implementation of the circular economy in business processes. The advantages and challenges of implementing a circular economy are highlighted and the main principles of environmental management in business are defined. According to the results of the study, the possibilities of introducing a circular economy into business processes to reduce waste and increase environmental sustainability have been determined.
Authors and Affiliations
Oleksii Toponar
Keywords
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- EP ID EP750978
- DOI https://doi.org/10.33002/nr2581.6853.070207
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