The circular economy as a strategic option for increasing business sustainability

Abstract

The limitation of natural resources and their depletion is a global problem facing contemporary society as a result of the challenges generated worldwide by the effects of climate change, the theme of a more environmentally aware and sustainable economy is increasingly present in the discourse of both authorities - public policy makers and economic operators who are directly affected by these effects. Linked to sustainable development, the concept of the circular economy is increasingly seen and interpreted as a lever for sustainable progress that is becoming dominant in the business segment and also in the consumption patterns towards which modern consumers are moving. The circular economy has become part of the definition of the future in business. As a core component of sustainable development, the circular economy involves a number of concepts such as sharing, renting, reusing, repairing, refurbishing and recycling materials and products. This approach has the effect of extending the life cycle of products and optimising the consumption of raw materials and energy, such as minimising the amount of waste generated, seeking and using renewable sources of energy, reducing the carbon footprint and being more environmentally friendly. CZU: [005.936.5:504.6]:334.722(478). DOI: https://doi.org/10.53486/icspm2023.36