KEY PRINCIPLES OF A CIRCULAR AND SUSTAINABLE ECONOMY: EMPHASISING RESPONSIBLE RESOURCE MANAGEMENT AND ENVIRONMENTAL CONSERVATION

Abstract

This study explores the concepts of circular economy, resource management, environmental conservation, and sustainable development goals. A qualitative research approach was employed, with secondary data analysed using documentary research based on Scott's (1990; 2006) guidelines. The study addresses the question: “What are the key principles of a circular and sustainable economy that emphasise responsible resource management and environmental conservation?” Various research tools and data collection methods were utilised, including analysis and review of academic articles, research reports, agency documents, personal accounts, and local news sources. The study focuses on efficient resource allocation and the prevention of resource depletion. Mimicking natural cycles ensures resource regeneration, promotes responsible management and innovation, and recognising the finite nature of resources. Reusing products extends their lifespans, minimises waste, and conserves resources, facilitating a transition away from a disposable culture. Repair plays a crucial role in sustainability by conserving resources, and reducing waste. A circular economy promotes the development eco-friendly, long-lasting products, while reducing waste and encouraging responsible consumption. Technological and design advancements improve product performance and lifespan, thereby mitigating the environmental impact. Renovating products or assets to near-original condition conserves resources while using fewer materials for the same functionality. Key principles include “7R-U-D”: Durability, renewability, reuse, repair, replacement, upgrade, refurbishment, and reduced material use, all of which contribute to a more environmentally friendly and sustainable world.