A Review On Circular Economy As A Tool For Sustainable Development

Abstract

The Circular economy (CE) is an economic model and a way to resource management that targets for the maximum use of resources and minimizing the production of wastes and environmental degradation. On contrary to the traditional linear economy which follows a ‘’take-make-dispose’’ pattern, where resources are mined are used to manufacture different commodities and then finally disposed off as wastes. The main objective of the circular economy is to revive and renew the materials, while maintaining the quality of the commodities at every stage of the product’s life. This approach attempts to reduce the production of wastes and ultimately close the loop by enabling high value recycling processes. The incorporation of circular economy principles into wastes management signifies a crucial shift towards sustainable development, addressing the widespread challenges of increasing wastes generation and environmental destruction. The aim of this review paper is to explore the potential and limitations of the circular economy and is based on broad literature review. The concept of the circular economy should be viewed through the framework of Sustainable Development, recognizing the synergy between economic practices, social well-being and environmental conservation.