Circular Economy Principles and Their Integration into Global Supply Chain Strategies

Authors

  • Nko Okina Solomon Marshall University Huntington West Virginia, US Department: Environmental Health and Safety, USA
  • Peter Simpa Faculty of Science and Engineering, University of Hull, UK
  • Olubunmi Adeolu Adenekan Independent Telecommunications Engineer and Data Analyst, UK.
  • Scholar Chinenye Obasi University of South Wales, UK

DOI:

https://doi.org/10.51594/farj.v6i5.1133

Abstract

The concept of circular economy has gained significant traction in recent years as a holistic approach to sustainable development and resource management. This review explores the principles of circular economy and their integration into global supply chain strategies. The transition from a linear 'take-make-dispose' model to a circular model focused on resource recovery, reuse, and regeneration is driving a paradigm shift in how businesses operate and manage their supply chains. Key principles of circular economy, including designing out waste and pollution, keeping products and materials in use, and regenerating natural systems, are examined in the context of supply chain management. Strategies for implementing circular economy principles across various stages of the supply chain, from product design and manufacturing to distribution, consumption, and end-of-life management, are discussed. The review highlights the benefits of adopting circular economy principles in supply chain strategies, including reduced resource consumption, waste reduction, cost savings, and enhanced resilience to external shocks. Case studies and examples from diverse industries illustrate successful implementation of circular economy principles in supply chain management, demonstrating tangible environmental, social, and economic benefits. Challenges and barriers to the adoption of circular economy principles in global supply chains are also addressed, including regulatory hurdles, technological limitations, and cultural barriers. Strategies for overcoming these challenges and promoting a circular mindset among stakeholders are explored, emphasizing the importance of collaboration, innovation, and cross-sector partnerships. The integration of circular economy principles into global supply chain strategies offers significant opportunities for sustainable growth, resilience, and value creation. By embracing the principles of circularity, businesses can unlock new sources of competitive advantage while contributing to the transition towards a more sustainable and regenerative economy.

Keywords: Circular Economy, Supply Chain, Sustainability, Integration, Challenges, Opportunities.

Published

2024-05-12

Issue

Section

Articles