Abstract
One of the global adversaries concerning climate change has caused various negative impacts on humanity, mainly environmental and socioeconomic aspects. This particular matter arises from the overemission of greenhouse gases (GHG) and global reliance on the “cradle-to-grave” approach. Therefore, as an effort to decouple economic growth from GHG and transition businesses to employ “cradle-to-cradle” approach, this chapter discusses the concepts and principles of circular economy (CE) through the utilization of 4Rs framework, which includes the reduce, reuse, recycle, and remove approach. The construction/manufacturing, food, and mobility industries are the three biggest GHG emitters, possessing a high concentration of people and using most resources and capital. Consequently, identifying various opportunities in applying the CE concept in these sectors is also discussed. The government's role is another crucial factor in motivating businesses to implement the CE concept through numerous enabling policies, such as incentivization, to reduce GHG emissions, and funnelling investments. Various successfully employed policies in general and specific (i.e., EU, China, and Japan) are also highlighted. Finally, CE challenges and future outlook are presented in terms of cultural, structural, technical, and financial aspects.
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