Conceptualization Of Circular Economy And Sustainability At The Business Level. Circular Economy And Sustainable Development

Abstract

This research examines participants’ familiarity with circular economy concepts, the integration of these concepts in their organizations, encountered barriers, levels of awareness and understanding, implemented circular practices, perceived benefits, the importance of sustainability, financial or operational challenges, motivators for embracing a circular economy, and the accessibility of support and resources. The findings indicate that participants have an average degree of awareness regarding circular economy concepts. While some organizations have completely or partially implemented circular economy principles, a significant portion has not yet integrated them, suggesting a need for more initiatives. Financial limitations, supply chain restrictions, and a lack of knowledge are the primary barriers to adoption. Employee knowledge and comprehension of circular economy concepts have room for improvement. Commonly implemented circular practices include renewable energy use, material recycling, and product lifespan extension. Perceived benefits include cost savings, resource conservation, and increased stakeholder participation. Sustainability may not be considered important in overall strategy and decision-making by a majority of participants. Financial or operational difficulties are experienced by some organizations during the adoption of circular economy principles. Motivators for embracing a circular economy include cost savings, brand reputation, regulatory compliance, and stakeholder expectations. Participants highlighted a need for more support and resources to implement circular economy projects. Overall, the survey highlights the varying levels of familiarity, integration, challenges, awareness, and understanding of circular economy concepts among participants, and underscores the importance of addressing barriers, raising awareness, and providing sufficient support and resources for advancing circular economy principles.