In this paper, we quantify the macroeconomic and environmental impacts of an innovation-driven shift towards a circular economy, with specific emphasis on distribution impacts across regions and sectors. In contrast to most of the existing literature, we use a very wide range of circular economy objectives, taken from recently published Circular Economy Strategic Research Agenda, developed for the European Commission. We first quantify the qualitative objectives, and then use a multi-region Computable General Equilibrium model to estimate economic and environmental impacts of the entire agenda and its sub-components. We show that although many elements of a circular future have strong positive economic and environmental effects, only a wide-ranging portfolio of measures can address a wide range of pollutants. We also show that a shift to a circular economy can have large distributional effects, geographically but especially between individual sectors. This demonstrates that circular economy policy is unlikely to be feasible and socially accepted without the support of complementary re-distributional policies.