A systematic review of innovation and circular economy

Okoye Jonathan Chukwuebuka *

Department of Economics, University of Calabar, Cross River state, Nigeria.
 
Review
International Journal of Science and Research Archive, 2023, 10(02), 197–206.
Article DOI: 10.30574/ijsra.2023.10.2.0909
Publication history: 
Received on 03 October 2023; revised on 14 November 2023; accepted on 16 November 2023
 
Abstract: 
The circular economy is often advocated as a more sustainable alternative to the prevailing linear production and resource management model, which has been found to have adverse impacts on economic, social, and environmental aspects. This article consolidates and analyzes existing literature on innovation within the circular economy context. The objective is to identify gaps or areas requiring more investigation to advance knowledge in this domain. Therefore, it has been determined that while being in the early stages of implementation, extensive research has already been conducted on the advantages, catalysts, problems, and impediments associated with the circular economy. It is important to note that investigating novel business models and operational approaches within supply chains necessitates the incorporation of ecological innovations. These innovations aim to diminish the environmental repercussions of production and consumption activities. Implementing such innovations makes it feasible to achieve a closed-loop system that effectively utilizes all waste materials. Examples of these ecological innovations include using product and service systems, dynamic capabilities, 3D printing, product life cycle analysis, and software recycling. To accomplish this objective, empirical research indicates that it is imperative to enhance knowledge of the issue, mainly through marketing initiatives, and for organizations, including small and medium-sized enterprises (SMEs), to demonstrate a willingness to collaborate and synchronize their interests.
Implications for Central European audience
The 2030 Agenda of the United Nations encompasses a set of 17 Sustainable Development Goals (SDGs), which outline the imperative for nations to adopt the principles of the circular economy to advance sustainability efforts. In the present environment, the European Union plays a pivotal role in this advancement, given its status as a prominent global force. The objective of this article is to consolidate and reveal the existing body of information about innovation within the context of the circular economy while also identifying areas that have not yet been thoroughly investigated or warrant further examination. Adopting this approach will facilitate other advancements within the circular economy paradigm, hence facilitating the Sustainable Development Goals (SDGs) attainment. Furthermore, a significant proportion of the articles examined are situated within the geographical boundaries of Europe
 
Keywords: 
Circular economy; Innovation; SDG
 
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