Year 2023, Volume 8, Issue 2

Year : 2023
Volume : 8
Issue : 2
Authors : Monika SABEVA, Diana KOPEVA
Abstract : During the recent decades there is an unprecedented growth in the demand for resources which has triggered a vast interest in shifting to a circular model of production. The classic business model, in which the production of new goods and the provision of services is reduced to the continuous use of new material resources, does not correspond to the views and concepts of ecological business. A new business model should be implemented. A circular economy is an economic model that aims to reduce waste and maximize the use of resources. In a circular economy, products and materials are reused, repaired, or recycled rather than being disposed of after use. The goal is to create a closed-loop system where resources are continuously circulated and waste is minimized. This concept is in contrast to the traditional linear economy, where products are made, used, and then discarded as waste. In a circular economy, products are designed with durability and recyclability in mind, and materials are kept in use for as long as possible. The circular economy has the potential to increase the resilience to the physical effects of climate change. Its principles offer businesses opportunities for innovation that will lead to reducing materials costs, increasing asset utilisation, and responding to changing customer demands. By addressing both the causes and effects of climate change, the circular economy can help meet The UN Sustainable Development Goals and lead to improved air quality, reduced water contamination, and better protected biodiversity.
For citation : Sabeva, M., Kopeva, D. (2023). Business models in the circular economy. AGROFOR International Journal, Volume 8. Issue No. 2. pp. 103-110. DOI: 10.7251/AGRENG2302103S
Keywords : circular economy, circular business models, sustainable development, EU.
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