COMPETITIVE ADVANTAGE AND THE CIRCULAR ECONOMY MODEL

The United Nations' 17 Sustainable Development Goals, to be achieved by 2030, underscore the necessity of adopting a circular economy as a sustainable alternative to the existing production and resource management paradigm. The circular economy plays an essential role for economic expansion, social development, and climate change initiatives, since investing in infrastructures, sustainable company growth, and technological improvement are necessary for economic and social success. Despite the prospective advantages of the circular economy, the transition towards it is yet limited. The Ellen MacArthur Foundation underscores the necessity for a systemic transition to alleviate the impacts of the linear economy, enhance resilience, and provide environmental and social benefits. The objectives of the circular economy cannot be realised via isolated actions; they necessitate a systemic revolution across organisations, sectors, and economies, propelled by significant alterations in cultural values, standards and behaviours. Cultural obstacles, including customer apathy and lack of awareness, along with hesitant corporate cultures, are the principal hindrances to enterprises advancing towards the circular economy. However, the circular economy is gaining increasing favour post-Covid-19 epidemic, as firms acknowledge its long-term advantages. This study concisely discusses the notion of circular economy and evaluates the benefits of integrating these approaches into a corporate strategy. This article serves as a literature review summarising key phrases intended to guide future study. The results were derived using the established framework.