A circular economy strategy for sustainable value chains : a European perspective

Abstract

The European Union (EU) institutions are increasingly raising awareness on the circular economy (CE) agenda. They are encouraging marketplace stakeholders to engage in sustainable production and consumption behaviours by urging them to reduce, reuse, restore, refurbish, re-manufacture, and recycle resources in all stages of their value chain. Therefore, this chapter presents a cost-benefit analysis of the circular economy strategy. Afterwards it features a critical review of some of the latest European regulatory guidelines, instruments and principles appertaining to the CE agenda. It sheds light on EU’s (2020) new circular economy plan for a cleaner and more competitive Europe. Therefore, this research examines the EU’s key propositions on the value chains of different products. The findings suggest that the circular economy’s sustainable development model and its regenerative systems are increasingly minimising industrial waste, emissions, and energy leakages through the creation of long-lasting designs that can improve resource efficiencies. This contribution implies that successful CE practices are sustainable in the long run as they will ultimately add value to the business as well as to our natural environment. In conclusion, the researcher puts forward his recommendations to policy makers and practitioners.