Circular Economy and Sustainability

Circular economy offers an alternative to linear economy model and can provide up to $4.5 trillion in economic benefits to 2030. It would give these benefits by promoting the removal of waste and the persistent safe use of natural resources. This transition to circular economy would requires unique collaboration considering that only 8.6% of the world is circular today (Gawel, A, 2021) [2]. For this long journey, research must look at sustainability from the perspective of consumers also who consider sustainability in different buying situations (Gupta & Sinha, 2015) [7] more so during this time of COVID19 pandemic (BCG, 2021) [1]. Production and consumption represent two sides of the same coin. Therefore, research must look at both production as well as consumption for increasing circularity in pursuit of sustainability. We now examine circular economy and sustainability from production perspective and then from consumption perspective.