CIRCULAR ECONOMY AND SUSTAINABILITY SUPPORTED BY DIFFERENT INFORMATION TECHNOLOGY MODELS

Stevovic Ivan, Hadrovic Sabahudin and Jovanovic Mihailo
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Stevovic Ivan: INNOVATION CENTRE OF THE FACULTY OF MECHANICAL ENGINEERING, UNIVERSITY OF BELGRADE, BELGRADE, REPUBLIC OF SERBIA
Hadrovic Sabahudin: INSTITUTE OF FORESTRY, KNEZAVISESLAVA 3, BELGRADE, REPUBLIC OF SERBIA
Jovanovic Mihailo: FACULTY OF MANAGEMENT HERCEG NOVI, MELJINE, ADRIATIC UNIVERSITY BAR, MONTENEGRO

Annals - Economy Series, 2024, vol. 5, 336-340

Abstract: The Information technologies (IT) have a crucial role in the integration of main environmental challenges and criteria in circular economy.Sustainable developmentstays the paradigm of all processes and systems. This paper presents a comprehensive review of the role of IT in advancing circular economy principles and fostering sustainable development practices. Information technologies such as big data analytics, Internet of Things (IoT), blockchain, and artificial intelligence(AI) are examined for their potential to optimize resource management, enhance supply chain transparency, and facilitate the transition towards a circular economy model. Moreover, the paper explores how IT solutions contribute to sustainable production and consumption patterns, enabling businesses and consumers to make informed decisions that minimize negative environmental impact. Additionally, the synergies between IT and renewable energy systems are discussed, highlighting their combined potential to drive sustainable development initiatives. Furthermore, the challenges and opportunities associated with the application of IT in the context of circular economy and sustainable development are outlined, emphasizing the need for interdisciplinary collaboration and policy support. Overall, this review paper underscores the pivotal role of information technologies in promoting circularity, resource efficiency, and environmental stewardship within the framework of sustainable development.

Keywords: Artificial Intelligence; Circular Economy; Sustainable Development; Big Data Analytics; Internet of Things (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2024:v:5:p:336-340

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