Are you ready for the sustainable, biocircular economy?

Donna Marshall, O’Dochartaigh, Aideen, Andrea Prothero, Orlagh Reynolds and Enrico Secchi

Business Horizons, 2023, vol. 66, issue 6, 805-816

Abstract: With the effects of the climate crisis becoming more extreme, and in view of the urgent need to achieve sustainable development goals, managers, companies, and entire industries must embrace the sustainable, biocircular economy, enabling all stakeholders as well as our planet to thrive in this inevitable future. This article clarifies the emerging concept of sustainable biocircularity by showcasing best-practice applications, with examples from policymakers, civil society organizations (CSOs), companies, and others working together to bring vital transformational change. We present five guiding EARTH principles (ecology, authenticity, resilience, transformation, and holism) to help ensure the transition to a sustainable, biocircular economy benefits organizations and society at minimal cost to the environment. We next introduce the five stages required to develop a successful transition to sustainable biocircularity. Here we highlight how an integrated, systems-based STOP (skills, technologies, opportunities, and problems) road map can enable organizations to conduct strategic analysis and decision-making across each of the five stages, thus helping to achieve that transition. We demonstrate how the guiding principles, the five stages, and the road map are intertwined and stress that companies must understand and embrace each of these in order to thrive in this new environment. Finally, we provide a biowashing checklist to help ensure this transition is truly sustainable, just, and authentic.

Keywords: Circular economy; Bioeconomy; Biocircularity; Sustainability; Biowashing; Collaborative consumption (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:bushor:v:66:y:2023:i:6:p:805-816

DOI: 10.1016/j.bushor.2023.05.002

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