TOWARDS A CIRCULAR ECONOMY THROUGH CHALLENGES, OPPORTUNITIES AND POLICIES

Rafael Ciloci () and Iuliu Turcan ()
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Rafael Ciloci: Technical University of Moldova, Republic of Moldova
Iuliu Turcan: Technical University of Moldova, Republic of Moldova

The USV Annals of Economics and Public Administration, 2024, vol. 24, issue 1(39), 182-189

Abstract: The transition to a circular economy is an imperative that addresses the growing environmental challenges and irrational use of resources confronting modern society. The proposed article highlights the importance of this transition, elucidating its multifaceted impact with a close connection to the economic, social and environmental domains. Highlighting the need for sustainable and circular supply chains, the research outlines key features of the circular economy, including the use of innovative technologies such as AI and blockchain, redesigning products to be recyclable and promoting collaborative partnerships between sectors. Drawing on information from the European Union's Circular Economy Action Plan, the article highlights the critical need for global adoption to mitigate biodiversity loss and the crucial impact on climate change. The research describes both notable progress in the European Union and the United States, as well as some gaps in awareness, fragmented regulation and inadequate incentives. Solutions discussed in the paper include comprehensive policy frameworks, targeted investments, consumer education and stakeholder collaboration. By aligning efforts with the principles of the circular economy, developed and developing countries around the world can unlock economic growth, create new jobs and ensure environmental sustainability. Ultimately, the key elements of the circular economy offer a transformational path to a sustainable, equitable and resilient future for all stakeholders.

Date: 2024
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