CIRCULAR ECONOMY AND SUSTAINABLE DEVELOPMENT: A REVIEW OF LITERATURE

Abstract

The need for a business model that is compactable with sustainable development is very crucial at this time when climate risk is alarming. Circular economy is a sustainable tool that is suitable for achieving sustainable development since the linear economy is revealed unsustainable. The objective of this paper is to examine the place of circular economy in sustainable development. The study was an exploratory study where literatures were reviewed in order to establish the relationship between circular economy and sustainable development. In order to achieve this, the study revealed circular economy as a cost reduction tool in its material efficiency strategy and how it can affect sustainable development.

The study revealed that to achieve sustainable development the 3 pillars (social, economic and environmental) of sustainability must be integrated and this integration should be for the well-being of the present and future generation however, sustainability was revealed to be categorised as strong, moderate and weak sustainability while circular economy was revealed to be strong sustainability tool.  The study revealed that circular economy is a sustainable tool for achieving sustainable development.