Advancing Waste Reduction and Resource Conservation through Circular Economy Practices: A Rational Review

Abstract

The modern world is undergoing profound changes due to globalisation, digital transformation and the depletion of natural resources; it requires radical modernisation of the economy and repeatedly involves introducing new organisational and economic models that combine economic development, environmental safety and the rational use of natural resources. To address these challenges, it is crucial to shift towards a sustainable lifestyle that balances short-term economic interests with long-term environmental impacts. As the foundation of the new industrial revolution, the circular economy offers a pathway to creating more competitive and sustainable economies where waste becomes a resource and economic development does not contradict environmental protection, but its implementation requires a comprehensive approach. This study aims to demonstrate the necessity of transitioning from a linear to a circular production model to minimize waste and conserve natural resources through the integrated application of cyclicality principles. This approach enables enterprises to achieve profitability while alleviating the strain on natural resources. Using a systematic approach and various scientific methods such as analysis, synthesis, deduction, generalisation, and abstraction, this review investigates modern environmental challenges and identifies one of our most significant environmental problems: waste minimisation and conservation of natural resources. The paper evaluates the potential and limitations of implementing the circular economy in contemporary economic contexts to enhance efficiency and safety. The critical indicators of the circular economy were analysed, allowing a general idea of the progress in this area in recent years, based on the example of the European Union. The study concludes that a successful transition to a circular economy requires a comprehensive approach that creates new business opportunities and promotes interaction between enterprises, society and the state, ensuring the exchange of experience and knowledge.