Integrating the Circular Economy into Business Processes to Reduce Waste and Increase Environmental Sustainability
Authors: Toponar Oleksii ,   Interregional Academy of Personnel Management, V. M. Koretsky Institute of State and Law of National Academy of Sciences of Ukraine, Kyiv, Ukraine. E-mail: toponar.oleksii@gmail.com, Shpatakova Oksana , Kopchak Yurii , Klievtsievych Nataliia , Miniailenko Inna ,   Department of Enterprise Economics, Educational and Scientific Institute of Economics and Management, Pryazovskyi State Technical University, Dnipro, Ukraine.  E-mail: shpatakova.oksana@gmail.com,   Department of Management and Marketing, Faculty of Economics, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine. E-mail: yurii.kopchak@pnu.edu.ua,   Fellow State Organization “Institute of Market and Economic & Ecological Researches of the National Academy of Sciences of Ukraine”, Odesa, Ukraine. E-mail: wqz820731@gmail.com,   Department of Economics, Entrepreneurship and Marketing, Educational and Scientific Institute of Finance, Economics, Management and Law, National University “Yuriy Kondratyuk Poltava Polytechnic”, Poltava, Ukraine.  E-mail: inna.minyaylenko@gmail.com
Published: July 2024

This article considers the possibilities of introducing the circular economy into various business processes in order to reduce waste and improve environmental sustainability in the conditions of transformational changes in the global economy. The combination of innovative approaches of the circular economy and the principles of environmental management allows business entities to reduce the costs of natural resources, improve the quality of products, and reduce the negative impact on the environment. This approach involves creating a sustainable economy where business works in harmony with nature, ensuring economic success and preserving the environment for future generations. The essence and significance of the circular economy from the standpoint of scientists, managers, and business for the sustainable development of the economic system and ensuring environmental sustainability are considered. The formation of institutional foundations (legislative acts) on the example of the EU member states for the integration of the circular economy into business is highlighted. This provided an opportunity to outline the main principles and directions of the circular economy in the business sphere in the context of global environmental security problems. An analysis of the effectiveness of the circular economy was carried out and its dynamics were considered on the example of the countries of Europe and Asia (CAGR), the city of Amsterdam. The change in the level of reuse of materials at the global level (2004-2022) and in the EU countries (2022) was evaluated as the main indicator of the effectiveness of the implementation of the circular economy in business processes. The advantages and challenges of implementing a circular economy are highlighted and the main principles of environmental management in business are defined. According to the results of the study, the possibilities of introducing a circular economy into business processes to reduce waste and increase environmental sustainability have been determined.