Circular Economy, a New Paradigm for Sustainable Development

Abstract

      The circular economy is an innovative model that aims to rationally use resources, minimize waste, and ensure environmental sustainability [1]. The concept is an alternative to the traditional, linear economic model and is based on principles such as product reuse, recycling, and efficient resource management [2]. This article reviews the concept of the circular economy, its main principles, and its practical significance in the context of sustainable development.

       The circular economy significantly contributes to environmental protection and the conservation of natural resources. Its implementation makes it possible to create new economic opportunities, including the development of innovative business models and the creation of new jobs. Following the example of the European Union, an additional 700,000 jobs were created in 2012-2018 within the framework of the Circular Economy Action Plan, which demonstrates the economic benefits of this approach. In Georgia, too, promoting the circular economy will help strengthen local production, reduce waste and improve environmental standards.

      The implementation of a circular economy model for sustainable development requires active actions at both the political, business and societal levels. Companies are moving towards green production, where the emphasis is on the long-term use of resources, increasing the life cycle of products and compliance with environmental standards. Along with the development of a circular economy, investment opportunities are also increasing, which contributes to the introduction of new technologies and innovations.

      In addition to economic benefits, the circular economy also provides important social and environmental benefits. For example, models operating within the framework of the circular economy contribute to reducing pollution, increasing energy efficiency and mitigating climate change. The introduction of sustainable production and consumption practices not only creates economic benefits, but also helps to raise public awareness, which is conducive to increasing environmental responsibility.

        The potential for developing a circular economy in Georgia is significant. The country has the potential to develop waste management, energy sustainability and eco-friendly production. Examples of a green economy, such as the renewable energy sector, waste recycling and environmentally friendly transport systems, have already emerged and progress is being made towards the use of renewable resources. However, additional investments, stricter policies and more active public engagement are needed.

       The circular economy is not just an environmental initiative, but a broad economic and social strategy for sustainable development that promotes innovation, the strengthening of new sectors, and the rational use of resources. Its implementation requires cooperation between both the public and private sectors to achieve ecological and economic stability in the long term.