Circular Economy Principles and Their Integration into Global Supply Chain Strategies

Circular Economy Principles and Their Integration into Global Supply Chain Strategies

May 2024 | Nko Okina Solomon, Peter Simpa, Olubunmi Adeolu Adenekan, Scholar Chinenye Obasi
The article "Circular Economy Principles and Their Integration into Global Supply Chain Strategies" by Nko Okina Solomon, Peter Simpa, Otabunmi Adeolu Adenekan, and Scholar Chinene Obasi explores the integration of circular economy principles into global supply chain strategies. The authors highlight the shift from a linear 'take-make-dispose' model to a circular model focused on resource recovery, reuse, and regeneration. Key principles of the circular economy, such as designing out waste, keeping products and materials in use, and regenerating natural systems, are examined in the context of supply chain management. The article discusses strategies for implementing these principles across various stages of the supply chain, from product design and manufacturing to distribution, consumption, and end-of-life management. It emphasizes the benefits of adopting circular economy principles, including reduced resource consumption, waste reduction, cost savings, and enhanced resilience to external shocks. Case studies from diverse industries illustrate successful implementation, demonstrating tangible environmental, social, and economic benefits. The authors also address challenges and barriers to the adoption of circular economy principles, including regulatory hurdles, technological limitations, and cultural barriers, and propose strategies for overcoming these challenges, emphasizing the importance of collaboration, innovation, and cross-sector partnerships. The integration of circular economy principles into global supply chain strategies offers significant opportunities for sustainable growth, resilience, and value creation.The article "Circular Economy Principles and Their Integration into Global Supply Chain Strategies" by Nko Okina Solomon, Peter Simpa, Otabunmi Adeolu Adenekan, and Scholar Chinene Obasi explores the integration of circular economy principles into global supply chain strategies. The authors highlight the shift from a linear 'take-make-dispose' model to a circular model focused on resource recovery, reuse, and regeneration. Key principles of the circular economy, such as designing out waste, keeping products and materials in use, and regenerating natural systems, are examined in the context of supply chain management. The article discusses strategies for implementing these principles across various stages of the supply chain, from product design and manufacturing to distribution, consumption, and end-of-life management. It emphasizes the benefits of adopting circular economy principles, including reduced resource consumption, waste reduction, cost savings, and enhanced resilience to external shocks. Case studies from diverse industries illustrate successful implementation, demonstrating tangible environmental, social, and economic benefits. The authors also address challenges and barriers to the adoption of circular economy principles, including regulatory hurdles, technological limitations, and cultural barriers, and propose strategies for overcoming these challenges, emphasizing the importance of collaboration, innovation, and cross-sector partnerships. The integration of circular economy principles into global supply chain strategies offers significant opportunities for sustainable growth, resilience, and value creation.
Reach us at info@study.space