The Paradigm Shift from a Linear Economy to a Smart Circular Economy

The concept of the circular economy has attracted the attention of scholars, researchers, professionals, and policymakers in recent years. The notion is characterised as an economy that intends to keep products, stocks, work in progress and materials at their highest utility and value continually, distinguishing between their technical and biological cycles. It is devised as a continuous positive development cycle that reserves and improves natural resources, optimizes outputs, and minimizes supply chain related risks by overseeing limited stocks and renewable flows of the stocks. Several legislations and policies are being developed to motivate and integrate SDGs and net zero-related approaches in companies, among which the circular economy (CE) is gaining momentum due to its documented impact on the elements of the SDGs and net zero.
Efficient management of resources and utility via artificial intelligence is vital towards a smart circular economy by minimising waste/losses, pollution, and extraction of virgin resources. It is important to note that there is a