Sustainability-Driven Business Models in the UK's Circular Economy
Abstract
This study examined the landscape of sustainability-driven business models within the UK's circular economy context, focusing on their adoption, challenges, and potential impact. Through a comprehensive desktop review of recent literature, policy documents, and case studies, the research explored the current state of circular economy practices across various sectors in the UK. The findings revealed a growing recognition of the economic and environmental benefits of circular principles, with the potential to contribute significantly to the UK economy and job creation. However, the study also identified disparities in adoption rates between large corporations and SMEs, highlighting the need for targeted support mechanisms. The research underscored the crucial role of innovation, collaborative ecosystems, and supportive policy frameworks in driving the transition towards circularity. Key challenges identified included financial uncertainties, operational complexities, and the need for more tailored guidance, particularly for smaller businesses. The study also examined the impact of regulatory initiatives and the importance of cross-sector partnerships in overcoming implementation barriers. Based on these findings, the research proposed recommendations for policymakers, businesses, and stakeholders to accelerate the adoption of circular economy practices in the UK. These included developing more targeted support for SMEs, enhancing policy integration, increasing investment in research and development, establishing innovation hubs, expanding educational initiatives, and improving transparency in reporting circular economy progress. The study concluded that while significant progress has been made, continued efforts and collaborative approaches are essential to fully realize the potential of sustainability-driven business models in the UK's circular economy.
Keywords: Sustainability, Business Models & Circular Economy
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