Circular Economy in Supply Chain Management: Opportunities for Reducing Waste and Promoting Sustainability

Abstract

This report explores circular economy strategies for supply chain management as a solution for reducing global waste and resource degradation. Sector, initiatives, and policy frameworks are reviewed in order to assess opportunities for sustainable development, and challenges of circular practice are discussed with emphasis on integrated policy, technological innovation, and collaborative stakeholder engagement. Findings indicate that the world is shifting towards a resilient, sustainable circular economy that supports environmental stewardship and economic prosperity. The Council of Supply Chain Management Professionals defines supply chain management as “the planning and management of all activities in sourcing, procurement, conversion, and logistics, including coordination with channel partners (e.g. suppliers, intermediaries, third-party service providers, and customers) and integration of supply and demand management within and across companies. A linear take-make-dispose model has depleted natural resources and generated record-breaking waste at an unsustainable level. A transition to a circular economy must be made in order to reverse this unsustainable tendency. This research examines circular economy concepts implemented in supply chain management in order to minimize waste, increase resource efficiency, and increase sustainability.