Eco-Innovation as a Pillar for Sustainable Development of Circular Economy

Abstract

Circular economy (CE) is based on environmental, economic and social dimensions which aim to ensure sustainable development on each step of product creation, transformation and conversion by creating a closed-loop economy. The purpose of the article is to propose a concept of measurement the development of eco-innovations in the context of circular economy, apply and provide empirical evidence based on the data of Baltic Sea Region countries. The study augmented for the models that include the analysis of the circular economy concept, the importance of eco-innovation in the context of circular economy including the accent on recycling, circular material usage, material efficiency and waste management. The multi-criteria decision methods MULTIMOORA and TOPSIS were used to assess the eco-innovation as a pillar of circular economy. Results are useful to add to theoretical building and also evaluate the socio-economic aspect in the concept of circular economy.

The Nexus between Proactive Eco-Innovation and Firm Financial Performance: A Circular Economy Perspective

“…Other major essentials need to be counted, such as evolving or revolutionizing the eco-product, such as dropping raw material intensity, renewable energy concentration, climate change for the product, product recyclability, and strength. These essential support firms' products which are ecolabeled, helping them achieve a positive effect on the firm's triple bottom line, the firm's financial operation as well the actual application of limited resources [29,31,33,34]. This accelerates the firm's involvement in the circular economy.…”

“…The firm's involvement in 17 SDGs by adapting their manufacturing process will accelerate a firm's involvement in a circular economy. Furthermore, it was claimed that proactive process eco-innovation is directly connected with the circular economy concept at micro level, which will promote sustainable manufacturing process [29,31,33]. Furthermore, firms can gain environmental benefits and financial benefits through sustainable manufacturing processes.…”

Exploring Concomitant Concepts in the Discussion on the Circular Economy: A Bibliometric Analysis of Web of Science, Scopus and Twitter

“…The following related concepts are the sources of various insights on CE: indicated laws of ecology (Commoner, 1971), regenerative design (Lyle, 1996), industrial ecology (Lifset & Graedel, 2015), cradle-to-cradle design (McDonough & Braungart, 2002), blue economy (Pauli, 2010), performance economy (Stahel, 2010). The circular economy is a well-rooted concept in the area of sustainable development (Geissdoerfer et al, 2017;Kirchherr et al, 2017;Schroeder et al, 2019;Horvath et al, 2019;Stankevičienė & Nikanorova, 2020), waste management (Ji et al, 2018), part of the intellectual concept of the green economy (D' Amato et al, 2017), as well as supply chain (Braz et al, 2018) were heavily discussed within public policy, as well as at the level of organization and business models (Michelini et al, 2017). CE is also associated with the model of industrial symbiosis, which assumes vital business networking to create values and competitive advantages (Yazan & Fraccascia, 2019), and industry 4.0 (Khan et al, 2021;Rajput & Singh, 2020;Ciliberto et al, 2021).…”

Warehouse location selection with TOPSIS group decision-making under different expert priority allocations

“…TOPSIS leverages its advantages on simplicity and the tractability of the notion of distance based on ranking a set of alternatives (Chou et al 2008;Özcanet al, 2011). It has efficient computational requirements due to its more straightforward evaluation techniques (Chou et al, 2008;Özcan et al, 2011;Roszkowska, 2011;Vavrek et al, 2017;Stankevičienė & Nikanorova, 2020).…”