The challenges of balancing environmental sustainability with economic and social growth are intensifying, with unsustainable consumption and production patterns posing significant risks on a global scale (i.e., resource scarcity, raw material consumption, waste production etc.). Projections indicate a sharp increase in municipal solid waste and associated costs by 2050 while combating all implications of this increase becomes more and more vital. To address these challenges, the European Green Deal and the Sustainable Development Goals (SDGs) of the United Nations, particularly SDG 12, emphasize the necessity of sustainable production and consumption of all products, raw materials, energy, water etc. This involves adopting a circular economy model, which transforms waste into resources, conserving natural resources, and enhancing environmental performance. Key strategies include broader implementation of R strategies (reduce, reuse, recycle, remanufacture, refurbish), producer responsibility, and advanced monitoring tools like Life Cycle Assessment (LCA) and Material Flow Analysis (MFA). Additionally, sustainable energy systems and innovative digital technologies (i.e. artificial intelligence, Internet of Things, blockchain etc.) and the holistic utilization of Industry 5.0 play a crucial role. Public education and awareness are essential for fostering sustainable behaviors and consumption patterns coupled with effective policy, governance and the building of trust between the public and decision makers. At the same time, collaborative efforts from governments, industries, and communities are imperative for transitioning to a sustainable and circular economy, ensuring a resilient and equitable future.