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obs and Chase 2017; Slack et al 2016). This implementation of the circular economy for Renault undertook an operations approach by seeking to reduce the amount of waste and arguably has elements of operations and quality management initiatives such as Total Quality Management with its focus on zero waste production and manufacturing (Jacobs and Chase 2017; Slack et al 2016).  These case studies show how the focus on resource security to ensure that a vital resource is protected for the organisation thus focusing on the economic perspective and the environmental one, but also the additional value which this created for societal stakeholders in the area, such as the focus on the environment and societal stakeholders undertaken by Brazil Natura (Elllen MacArthur Foundation 2017b, 2017c). 

Chapter 5: Conclusion

5.1 Research aim

The aim of the research was to build on the current level of research to explore the relationship between sustainability and the Circular Economy by considering its impacts on business models and innovation. This was addressed by providing an overview of the concepts of sustainability and the Circular Economy which focused on the economic, societal and environmental challenges which these concepts needed to address (Lewis and Maslin 2018; George et al 2016).

5.1.1 Objective 1: To examine the similarities and differences between sustainability and the Circular Economy.

The similarities and differences between sustainability ad the Circular Economy were evaluated to assess the overlaps between the two concepts, but to also clarify the different approaches (Geissdoerfer et al 2017). One of the main differences between sustainability and the Circular Economy relates to the focus of the concepts (Geissdoerfer et al 2017). It was found that the focus of sustainability relates to the push for an increased level of integration within the relationship between economy, society and the environment (Lewis and Maslin 2018; Geissdoerfer et al 2017). In contrast, the Circular Economy undertook an economic perspective which had a subsequent impact upon society and the environment, although both f these factors were evaluated during the decision-making process (Geissdoerfer et al 2017).

5.1.2 Objective 2: To investigate the impacts of sustainability and the Circular Economy on business models and innovation.

The investigation of these impacts included a range of business initiatives with some businesses focusing on undertaking more sustainable practices which delivered higher levels of value to its economic, societal and environmental responsibilities, such as Unilever (Unilever 2019). Other case studies demonstrated how business models had been adapted to become more sustainable, in terms of resource use, such as the closed loop recycling at Renault (Elllen MacArthur Foundation 2017ab). Both of these case studies revealed that there was a willingness and motivation to develop and change business models and to innovate to improve sustainable practices and to implement models such as the Circular Economy.

5.1.3 Objective 3: To evaluate the relationship between Sustainability and the Circular Economy.

This relationship can be seen as being context-specific to the organisation in terms of its strategic priorities and this is reflected in the business-friendly SDGs and the business focus of the Circular Economy (United Nations SDGs 2019; Pauli 2017). This relationship is seen as important for businesses to address, and for some researchers this is becoming more time sensitive given the scale and the urgency of the economic, societal and environmental challenges being faced (Lewis and Maslin 2018; George et al 2016).  However, this relationship has a number of tensions including the perceived trade-offs between economic, societal and environmental factors and the concept of time (Lewis and Maslin 2018; Geissdoerfer et al 2017; Rockstrom et al 2009). Whilst there is a recognition of the need to undertake some form of activi