These environmental, societal and economic challenges are all components of sustainability which stresses the need to address these through re-designing and innovating to ensure higher levels of intra and inter-generational equality and equity (Geissdoerfer et al 2017; Crane and Matten 2016). This concept of sustainability has been the basis of global initiatives such as the United Nations Sustainable Development Goals and has seen an increasing number of stakeholders, including businesses, engage in this process (United Nations Sustainable Development Goals 2019).
One of the business models and innovations which are perceived as being able to address these challenges is the Circular Economy which undertakes a restorative and regenerative approach to resource use (Ellen MacArthur Foundation 2017a; Pauli 2017; Braungart and McDonough 2009). The adoption of the Circular Economy is being undertaken on both a national level such as with the European Circular Economy package and at a business level by individual businesses (European Union 2019; Ellen MacArthur Foundation 2017a). There has therefore been an increased level of awareness, both amongst academic researchers and businesses, of the opportunities of the Circular Economy (Geissdoerfer et al 2017; Moreno et al 2016). However, whilst there is an increased level of awareness as regards sustainability and the Circular Economy, there is a lack of research in two key areas. Firstly, there is the need to evaluate the similarities and differences between sustainability and the Circular Economy; and secondly, there is the need to explore the relationship between sustainability and the Circular Economy which includes both the academic underpinnings and the practical application of this (Geissdoerfer et al 2017; Moreno et al 2016). This research seeks to provide a contribution to both of these areas, and this has led to the development of the following methodology which uses both a literature review and examples of business case studies to explore these topics (Cresswell and Cresswell 2018; Saunders et al 2016). Firstly, this will undertake a literature review to ascertain the similarities and differences between sustainability and the Circular Economy. Secondly, a case study approach will be undertaken to explore the relationship between sustainability and the Circular Economy by examining the practical application of these concepts by businesses. By undertaking this process, there is the opportunity to address current research gaps in the understanding of the concepts of sustainability and the Circular Economy and to explore this relationship and the challenges inherent to this (Geissdoerfer et al 2017; Moreno et al 2016).
Chapter 2: Literature Review
This dissertation topic will therefore seek to build on the current level of research to explore the relationship between the circular economy and sustainability by considering its impacts on business models and innovation (Geissdoerfer et al 2017).
The two main concepts which will be examined in this piece of research will be sustainability and the Circular Economy which will firstly be evaluated as separate concepts before the relationship between the two is further explored.
2.1 Sustainability
The concept of sustainability has led to a ple
