The 17 sustainable development goals provide environment friendly policies that address societal challenges. The circular economy and advanced technology are able to implement substantial changes and assist in the accomplishment of the SDGs. The international financial system is composed of four ranges: items, tasks, groups, and strategies. Clean assembly methods, effective distribution strategies, and the notion that items will be recycled from the start are some of the production methods that must be incorporated in the business plans so as to ensure benefit for both the public and private sectors. As an alert, all manufacturers must be in touch with their customers through various innovative ways. In this chapter of the book, the possibility of plan mediation through the use of innovative support arrangements is well explained. This chapter also describes the importance of the reuse of products and various aspects of a circular economy for societal sustainability.
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Technology modernization is needed in order to achieve environmental development goals such as pollution-free energy, proper water use and Sanitation, water quality maintenance, and green cities and villages. The use of various metals and combinations of elements are examples of how evolving technologies may cause issues with sustainable development. Air pollution is caused by power plants. Rivers, lakes, and surface waters are contaminated by industries, untreated sewage, and solid waste etc. The electric cars that have recently become popular in India use batteries, that rely on the metalcobalt, which has a negative impact on the environment, housing, human health and socio-economic systems [Aguilar Esteva et al. (2021)]. Society can respond to chain of shocks, if precious metals are unavailable. Public attention has recently been focused on the advanced design concepts, advanced equipment, and advanced manufacturing processes. The circular economy creates new opportunities to determine the importance of metals from beverages, taking into account of their use [Awan & Sroufe (2022)].
Worldwide, there has been a sharp increase in corporate commitment to environmental management. Green strategies of the business sector reduce metal, gas, pollution, and other things, both from the point of view of production and consumption. Enterprises practices reuse, recycling and improvement of the processes and methods that are used to protect environment and to meet the sustainable development goals. Intelligent manufacturing system, flexibility in production systems helps in production of customized products which can suitably meet the needs of the customer. These systems operate in a closed environment to save from maintenance and economical expenditure [Bag et al.,2021].
Three principles are the basis of the circular economy. Some of the things that can be done include lowering waste and pollution, sharing resources and goods, and reclaiming the environment. Circular economy (CE) has been recognized for its success in developing a stable business environment for long-term economic growth and economic recovery [Bressanelli et al. (2022)]. Figure 1 shows how CE approach brought a new look for generating value for the product manufactured and finally creating wealth for the economy.
Since from the industrial revolution, businesses and customers are familiar with linear model of collecting resources from the environment converting to products and services and generates waste. However, in a circular economy, items are made to be durable, reusable, and recyclable, and materials for new products are sourced from old ones. Everything is recycled, used as a source of energy, remade, reused as much as possible, or, in extreme cases, disposed away. The relationship between CE and digital economy based on the challenge that how the firms faces while adopting the new technology for manufacturing of products and services without generating much waste as far as possible recycle and reuse of old and out dated products. It's important to keep an eye on the remanufacturing industry. Resources are acquired, put through labor- and energy- intensive processing, and then provided as products in the hope that customers will discard the initial batches and purchase more. Today's trends show that take- make-dispose systems to preserve resources and commodities.