Home – Home – Jornals – Region: Economics and Sociology 2021 number 1

The article analyzes how circular business models take shape and establishes prospects for their application in the oil industry. Changing consumer preferences, emerging demand for new materials and energy sources, more severe environmental restrictions, and active global decarbonization processes all require respective threats and opportunities included in long-term corporate strategies, as is reflected in this study. We demonstrate that circular business models may help accomplish strategic management and operations control goals to boost competitiveness, lower negative environmental impact, and reduce carbon footprint. Finally, we see that switching to the closed-loop economy is not an exclusively corporate responsibility. The public nature protection policy should reflect the global environment and climate change trends. Thanks to this, the government needs to create new development opportunities for the circular economy while keeping companies motivated to introduce the best available technologies and continuously improve manufacturing efficiency in terms of environmental and energy conservation.