Circular Economy Models in Renewable Energy: Technological Innovations and Business Viability

The transitions from fossil-based energy to renewable energy are deeply connected with circular economy solutions for business development and innovation. This paper aims to evaluate to what extent innovation in renewable energy can be used to advance circular economy strategies, with emphasis on the business aspect. Using a combination of qualitative and quantitative analysis, the research analyzes case contributions of a number of RES projects that apply CE principles. It also focuses on the main issues which specialists encounter while implementing these models and considers their economic feasibility. The results show that circular economy principles present renewable energy firms with tremendous potential for enhancing resource use efficiency and financial performance. This research provides practical recommendations aimed at the stakeholders in terms of constructing a more sustainable energy system. In doing so this research adds novelty by identifying the technological factors as advocates for implementing circular economy models to support business outcomes within the renewable energy industry.