Leveraging industry 4.0 technologies and industrial symbiosis: Advancing circular economy practices in BRICS economies

In addressing the dynamics of a circular economy (CE), Industry 4.0 technologies (IN4.0T) and Industrial Symbiosis (IS) necessitate meticulous management strategies to optimize their advantageous impacts on circular practices. The present study investigates the influence of IN4.0T, such as Artificial Intelligence (AI), the Internet of Things (IoT), and IS on advancing CE principles in BRICS economies during 2011-2021. To estimate these nexuses, Panel Cross Sectionally Augmented Autoregressive Distributed Lag econometric approach is employed. The results reveal that IS, AI, and IoT significantly enhance CE efficiency in BRICS nations. The study's findings contribute to current literature in three discrete ways: first, it stipulates empirical evidence of how AI and IoT facilitate CE practices; second, it demonstrates the facilitating role of IS in strengthening the restorative-circularity nexus; and third, it offers insights specific to BRICS nations, where rapid economic growth intersects with environmental challenges. The results align with and extend theoretical frameworks, including the Natural-Resources-Based and the Business-Technology-Adoptions models. The findings suggest that policymakers should invest in Industrial Symbiosis and digital technologies to lessen waste, improve resource efficiency, nurture collaborations, and boost CE transitions in BRICS economies.