Legislative Transition Toward Circular Economy in Bangladesh
Description
Sustainable development has become a significant issue for the future economy because the indiscriminate use of natural resources and carbon emissions have started causing climate change. It is creating a threat to humankind and other earth species. For this reason, international economic laws emphasize sustainable development by balancing business objectives with environmental issues. The Circular Economy transition is reliable for accomplishing climate and economic goals. Our current linear economy system depends on extracting natural resources rather than reusing and recycling, which generates huge carbon gas and causes biodiversity loss. The CE is such a kind of business model and ally of sustainable development that combines innovation and sustainability. The traditional approach to the market must be changed to implement this model. This study will discuss how CE principles can support the public and private sectors in addressing sustainability challenges and economic development. This study will focus on the CE theory and explain the reasons for integrating CE principles into policy and legislation. For instance, incorporating CE principles into policy and legislation can support the further development of a CE. Educating the public about the CE and its paybacks is also necessary. This paper recommends the implementation of regulatory frameworks for sustainable waste management. The most significant contribution of this research is to change the conceptual framework for the CE through changing policy settings and legal transitions. Specific suggestions will be made for developing the circular economic model and legislation.