Societal progress is mainly driven by economic growth and economic development, without which economic institutions, such as companies and governments, cannot meet the ever-increasing demand for market growth, job creation, and high-quality products and services. It is this symbiotic relationship that brings forth society’s options going forward. Yet, when it comes to topics related to sustainable growth, choices are often not made in an informed, responsible and well-thought-out manner. That is, the parties do not usually reach an effective compromise between sustainability’s three pillars of society, environment, and economics. This ultimately begs the question: How can we satisfy the needs and well-being of today’s society without jeopardizing those of future generations?
The last couple of centuries have seen the use of linear economy models, which has led to a critical scarcity of natural resources. Hence, we are in urgent need of an effective and fast-paced transition to a circular economy. That is, a model of economic growth in which there is no waste residue production: older products are reincorporated into the production process, where they are either reused, repaired or recycled. In line with this innovation in modes of production and in business models, society must do away with outdated consumption habits from the era of mass production, avoid the usage of throwaway products and adopt a more consumerist approach. A new sense of civic responsibility and environmental citizenship needs to be fostered, and newer, more sustainable lifestyles need to be adopted.