Unpacking financial aspects of circular economy: A systematic literature review

The integration of circular economy (CE) principles into practical applications is accelerating, driving rapid growth in research within this field. However, critical financial aspects that could facilitate the wider adoption of CE practices remain underexplored. This study aims to address this gap through a systematic literature review to analyse the key financial topics related to CE. Specifically, we categorise financial themes in CE research into three distinct areas: the financial performance of CE practices, diverse financing approaches and their impact on CE adoption, and strategies for de-risking CE projects. By synthesising the existing literature, identifying research gaps, and presenting a case study of a UK-based SME that exemplifies both the challenges and opportunities within the industrial symbiosis concept, our review provides deeper insights into the financial implications of CE practices. Additionally, we propose a conceptual framework to highlight current knowledge and gaps, offering a guide for future investigations in this area.