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Today, eco-innovations provide the company with a competitive advantage that meets sustainable development goals. In addition, these innovations allow systems focused on sustainable development, both in individual enterprises and activities and regions. The article aims to identify mechanisms to support the circular economy through eco-innovation. It is established that eco-innovations are new or changed processes, equipment, products, methods, and management systems that avoid or reduce harmful effects on the environment. They are the basis of a closed-loop economic system. Eco-innovation provides a gradual impact on sustainable development. It is substantiated that the circular economy is a pattern of economic exploitation, according to which material resources are used in a circle, in the re-included in production. The circular economy aims to ensure the endless use of material resources. The circular economy is based on the principles of the 3R (reduce, reuse, recycle) waste hierarchy. Along with this structure, there are other principles in the waste management hierarchy from 4R (reduce, reuse, recycle, repurpose) through 5Rs (refuse, reduce, reuse, repurpose, recycle) to 9Rs or even 12Rs. They are all similar, but not the same. The methodological presentation of various products (tire leasing per kilometer program, Caterpillar waste recycling model, silicon-based solar panels, Wattway pavement with built-in solar panels, electric cars) introduced by various companies and in the automotive sector provides practical evidence that innovation supports the development of a closed-loop economy. Furthermore, it is proved that in the range of possible effects of eco-innovation, there is no alternative in the sustainability of development in economic, environmental, and social spheres. The research allowed us to explore positive examples of how eco-innovation supports the development of a closed-loop economy. The given examples of eco-innovations concern the enterprises of the regions and the automobile sector. All the presented solutions meet the goals of the circular economy, in particular, the reuse and recycling of waste, as well as the concentration on renewable energy sources, which ensures the achievement of sustainable development goals. |
