Increasing global concern about climate change and the circular economy have successfully established itselves in international and national policies over the last decade, with the aim of reshaping the production and consumer behavior. The circular economy is one of the core pillars of European Union policy and its success depends on the energy efficiency, reducing production costs, and maintaining employment levels by ensuring continuous strong economic independency of the region. While crises are unavoidable and continue to appear, this paper aims to project the impact of any crisis on sustainability transitions using data analysis of the Global Financial crisis from 2008 to 2009 and discuss how the success of the circular economy implementation and environmental policies could be affected. The paper notes that the global financial crisis of 2008-2009 had a short-term positive impact on environmental degradation and that economic interests overshadowed environmental goals. Due to the recent events of the ongoing Russia and Ukraine war, COVID-19 societal and industrial behavior has shifted from sustainable to linear and has taken a step backward in reducing environmental pollution and achieving Sustainable Development Goals. Analysis of already present data and the context of the 2008-2009 global financial crisis, reviewing of COVID-19 impact on the global economy, health sector, and environmental policies allows us to predict the consequences, as it relates to the future of circular economy policy.
Supplementary information: The online version contains supplementary material available at (10.1007/s10668-023-03367-x).
Keywords: COVID-19; Circular economy; Global financial crisis; Sustainability; Sustainable development.
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