Research regarding the Fourth Industrial Revolution (Industry 4.0) and the circular economy has gained traction since 2014. Paralleling the growth in the internet of things (IoT), the circular economy poses both risks and opportunities to various stakeholders in its development. This literature review aims to identify Industry 4.0 stakeholders' interests and expectations regarding how the IoT can be part of circular economy management. Contributions include identifying various IoT tools for dealing with circular economy challenges while also addressing implementation best practices. The transition of the circular economy within Industry 4.0 requires a better understanding of government, suppliers, international organizational interests, and expectations regarding the IoT. This study enables future research on circular economy practices and their potential sustainability benefits for manufacturing firms. This study's findings allow practitioners and researchers to understand the literature and critical elements of the transition toward a more circular economy.

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Future energy security and environmental issues are major driving forces for increased biomass utilization globally and especially in developing countries like Pakistan. For efficient utilization of indigenous biomass resources in the future energy mix, it is important to gain knowledge of current energy system in various sectors. Some of the technologies and initiatives are under development to achieve transition from non-renewable resources to renewable resources, and reducing fossil fuel dependency and greenhouse gas emissions. Recently, number of proposals has been presented for the development of sustainable biofuels production methods for promise for accelerating a shift away from an unsustainable approach to possible sustainable production practices or a sustainable social, economic and environment. This article presents an extensive literature review of the biomass-based renewable energy potential in Pakistan based on current energy scenario and future perspectives. It also highlights the availability of the indigenous and local biomass resources and potential biomass conversion technologies to convert such resources to bioenergy. The drivers for utilization of indigenous biomass resources in future energy mix and challenges regarding awareness among stakeholders and R&D to fill knowledge gaps are economically restraints. The article concludes with suggestions on future directions and policies for effective implementation of biomass based renewable energy production.

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Using a large sample of 25 Organization for Economic Cooperation and Development (OECD) countries, we provide evidence that the growth of equity and credit markets promotes cleaner energy (biomass renewable energy, non biomass renewable energy, and total bio and non-bio renewable energy) production in those countries. We also find that the 2008 global financial crisis (GFC) adversely affects the production of cleaner energy. Our results are robust to alternative definitions of financial market development, cleaner energy, and controlling for the effect of government subsidy on cleaner energy. By supporting the demand-induced supply of cleaner energy, we demonstrate that the positive and significant effect of financial market development (FMD) on cleaner energy is stronger in countries with higher growth in carbon intensity and a lower availability of fossil fuels than otherwise. Our results also support the argument that financing uncertain projects such as those that produce cleaner energy should be greater in countries with a higher innovation culture than those where financial markets are already accustomed to undertaking risky investments. The overall results are also robust under the conditions of short-run and long-run homogeneity and the cross-sectional dependence in the sample. Policy implications are also provided.

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