PhD Financing the Circular Economy Transition

Edinburgh Business School at Heriot-Watt University is offering a full-time PhD studentship funded by the Engineering & Physical Sciences Research Council (EPSRC) to start in the 2026-27 academic year (either September or January entry is possible).

The studentship include a tuition fee waiver for UK fees only, an enhanced annual stipend currently set at £23,985 (10% above the standard UKRI rate), and an expenses allowance of £3,500 for training and research costs. The duration of the studentships is 3.5 years.

Overseas students are eligible to apply, but must be able to demonstrate how they would cover the difference between the UK and overseas fees.

Summary of project

The transition towards a circular economy (CE) is increasingly recognised as essential for achieving net-zero targets, strengthening supply chain resilience, and reducing dependency on critical raw materials. However, significant financial, technological, and institutional barriers continue to constrain the uptake and scaling of circular business practices and investment.

This PhD project will investigate how finance and investment can accelerate the CE transition across areas such as electronics, cooling, heating, and hard-to-recycle materials. Potential research topics include the financial performance of circular business models, sustainable and transition finance, circular supply chain investment; climate-related financial risks; ESG and sustainability disclosure; and the role of institutional investors in supporting circular innovation and resource security.

The project may also examine emerging issues such as AI-enabled and agent-based sustainability analytics, critical mineral dependency, and the resilience of global supply chains under geopolitical and environmental uncertainty. The successful candidate will join an interdisciplinary research environment working at the intersection of finance, sustainability, and industrial transition.