Reducing atmospheric emissions through the introduction of circular economy principles is one of the current tasks of sustainable regional development. The purpose of this research is to study the impact of the actions taken by Karachaganak Petroleum Operating B.V. (KPO) to reduce air pollution, and, based on this, to evaluate the potential of forming a circular economy in one of the biggest regions of Kazakhstan in which KPO is operating. The air pollution in the region is related to the oil and gas production activities of the company. This study was conducted using econometric modeling and statistical and comparative analyses. This study’s value lies in its interdisciplinary approach, which made it possible to combine environmental and economic criteria for sustainable regional development with the features of emissions and waste management technologies within the industry. Studying the production activities and analyzing the impact of KPO on the development of the region in the period from 2012 to 2022 made it possible to construct a matrix of the restorative potential of a circular economy in the region. A model for the formation of a circular economy was proposed, which is based on the introduction of innovations, investments in environmental protection, and the use of the best available technologies for reinjecting gas into the reservoir, increasing energy efficiency, and recycling waste, which resulted in a significant (2.2 times) reduction in the amount of air pollution in the region. According to the forecast model (2024–2028), it was determined that, in the case of maintaining certain independent indicators’ dynamics of development, the level of atmospheric emissions by KPO could be reduced by two times. The results of this work prove that further studies on the problems associated with reducing atmospheric pollution within the framework of the formation of a circular economy are quite promising. Additionally, the results of this study are interesting and may be useful for the implementation of measures to manage air quality in the region by managers, heads of organizations, state and local authorities, and researchers interested in promoting the Environmental Social Governance (ESG) concept of sustainable development.

Reducing atmospheric emissions through the introduction of circular economy principles is one of the current tasks of sustainable regional development. The research purpose is to study the impact of the actions taken by Karachaganak Petroleum Operating B.V. (KPO) in order to reduce air pollution, and basing on it, to evaluate the forming potential of the circulating economy in one of the biggest regions of Kazakhstan in which KPO is operating. Oil and gas production activities of the company is related to air pollution of the region. The study was conducted using methods of econometric modeling, statistical and comparative analyses. The study’s value is determined by its interdisciplinary approach, which made it possible to combine environmental and economic criteria for sustainable regional development with the features of emissions and waste management technologies in industry. Studying the work experience and analyzing the impact of KPO on the development of the region in the period 2012-2022 made it possible to construct a matrix of the restorative potential of the circular economy of the region. A model for the formation of a circular economy is proposed, which is based on the introduction of innovations, investments in environmental protection, the use of the best available technologies for reinjecting gas into the reservoir, increasing energy efficiency, recycling of waste, which made it possible to significantly (2.2 times) reduce the amount of air pollution in region. According to the forecast model (2024-2028), it was determined that in case of maintaining independent indicators’ certain dynamic of development, the level of atmospheric emissions by KPO could be reduced by 2 times. The results of the scientific work contain statements proving that further researches on the problems of reducing atmospheric pollution within the framework of the formation of a circular economy are quite perspective and promising. The results of the study might be interesting and used when implementing measures to manage air quality in the region by managers, heads of organizations, state and local authorities, and researchers interested in promoting the ESG concept of sustainable development.