SUSTAINABLE BUSINESS MODELS BASED ON CIRCULAR ECONOMY PRINCIPLES Cover Image

ODRŽIVI MODELI POSLOVANJA OD POČELA CIRKULARNE EKONOMIJE DO POTICAJNIH MJERA
SUSTAINABLE BUSINESS MODELS BASED ON CIRCULAR ECONOMY PRINCIPLES

Author(s): Siniša Bilić, Zvonimir Filipović, Šemsudin Dedić
Subject(s): Business Economy / Management, Energy and Environmental Studies, Economic development
Published by: INTERNACIONALNI UNIVERZITET TRAVNIK
Keywords: circular economy; sustainable business models; recycling; resource utilization;

Summary/Abstract: This paper analyzes sustainable business models grounded in the principles of circular economy as a response to the challenges emerging from traditional linear economic models. The circular economy promotes resource conservation through renewed use, repairs, regeneration, and recycling, thereby reducing waste and ensuring long-term sustainability. The application of circular models requires changes across all business segments, including production processes, materials, and logistics concepts. Through educational campaigns, sustainable product certification, and consumer awareness initiatives, demand for environmentally friendly products is strengthened. Additionally, new models of resource access, such as resource-sharing models and product-as-a-service frameworks, facilitate product access without the need for ownership. The concept of industrial symbiosis further supports collaboration across sectors, where waste as an output of one enterprise becomes a resource for another, creating closed loops and maximizing resource efficiency. Government support is crucial for accelerating the transition to sustainable business models. Financial measures, such as tax incentives and subsidies, lower transition costs, while legislative frameworks set standards for environmental responsibility. The paper presents the fundamental aspects of the circular economy, various approaches to sustainable business models, and highlights the importance of public support through incentives for sustainable development and economic resilience to ecological challenges.

  • Issue Year: 13/2024
  • Issue No: 29
  • Page Range: 29-37
  • Page Count: 9
  • Language: Bosnian
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