CIRCULAR ECONOMY AND ENVIRONMENTAL RESPONSIBILITY - A SYMBIOSIS FOR A COMPANY’S SUSTAINABLE DEVELOPMENT
Vania Ivanova1* Irena Slavova2
1Ass.Prof.Dr. Department of Economics, University of National and World Economy
Bulgaria. E-mail: arbneda@abv.bg
2Ass. Prof., Department of Marketing and Strategic Planning University of National and World Economy
Bulgaria. E-mail: irena_slavova@yahoo.com
*Corresponding Author
Abstract
The growing consumption of resources and the environmental consequences it gives rise to require a change in the economic model. The concept of circular economy, as part of this change, is directed towards reducing energy consumption, creating sustainable production, dramatic reduction of waste generation and further increase of the capacities for their recycling and re-use. This allows the gradual transformation of production into a resource-efficient, environmentally friendly, competitive and low-carbon process.
This study on the leading mining company in Bulgaria, Dundee Precious Metals Chelopech EAD for the 2011-2017 period, shows that the continuous process of improving the efficiency of the resources used in ore mining and processing and increasing the degree to which they are re-used as a result of implemented environmentally responsible business practices based on the circular economy principles create opportunities for business sustainability in its three dimensions – reducing environmental impact, improving working conditions and care for society, achieving significant economic and environmentally sustainable results.
The aim of this report is to demonstrate the link between a company’s economic and environmental sustainability and the results of implementing environmentally responsible practices based on the circular economy principles. The analysis we carried out shows that thanks to the innovative methods applied in the company’s management and investments made in environmentally friendly and resource-efficient technologies, the company managed to change from a losing, decapitalized and unattractive one into a modern, sustainable and leading company in the mining industry.
Key words: circular economy, sustainable development, resource efficiency, environmentally responsible practices
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