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The Green Transition of Small and Medium Business in Bulgaria – Current Overview and Outlooks

Author

Listed:
  • Sonia Chipeva
  • Atanas Atanasov
  • Vania Ivanova

Abstract

The conscious need of transition to an environmentally friendly way of society life on a global scale in recent years outlines a new direction in the development and activity of humanity. A number of documents at the global and European levels are a clear sign of countries' determination t change significantly their attitude to the natural resources use in order to limit climate change and global warming of the planet, to ensure an environmentally friendly way of life and activity and the long-term preservation and well-being of human civilization. Small and medium-sized businesses in Bulgaria are a huge potential resource that can be a powerful engine for realizing the ecological transformation of the country's economy. Current progress, financial ability and access to financial resources as well as the outlooks of small and medium companies in Bulgaria in the green transition are analyzed in this study. SMEs are classified in 3 clusters in terms of their progress in the transition process using TwoStep Cluster analysis with a set of indicators identified by authors. It has been established that despite the existing difficulties and the great inertia in the process of transition to an ecological economy of small and medium-sized companies in particular, more or less sustainable steps leading to the reduction of carbon emissions are observed, in the production of cleaner energy as well as elements of circularity in production processes and consumption. The transition appears to be taking place more quickly in medium-sized companies operating in manufacturing, logistics and transport, while small, mostly family-owned, companies with businesses in retail or service are progressing more slowly in this process. All the companies need of more serious and adequate support in the way of ecologization both by state regulations that to be applied clearly and transparently and by adequate financing.

Suggested Citation

  • Sonia Chipeva & Atanas Atanasov & Vania Ivanova, 2024. "The Green Transition of Small and Medium Business in Bulgaria – Current Overview and Outlooks," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 164-178.
  • Handle: RePEc:bas:econst:y:2024:i:4:p:164-178
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    References listed on IDEAS

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    1. Agnė Šneiderienė & Rasa Viederytė & Lilita Abele, 2020. "Green growth assessment discourse on evaluation indices in the European Union," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 360-369, December.
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    More about this item

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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