The Circular Economy Model – New Opportunities for Corporate Development

The increasing consumption of resources and the environmental consequences that result from it require a change in the economic model. The concept of a circular economy is part of this change. The objective of the paper is to outline the potential and outlooks of development of circular economy in Bulgaria, as well as demonstrate the need for adequate measures on part of public authorities to encourage this change. The research is based on a primary survey of Bulgarian employers’ attitudes towards pursuing a corporate policy relating to the principles of sustainable development, which has been conducted among 200 enterprises. Statistical, sociological and analytical methods have been used. The analysis reveals untapped potential not only with regard to a more efficient use of resources, in both the private and public sectors, but also in terms of underestimating the significance of the issue. Firms could significantly reduce their costs, improve their compatibility and their export potential if they apply new business models and new innovative technologies, which are both resource-efficient and eco-friendly. The research and analytical methods used for the development of the paper involve graphical and table presentation of statistical and empirical data and survey of available legal and analytical research on the topic. The conclusions reached reveal a number of obstacles slowing down the transition to a real circular economy model. That would require speeding up the reform in the ecofiscal and innovative government policies. The paper’s added value lies not only in the analytical examination of the issues, but above all in deriving recommendations for future actions.