ECONOMIC, LEGAL AND MEDIA CHALLENGES TOWARDS SUSTAINABLE BUSINESS MODELS WITH SPECIAL REFERENCE TO THE CIRCULAR ECONOMY IN BOSNIA AND HERZEGOVINA AND THE COUNTRIES OF THE WESTERN BALKANS
ECONOMIC, LEGAL AND MEDIA CHALLENGES TOWARDS SUSTAINABLE BUSINESS MODELS WITH SPECIAL REFERENCE TO THE CIRCULAR ECONOMY IN BOSNIA AND HERZEGOVINA AND THE COUNTRIES OF THE WESTERN BALKANS

Summary/Abstract: The circular economy aims at decoupling economic growth from resource use by replacing a traditional industry model “take-use-throw” with the “reduce-repair-reuse-recycle” based model.The underlying assumptions of these model are characterized by a tendency towards efficient use, recycling and re-use of resources as it would limit the negative environmental impacts of the economy, while also reducing the cost in economic activities with the aim of economic growth. Circular economy is a concept that aims at decoupling economic growth from resource use, achieving the “zero waste” economy. Circular economy is often confused with waste management, which is the last phase in life cycle of a product. This concept is about prevention of waste generation and pollution in all phases of life cycle. Circular economy has a strong potential for creating economic and social values. To prevent catastrophic consequences of accelerated resource consumption for the humanity, societies and economies across the world have been adopting structural changes in order to reduce their environmental impact. Transition to circular economy that is focused on retaining the value of resources at the highest possible level significantly impacts the supply chain and value chain. With the adoption of the Western Balkans Green Agenda in 2020, the Western Balkan countries adopted the European Green Deal, making commitment to implement measures and achieve compliance in five areas, one of which is circular economy. BiH has a potential to achieve significant economic benefits implementing the circular economy model.

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