SPREMNOST PRIVREDE REPUBLIKE SRPSKE ZA ODRŽIVI RAZVOJ KAO NOVE PARADIGME POSLOVANJA
READINESS OF THE ECONOMY OF THE REPUBLIKA SRPSKA FOR SUSTAINABLE DEVELOPMENT AS A NEW BUSINESS PARADIGM

Author(s): Dragan Mikerević, Đoko Malešević
Subject(s): Business Economy / Management, Economic development, Environmental interactions, Accounting - Business Administration
Published by: Finrar d.o.o Banja Luka
Keywords: Sustainable development; non-financial information; sustainability reporting; integrated reporting; financial strength; macroeconomic outlook;
Summary/Abstract: Economic and legal entities, as well as the economy in general, are facing serious challenges: how to reorient towards a strategy of sustainable development in the face of newly emerging circumstances, maintain their positions within existing value and supply chains, and/or integrate into new ones. The provisions of the EU Corporate Sustainability Reporting Directive (CSRD) introduce significant changes for large enterprises, but also for small and medium-sized entities of public interest, requiring them to report not only financial but also sustainability-related information, in accordance with the European Sustainability Reporting Standards (ESRS). This poses a substantial challenge even for businesses outside the European Union. In order to remain viable in global and regional value chains, these businesses will need to adopt a sustainability-oriented strategy. In this context, the new business paradigm must align profit objectives with sustainable development goals, particularly those related to environmental protection. This shift is not merely procedural but structural and strategic. Achieving these overarching goals necessitates the redirection of capital flows toward sustainable investments to foster sustainable and inclusive growth, manage financial risks arising from climate change, prevent the depletion of natural resources and environmental degradation, and reduce social inequalities.

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