INTEGRATION OF CIRCULAR ECONOMY PRINCIPLES INTO CORPORATE SOCIAL RESPONSIBILITY STRATEGY
Abstract
This article explores the potential of the circular economy as an integral component of corporate social responsibility (CSR) strategies for generating social value in the context of Ukraine's post-war recovery. The circular economy is analysed as an alternative to the traditional linear economic model, where resources are used for as long as possible, maximum value is extracted from them, and waste is returned from the end of the supply chain to the beginning, giving used materials a new life.The study analyzes the fundamental principles and models of the circular economy and their interconnectedness with CSR. Utilizing a case study method, successful implementation practices of circular models by enterprises in Ukraine and Poland are presented. Common features and distinctions in the approaches of both countries towards integrating the circular economy into business processes are identified. The significance of governmental support, investments in technology, and enhanced consumer awareness for the successful adoption of circular practices in Ukraine is substantiated. The research highlights the considerable potential of circular economy models to foster local industries and smart specialization, thereby contributing to sustainable economic development and job creation. The findings underscore the necessity of prioritizing investments in advanced waste sorting and processing technologies in Ukraine. Furthermore, extending product lifespans through repair, upgrades, and reuse is identified as a crucial circular economy strategy, with the polish example serving as a notable example. The pivotal role of state support in incentivizing the adoption of circular economy practices through policy development and financial incentives is emphasized. Raising consumer awareness regarding the benefits of reuse and recycling is deemed essential for the successful implementation of the circular economy. Ultimately, the article concludes on the prospects of formulating CSR strategies based on the circular economy for sustainable development and the creation of new economic opportunities in Ukraine.
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