ALIGNMENT OF CIRCULAR ECONOMY BUSINESS MODELS FOR FRAMING NATIONAL SUSTAINABLE ECONOMIC DEVELOPMENT

Funding Information: It has been identified that both governmental and non-governmental organizations increasingly encourage the businesses for the transition towards a circular economy. The EU Action Plan has been strengthened by revising the waste package directives, which has succeeded in 2018, altogether forming the Circular Economy Package with the aim of developing the circular economy through the creation of various platforms, offering funding from the Cohesion Fund [15,27]. The main outcome of the strategies is to implement the paradigm from linear to a circular economic model. Establishing this kind of a shift is a complex task which requires substantial changes in habits and practices in many fields of society[28]. This leads to a conclusion, that each strategy is able to define different objectives in relation to the general aim. It is very important that for the Stakeholders there is a possibility provided to communicate and share experiences and best practices via the European Circular Economy Stakeholder Platform. This platform was established in 2017 by the European Commission and the European Economic and Social Committee with the main aim to enhance the circular economy both across territories, industries and communities by bringing together experts and providing possibilities to share knowledge and foster dialogue [29]. The latest reports by European Commission reveal that in 2019 there were already over 30 Circular economy strategies in place, both of national and/or regional levels. Despite the level the key concept of the strategies is to contribute to the so-called paradigm shift of moving from the linear towards a more circular economic model. Establishing this type of a shift is a complex goal requiring fundamental changes in consumer behavior and habits in many subsystems of society. The transition to a CE requires systemic change and a holistic, integrated approach that takes into account links within and between sectors, within and across value chains and between civil society and industrial stakeholders [18]. It is important to understand that circular economy can be applied by an entity by adoption of certain business model, or by transformation of existing activities or business elements. Below the authors have summarized the business aspects that can be improved by implementation of circular economy aspects. Funding Information: This research was funded within the Fundamental applied research project “Quadruple Helix Concept (QHC) as a base of the next generation PPP model” (no. lzp-2020/1-0062) by the Latvian Council of Science (Latvia). Publisher Copyright: © 2022, Research and Innovation Centre Pro-Akademia. All rights reserved.Circular economy offers opportunities to boost jobs and tackle climate change. The article reflects aspects of the impact on the environment through sectoral policies to support the circular economy because current business as usual model, based on the linear economy principle leads to a staggering inefficiency in nature resources are managed, with increased pollution, loss of ecosystems and substantial losses of value with each product disposed. This requires a change not only in consumer behaviour but even more on the resource extraction and material production side. The purpose of the research paper is to develop a decision-making matrix providing a step-by-step approach for the policymakersPeer reviewe