THE ROLE OF BUSINESS MODELS IN THE TRANSITION FROM LINEAR TO CIRCULAR ECONOMY - CASE OF ALBANIA

Albina Hysaj
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Albina Hysaj: Faculty of Economics and Administrative Sciences, Epoka University, Tirana, Albania

Journal of Financial and Monetary Economics, 2024, vol. 12, issue 1, 203-211

Abstract: This paper explores the transition from a linear to a circular economic model in Albania, a country in the early stages of CE implementation. Through a comprehensive review of CE literature, the study identifies critical business model strategies for CE implementation at the firm, industrial, and national levels. These include waste-to-resource initiatives, product life extension, and industrial symbiosis. The paper also examines sector-specific opportunities in Albania, such as the integration of CE practices in waste management, agriculture, renewable energy, and tourism, emphasizing their potential to drive sustainable development and economic growth. Despite progress, Albania faces challenges such as infrastructure deficiencies, weak regulatory frameworks, low public awareness, technological gaps, and cultural barriers. Addressing these issues requires a multilateral approach involving policymakers, businesses, academia, and international stakeholders. The study concludes that adopting creative business models, strengthening policies, and involving local communities are essential for Albania to benefit from a circular economy. By using its natural resources wisely and aligning with European Union standards, Albania can achieve sustainable growth and support global environmental goals.

Keywords: Circular Economy; sustainability; business models (search for similar items in EconPapers)
JEL-codes: O44 Q01 Q56 (search for similar items in EconPapers)
Date: 2024
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