Scholarly record
ENHANCING CIRCULAR ECONOMY POLICY-MAKING: REGIONAL STRATEGIES AND SUSTAINABLE DEVELOPMENT BEST PRACTICES
Abstract
Since the beginning of the 21st century, the development of the concept of the circular economy and its integration into regional sustainable development have highlighted the necessity of incorporating the principles of the circular economy into policy frameworks. This integration primarily emphasizes circular supply chains and examines the influence of existing legislative frameworks on the application of innovations within the realm of sustainable development. The objective of this study is to review the mechanisms employed in the formulation of circular economy policies by evaluating the interaction between existing regional development strategies and identifying established global best practices. Additionally, this research identifies structural and institutional barriers impeding the effective formulation of policies for the implementation of the circular economy in Bulgaria. Based on a comparative analysis, it advocates for the adoption of best practices to facilitate the successful integration of circular economy principles into regional development plans and programs. The analysis affirms the view that enhancing policy effectiveness is contingent upon aligning regional strategies with local industrial specializations. Furthermore, the application of best practices at local levels should reflect the process of fostering collaboration among academia, industry sectors at national and regional levels, and local government entities, as well as aligning with national policies aimed at the successful implementation of practices for balanced sustainable regional development. It is also noteworthy that the process of refining the formulation of sustainable development policies and the application of circular economy principles involves implementing decentralized governance. This approach should systematize best practices in interregional knowledge transfer with the aim of stimulating economic growth in regions with strong environmental sustainability, thereby fostering an effective circular economy at the local level.
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