Assessment of the development of the circular economy in the Baltic region

Abstract

The article analyzes the importance of the circular economy for the modern society and the environment. Mass consumerism poses a variety of environmental challenges throughout the product life cycle, from raw material extraction, production, use, transportation, processing to the final disposal, so countries can reduce pollution and the economy by investing in the development of secondary raw materials for production. This article aims to assess which factors have the most significant impact on the development of the circular economy. The paper analyzes the scientific literature and European Union legal documents governing environmental programs. The following factors have been identified: education about the importance of the circular economy, state subsidies for technological development and staff training, harmonization of European Union environmental legislation, implementation of relevant technologies in enterprises implementation of green public procurement in the public sector and its institutions and enterprises. A correlation analysis has been performed to reveal the current situation of the circular economy in the Baltic region states. An expert survey was conducted to identify the factors that determine the development of the circular economy. Correlation analysis showed that countries apply different priorities in promoting the circular economy. The survey of experts revealed that the opinions of the selected experts are inconsistent. Still, their rankings for factors prove that all are important and promote the development of the circular economy. Education on the importance of the circular economy and public subsidies for technological development and staff training are critical factors in the values provided by experts. The limitation of the study is the lack of consistent statistical information.