Industry 4.0
Vol. 5 (2020), Issue 4, pg(s) 194-197

SOCIETY & ”INDUSTRY 4.0”

Sustainable development through corporate social responsibility policy in Bulgaria’s biosector

  • 1 Business Faculty – University of Food Technology -Plovdiv, Bulgaria

Abstract

The bioeconomy, as a complementary segment of the circular economy, encompasses all sectors and systems that rely on biological and environmental resources, their functions and principles. It can lead to the discovery of new opportunities to provide food, goods and energy without depleting the planet’s limited biological resources. It can turn algae into fuel, recycle plastics, produce furniture or clothing from waste, and create organic fertilizers from industrial waste products. It has the potential to create over a million new “green jobs” by 2030. Bio-sector enterprises play a key role in accelerating the achievement of the UN’s global goals. They contribute to reducing climate change and waste, creating new jobs and building sustainable development in a modern society. Corporate social responsibility is a concept that reflects the quality of the relationship between an organization and society. According to the European Commission’s Green Paper, Corporate Social Responsibility (CSR) is “a concept that serves companies as a basis for voluntarily integrating social and environmental aspects into their business strategies and relationships with all stakeholders.”
The purpose of this report is to examine how the principles of corporate social responsibility affect biosector enterprises in Bulgaria and the adequacy of the country’s policy to engage them to adopt global goals for sustainable development. The results of the study show that CSR is not seen as a one-time act, but as a sustainable process, helping to balance the three pillars of sustainable development – economic growth, social development and environmental protection.

Keywords

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