The presence of circular (bio)economy in the environmental investment projects of the Western Balkan countries
Keywords:
Bioeconomy, innovations, projects, economic methods, Western Balkans.
Abstract
The uncontrolled use of natural resources, loss of biodiversity and natural capital, pollution of water resources, CO2 emissions, inadequate waste disposal and other environmental problems have influenced the growth of investments in the development of green technologies, as well as the development of more efficient methods in terms of the use of resources to increase productivity in different sectors of the economy without endangering the land and biodiversity. The paper examines the advantages of developing the investment projects that promote the concepts of green (bio)economy and circular economy and ensure profitability without a negative impact on the natural environment. The innovation projects supported by the Western Balkans Investment Framework in the field of energy, environment, transport, social protection and digital infrastructure are analyzed. It is concluded that about 50% of the supported projects are environmental projects that aim at providing environmental benefits or preventing the environmental damage. Special attention is paid to the environmental projects co-financed by the Innovation Fund of the Republic of Serbia.
References
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Arrow, K., Solow, R., Portney, P. R., Leamer, E. E., Radner, R., & Schuman, H. (1993). Report of the NOAA panel on contingent valuation. Federal register, 58(10), 4601-4614.
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Boyle, K. J. (2003). Contingent Valuation in Practice. in, P.A. Champ, K.J. Boyle, and T.C. Brown, eds., A Primer on Nonmarket Valuation.
Despotovic, D. Z., Cvetanović, S. Ž., & Nedić, V. M. (2014). Innovativeness and competitiveness of the Western Balkan countries and selected EU member states. Industrija, 42(1). doi: 10.5937/industrija42-4602.
Dixon, J., & Scura, L. (1994). Economic analysis of environmental impacts. London, Earthscan.
Dixon, J., & Pagiola, S. (1998). Economic analysis and environmental assessment. Environmental assessment sourcebook update, 23, 1-21.
European Commission (2004). ExternE, Externalities of Energy, Methodology 2005 Update, (edtited by Peter Bickel and Rainer Friedrich), Institut für Energiewirtschaft und Rationelle Energieanwendung — IER Universität Stuttgart, Germany.
European Commision (2020). Economic and Investment Plan for the Western Balkans, Brussels. Retrieved from: https://www.pregovarackagrupa27.gov.rs/wp-content/uploads/2021/06/Ekonomski-i-investicioni-plan-SRP.pdf
Festel, G. and Rittershaus, P. (2014). Fostering technology transfer in industrial biotechnology by academic spin-offs. Journal of Commercial Biotechnology 20(2), 5–10. doi: 10.5912/jcb631.
Freeman III, A. M., Herriges, J. A., & Kling, C. L. (2014). The measurement of environmental and resource values: theory and methods. Routledge.
Fussler, C. and James, P. (1996). Driving eco-innovation: a breakthrough discipline for innovation and sustainability.
Garrod, G., & Willis, K. G. (1999). Economic valuation of the environment: Methods and Case Studies, Cheltenham, Edward Elgar.
Golembiewski, B., Sick, N. and Bröring, S. (2015). The emerging research landscape on bioeconomy: What has been done so far and what is essential from a technology and innovation management perspective? Innovative Food Science & Emerging Technologies 29, 308–317. doi: 10.1016/j.ifset.2015.03.006.
Hufschmidt, M. M., James, D. E., Meister, A. D., Bower, B. T., & Dixon, J. A. (1983). Environment, natural systems, and development: an economic valuation guide.
Innovation Fund of the Republic of Serbia, Retrieved from: http://www.inovacionifond.rs)
Jain, Y. (2021). Regenerative Economies: A New Approach Towards Sustainability. doi: 10.1007/978-3-319-69625-6_80-1
Kolstad, C.D. (1999). Environmental Economics, Oxford, Oxford University Press.
Krutilla, J. V. (1967). Conservation reconsidered. The American Economic Review, 57(4), 777-786.
Kuckertz et al. (2018), “Entrepreneurial Ventures and the Bioeconomy” in: Lewandowski I., Regina B.; 2018.; „Bioeconomy: Shaping the transition to a Sustainable Biobased Economy“, Stuttgard-Germany.
Lewandowski I., Regina B. (2018), Bioeconomy: Shaping the transition to a Sustainable Biobased Economy, Stuttgard-Germany.
Mitchell, R. C. & Carson, R. T. (1989). Using surveys to value public goods: the contingent valuation method. Resources for the Future, Washington DC.
Mitrović, Đ. i Pešalj, B. (2021), Cirkularna ekonomija: principi, merenje i implementacija, CID, Beograd.
Molnar, D., Rikalović, M. & Josipović, S. (2024). Ekonomija životne sredine: teorijsko-metodološki pristup i institucionalni okviri, Fondacija za razvoj ekonomske nauke, Institut za ekonomiku poljoprivrede, GNB “Žarko Zrenjanin”, “Grafičar”, Užice.
Navrud, S. (1992). Willingness to pay for preservation of species: An experiment with actual payments, in S. Navrud (ed.), Pricing the European Environment, Oslo: Scandinavian University Press.
Navrud, S., & Bergland, O. (2004). Value transfer and environmental policy. The international yearbook of environmental and resource economics, 2005, 189-217.
Nikolić, I., & Filipović, S. (2020). How energy transition will affect electricity prices in Serbia?. Industrija, 48(1), 47-60. doi: 10.5937/industrija%v-25514
Pearce, D., Atkinson, G., & Mourato, S. (2006). Cost-benefit analysis and the environment: recent developments. Organisation for Economic Co-operation and development.
Ridker, R. G. (1967). Economic costs of air pollution; studies in measurement, New York: Praeger.
Ridker, R. G., & Henning, J. A. (1967). The determinants of residential property values with special reference to air pollution. The review of Economics and Statistics, 49(2), 246-257.
Rikalović, G., Molnar, D., & Josipović, S. (2022). The Open Balkan as a Development Determinant of the Western Balkan Countries. Acta Economica, 20(36), 31-51. doi: 10.7251/ACE2236031R
Schelling, T. C. (1968). The life you save may be your own. Problems in public expenditure, 127-162.
Shannon, G., Issa, R., Wood, C & Kelman, Ilan. (2022). Regenerative economics for planetary health: A scoping review: RESEARCH PAPER. International Health Trends and Perspectives. 2. 81-105. doi: 10.32920/ihtp.v2i3.1704.
Viaggi, D. (2018), The Bioeconomy: Delivering Sustainable Green Growth, Oxfordshire, UK ; Boston, MA : CABI.
Ward, F. A., & Beal, D. (2000). Valuing nature with travel cost models, Cheltenham, UK: Elgar.