Innovative Approaches and Good Practices in Advancing Business Sustainability

Abstract

The concept of promoting business sustainability is based on the integration of the principles of environmental protection, social responsibility and economic development of organizations. Having sustainable development means creating long-term profitability, taking into account sustainability requirements. Adopting a strategic decision through which sustainable practices are implemented should represent a major objective for companies that want to reduce their long-term costs, improve their image and develop as much as possible. Using resources for business development, without compromising the chances of future generations to have access to them, represents the concept that manages business sustainability. This can be manifested by implementing innovative directions in order to reduce the impact on the environment. The purpose of the paper is to deepen, from a theoretical and practical point of view, the ways of implementing innovative approaches to promoting business sustainability in the case of organizations in Romania. The main aspects analyzed are highlighted by the approach to the concept of circular economy and the need for reporting in the field of sustainability. The research methodology used is based on the analysis of available public data regarding the country profile of Romania in the field of circular economy. This involved the examination of reports from national and European institutions, as well as studies and analyses carried out by relevant organizations. The results obtained allow highlighting Romania's position in the European context, as well as identifying the main challenges in the field. The conclusions obtained generate useful information for both the business and academic environments. UDC: 005.591.6+[334.72:502.131.1]; JEL: F21, Q56, K32, Q55