Sustainability indicators to achieve a circular economy: A case study of renewable energy and plastic waste recycling corporate social responsibility (CSR) projects in Thailand

Abstract

To promote their public image, a growing number of companies have adopted corporate social responsibility (CSR) projects that benefit various social interests. As such, it is imperative to audit the social, environmental, and economic dimensions of CSR projects for their sustainable development. This paper presents an assessment of three CSR projects undertaken by the energy industry (renewable energy) and commercial sector (plastic waste recycling) in Thailand to transition towards the circular economy (CE) business model. A set of CE indicators were selected from the World Business Council for Sustainable Development: WBCSD 2018 European Commission 2018, and British Standard Institution 2017 and compared with the sustainability indicators listed in the ISO 26000:2010 (referenced in the Global Reporting Initiative (GRI): G4 Guidelines). These indicators were established to assess the readiness of companies to implement sustainable CSR projects. The assessment results showed that the CSR projects in the case study were conducive to the CE model, as most of the CE concepts evaluated by the performance indicators were already in place. This study aimed to support the implementation of CSR projects that contribute to adopting a CE business model and determine key performance indicators (KPIs) to measure and monitor CSR projects in terms of their CE concepts. The sustainability KPIs proposed in this study can serve as a set of guidelines to drive CE strategy adoption and allow for the identification of sustainable CSR projects that can simultaneously offer more value creation and satisfaction for all stakeholders, including society and the companies, while reducing environmental impacts. This paper integrates CSR into a CE approach that results in business sustainability and contributes to Sustainability Development Goal (SDG) targets.