Abstract
Circular economy is a tool based on the inclusion of environmental, social, and governance performance (ESG) in decision-making to achieve sustainable development goals (SDG). In recent years, it has become clear that business-as-usual has nothing to do with sustainability, and alternative business models, primarily on technological grounds, must be implemented to mitigate the damage caused by significant and unpredictable effects of climate change. The current situation requires unprecedented and urgent changes to policies and business development models. The current research aimed to target on industrial symbiosis as one of the business models of the circular economy. It evaluated the benefits of symbiosis and the fostering of cooperation between industries and, consequently, has a major impact on resource efficiency ratios. The research is based on quantitative and qualitative research methods, including a literature review, assessment, and application of the triangulation method. As a result of this research, the authors realized a matrix for the development of regional or cross-country industrial symbiosis that can be used by policymakers to foster the development of symbiotic interconnections on a wide scale. The authors also recommend the development of the Baltic University Program (BUP) network center of excellence and methodological justification for industries to engage in industrial symbiosis (IS).