Modern consumer society uses an increasing number of products to meet its needs, which become waste after use, thus posing a serious problem that threatens sustainable development. Investment in waste recycling, due to a high level of non-financial benefits, is considered sustainable, especially in the End-of-life Vehicles (ELV) and Waste Electrical and Electronic Equipment (WEEE) recycling areas. The research objective of this paper is to test the sensitivity of the model for sustainable management of recycling projects by applying a cost-benefit analysis (CBA) to investment projects of car and refrigerator recycling in the Republic of Serbia. By testing the key risk factors of the above investment projects within the sensitivity analysis, the main aim is to determine the critical value of these variables in terms of the financial and social acceptability of these investment alternatives. The results obtained indicate that state subsidies have the greatest influence on defining the model of sustainable investment, especially in the field of e-waste recycling. The impact of other factors, the price of secondary raw materials and the social cost of CO₂ emissions, is significantly smaller, but should certainly be taken into account when defining the optimal model of sustainable investment.

Waste management, ecological consciousness and environmental protection have become increasingly topical issues ever since the beginning of the 21^st century, and in favour of this claim is the fact that there is an increasing number of authors dealing with environmental law, as well the level of global ecological consciousness. The contemporary consumer society is characterized by the fact that it creates a plethora of different kinds of waste. The goal is to create a modern system of integrated waste management in order to encompass the cycle of manufacturing and consumption with a recycling process at the end of the consumer products lifespan. The purpose of this paper is to provide an overview of the European legislation, as well as to analyse the Serbian legislation in the area of waste management. The European legislation on waste management is much older and far more developed than its Serbian counterpart, hence, it represents the foundation for future development of regulations in Serbia. The current waste management legislation in Serbia is largely based on the EU legislation, however, owing to the insufficiently matured and stable Serbian institutions, implementation of these regulations is below the expected level.

The role of the Government in the implementation of the Corporate Social Responsibility (CSR) concept into the business policy in the field of recycling in the Republic of Serbia is analyzed in this paper, with a special overview of the End-of-Life Vehicle (ELV) and Waste Electrical and Electronic Equipment (WEEE) recycling. The research has shown that quite different government approaches to these two independent waste streams are the most responsible for the differences in the amount of the recycled products in the analyzed period. The fact that the so-called self-regulatory CSR observed in the recycling of the used cars in the previous period caused a substantial reduction in the volume of official car recycling is pointed out herein. This indicates that, although car recycling is a financially profitable investment, it is not enough to motivate potential investors to carry out this process through official waste streams in compliance with regulations. On the other hand, in the field of e-product recycling, CSR facilitated by the government has further motivated investors, resulting in an increased amount of recycled e-products.