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Green Economy is a form of economy that promotes human well-being and social equality, while reducing harmful impact on the environment and its further exploitation, thereby justifying its name known as survival strategy. As of 2014, the European Union has launched the Green Action Plan for small and medium-sized enterprises, and the initiative has been joined by the Republic of Croatia. The main objective of this paper is to provide answers to the following questions: Can the principles of the green and circular economy help the Republic of Croatia and the neighboring countries to reduce the impacts of global climate change and at the same time to provide development strategies of renewable energy, moreover to help preserve existing beauty and natural resources? Furthermore, paper will show how small and medium enterprises in the Republic of Croatia and Europe already use certain principles of the green economy, as well as to answer the question if the Green Action Plan is helping them to achieve these goals. [ABSTRACT FROM AUTHOR]