The aim of this paper is to present a comprehensive analysis of the effect of the Circular Economy (CE) on Sustainable Development (SD) and the influence of the business model on corporate reputation. The data is taken from Fortune and Refinitiv Eikon. In a first step, panel data analysis is performed using a sample of 600 worldwide firms for the period 2014 to 2023. As dependent variables we use three variables: Total waste amount and CO2 emissions to measure environmental impact and corporate reputation to examine possible relation. As circular economy indicators, we apply renewable energy use, waste recycling ratio, as well as the dummy variables policy water efficiency, policy energy efficiency, policy sustainable packaging, policy environmental products, policy emissions and furhter control variables. The first results, which come from a regression analysis, show significant and negative influences of renewable energies and recycling activities on C02. Furthermore, renewable energy has the potential to reduce waste amounts. Further, the results show that large companies produce more C02 and waste. In the context of reputation, our results indicate that larger firms (measured in terms of employees) statistically enjoy a better reputation. This is also true for companies that have a higher level of recycling activities; while no correlation can be shown between renewable energy and reputation.