The Role of Environmental Accounting in Measuring and Managing Resource Flows and Achieving Sustainability (A Modern and Future Perspective Towards a Circular Economy in Libya)

Abstract

This research explores the pivotal role that environmental accounting plays in measuring and managing resource flows as a fundamental requirement for achieving sustainability and transitioning towards a circular economic model in Libya. Given the escalating environmental challenges and economic pressures facing developing nations, there is an urgent need to develop sophisticated accounting systems that transcend the traditional boundaries of financial accounting. The study focuses on developing a proposed accounting framework that seamlessly integrates circular economy principles with environmental accounting tools, thereby enabling Libyan companies to accurately measure resource efficiency, significantly reduce waste generation, and tangibly achieve sustainable development objectives. Through a comprehensive and critical review of contemporary scientific literature alongside an examination of global best practices, this paper presents profound practical insights into how environmental accounting can serve as a strategic transformative tool for achieving sustainability within the specific economic and institutional context of Libya.