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Circular Economy Measurement Tools, Challenges, And Global Standardization

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  • Roman BAHNARU

    (Academy of Economic Studies of Moldova, Republic of Moldova)

  • Elena HLACIUC

    (Stefan cel Mare University of Suceava, 720229, Romania)

Abstract

The circular economy promise to offer solutions and support to solve recent environmental challenges. But how to measure Circular Economy, and what is de facto the Circular Economy. Perhaps because until 2024 there was no standardized definition of the circular economy, the multitude of definitions created problems for the development of a ubiquitous circular economy at the global level, and at the governance level it created more confusion than clarity in the multitude of green, blue, ecological or sustainable economies. This article examines the role of the definition of circular economy for measuring the circular economy. By aligning measurement tools and approaches, ISO 59020 enables organizations to assess their circularity performance more consistently. The findings suggest that standardized definitions and methodologies are essential for improving transparency and driving the adoption of circular economy practices across sectors.

Suggested Citation

  • Roman BAHNARU & Elena HLACIUC, 2024. "Circular Economy Measurement Tools, Challenges, And Global Standardization," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 12(2), pages 102-110, February.
    • Handle: RePEc:scm:ejafbu:v:12:y:2024:i:2:p:102-110
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