MEMPHIS REISEN

Circular economy could save $58bn for region by 2030: Arab Chambers – Dailynewsegypt

The Secretary General of the Union of Arab Chambers, Khaled Hanafy, said that the Arab region produces about 200 million tonnes of waste annually, and this amount is expected to double by 2030.

Hanafy said that the transition to a circular economy could save the Arab region $58bn by 2030 by improving resource efficiency and reducing waste production. He also said that the transition to a circular economy, along with waste management and recycling, would create millions of job opportunities.

Hanafy made these remarks during the opening of a conference on the role of the Arab private sector in improving waste management, in Doha, Qatar. He added: “Only 20% of waste is recycled or composted to fertilizers, which leads to overflowing landfills, choked waterways, and polluted air, putting our health, ecosystems, and future at risk. The economic cost of this mismanagement exceeds $15bn.”

He said: “We are not just talking about environmental damage; we are talking about a global circular economy market worth $3.2tr that must be tapped, in light of the existence of a market full of potential, job creation, economic growth, and sustainable development.”

He noted that composting and solutions for converting waste into energy could create a vibrant green technology sector that attracts investment, creates job opportunities, and fuels economic growth. He said that bringing about a radical change in industries using circular models would benefit every sector with the potential for adopting the circular model. “Through research and development, we can discover creative solutions that will not only address our immediate challenges but will also pave the way to a more sustainable future,” he said.

He believed that transformation cannot happen in a vacuum, and therefore we need supportive policies and systems that stimulate investment and innovation in the private sector. We also need strong partnerships between governments, companies, non-governmental organizations, and communities, and to work together to exchange knowledge, best practices, and resources.