Circular economy could create 700,000 jobs by 2040, generate $200 bln in savings: World Economic Forum

  • Date: 27-Jan-2021
  • Source: Ahram
  • Sector:Economy
  • Country:Middle East
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Circular economy could create 700,000 jobs by 2040, generate $200 bln in savings: World Economic Forum

Creating a more circular economy could generate 700,000 net additional jobs by 2040 and savings of up to $200 billion annually, according to the Netherlands' Minister for the Environment Stientje van Veldhoven.

Van Veldhoven made her comments during the third day of the World Economic Forum (WEF), held on Wednesday.

She noted that moving towards greater circularity is imperative for the environment and for economic recovery and growth, adding that achieving greater circularity would lead to repairing and reducing wasted resources.

"The pandemic has reinforced the fact that wasting resources is wasting money,“ she said.

In its third day, the WEF focused on the actions that can be taken to switch to a green and eco-friendly economy, in addition to the importance of circular innovation for an economic reset in the post-pandemic stage.

The WEF hosted Russian President Vladimir Putin, who said that while globalisation and growth have lifted many people out of poverty, millions of others, even in rich countries, face dimmed prospects for wage growth and increasingly limited access to healthcare and education.

The Russian president noted that the COVID-19 pandemic has exacerbated the shortcomings of the global economy, which are a direct result of the policies