How developing a circular economy requires concerted efforts

How developing a circular economy requires concerted efforts

2021 isn’t an easy year – not for businesses, governments or people. We’re looking at a complex set of challenges as we build economies back and attempt to ‘reverse’ the damage done to the environment. With less than 10 years to achieve the United Nations Sustainable Development Goals (SDGs), the clock is ticking, and we need concerted action to fight climate change and make businesses more resilient for the current vulnerable environment. At the heart of this recovery is the circular economy. We need to tackle economic issues and the climate crisis simultaneously. A circular economy isn’t just environment-friendly – it’s a multi-million dollar business opportunity and more businesses need to recognise that. When waste is looped back into the supply chain in the form of new products, we’re extending its lifecycle – keeping it in the production system and out of the environment. According to the Ellen MacArthur Foundation, adopting a circular economy approach across plastics, steel, aluminum, cement, and food can achieve a reduction of 9.3 billion tonnes of greenhouse gases by 2050. It also presents a unique market opportunity of close to $4.5 trillion by 2030. In January this year, the UAE government approved the Circular Economy