Circular economy could save $58bln for region by 2030: Arab Chambers

Circular economy could save $58bln for region by 2030: Arab Chambers

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