Qatar to generate additional $17bn by 2030 with circular economy, says IPA Qatar – The Peninsula

Qatar to generate additional $17bn by 2030 with circular economy, says IPA Qatar – The Peninsula

Doha: With proper implementation of a circular economy (CE), Qatar is set to generate an additional $17bn by 2030, corresponding to 10 percent of its GDP, as well as create an estimated 9,000-19,000 jobs by 2030, increase disposable income, and attract more greenfield foreign direct investment (FDI), according to the Investment Promotion Agency Qatar (IPA Qatar). In its policy paper on Circular Economy published recently, IPA Qatar highlighted that as the world gravitates towards sustainable investing, a circular model helps countries like Qatar achieve a balance between economic growth and environmental stewardship.

Investors worldwide are becoming sustainability-conscious, which has partially motivated many countries to implement circular strategies to attract greenfield FDI and create quality jobs for their citizens. Therefore, targeting sustainability-conscious investors is crucial for achieving economic, social, and environmental objectives set by the Qatar National Vision 2030, said IPA Qatar.

In the study, IPA Qatar noted that the current pandemic has expedited the shift towards CE by bringing to the fore many of the inherent risks and dysfunctionalities of the linear economy. In June 2020, more than 50 global leaders and chief executives endorsed the circular model as a viable solution to build back better and achieve green and sustainable recovery