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Dubai: Agreement signed to tap $1.3 trillion global trade of recyclables

Meeting looked into UAE’s projections for a greener circular economy, with focus on consumption of materials, water, energy

Published: Fri 5 May 2023, 12:07 AM

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File photo

An agreement was signed between Global Recycling Foundation and World Sustainable Business Forum (WSBF) at the inaugural Chief Future Officer Forum on Thursday. The pact will not only tap the global trade of recyclables valued at $1.3 trillion dollars, but is also expected to contribute in the sustainable future of technology.

Organisers of the forum held at Dubai’s Museum of the Future added the agreement came at “an opportune time when the UAE is set to host COP 28 later this year, and with 2023 being declared as the Year of Sustainability.”

“The recycling industry is worth US$1.3 trillion and by signing this agreement, we are very optimistic that this will create an awareness on the need to integrate recycling goals in the forthcoming COP28 meet,” noted Ranjit Singh Baxi, founder of Global Recycling Day.

“The agreement, signed in the presence of members of the international recycling federation from US, UK and Europe, sets the road map and enlists deliverables required to integrate this important topic in the collective sustainable goals of the nation and initiate an important dialogue,” added Baxi, noting: “the country is moving towards the goal of net zero carbon emission by 2050.”

Adopt innovative approaches

The UAE is set to host COP28, the annual Conference of the Parties of the United Nations Framework Convention on Climate Change, in November at Expo City Dubai, where world leaders are expected to set goals to manage the impact of increases in global temperature.

Early this year, the UAE Circular Economy Council convened a meeting underscoring climate action and sustainability. Officials noted that “one of the priority elements that must be emphasised in 2023 for a successful COP28 is the country's ability to adopt innovative approaches in circular economy to reduce greenhouse gas (GHG) emissions.”

The meeting also looked into the UAE’s projections for a greener circular economy, with particular focus on the consumption of materials, water, and energy, as well as the reuse and recycling of materials, nutrients and water.

Big data and security

Meanwhile, also discussed at the Chief Future Officer Forum was national digital transformation using AI (artificial intelligence) and big data.

Talal Al Kaissi, CEO of G42 Cloud, talked about data ownership and security. He said: “Industries trying to leverage AI is predicated on having proprietary data that must be protected the same way national data are protected."

He added enterprises and governments have a big role in securing data as the world is moving to a future driven largely by technology.

Industry leaders who attended the forum also talked about the responsible use of technology. “We will see machines and technology becoming more integrated in our daily lives… (Therefore), data privacy, security and ethics must be in place to protect organisations and individuals who use technology,” Ussama Dahabiyeh, CEO of Injazat, underscored.

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