We’re moving beyond take, make, waste
to an economy that renews the value of its resources
over and over again.
GCC countries prospered
from decades of economic population and societal growth.
But while the region's potential
may seem limitless, its resources are finite,
constituting a serious constraint for this growth to continue.
By minimizing consumption and maximizing resource value,
a circular economy overcomes this limitation, opens
meaningful business opportunities throughout the value cycle,
and protects our environment from both depletion and pollution.
We begin with reducing the superfluous use and waste, then giving materials
a second, third, fourth life whenever possible
to reuse and recycle.
There is already momentum toward circularity from the GCC,
both in line with the global race toward sustainability and as a key component
of diversifying the economy away from oil, including ambitious targets
aiming to greatly accelerate what has been achieved
by other developed countries to this point.
GCC governments and companies are investing
in increasingly innovative and effective solutions for this aim.
But more must be done to avoid continuing to overshoot our planetary boundaries.
Considering the bold growth agendas of GCC countries,
high and growing waste generation is a serious concern
for this region, particularly focusing on concrete and cement,
plastic, metal, and bio-waste material streams
driven by the construction and agriculture industries and by our communities.
As it stands today, effective waste collection across those material streams
is approximately 60% globally, and in the vast majority of cases,
waste collection is not properly sorted,
leading to recycling rates below 20%.
But to sustain renewable resources and prolong access to finite ones,
by 2040, we need a global recycling rate of 80 to 90%.
That ambition is possible for the GCC.
It will take significant investment roughly $130 billion
over the next 20 years, and also a coordinated effort
throughout the value cycle, led by government ministries
and waste managers and joined by energy, industrial and commercial players.
seizing the opportunities upstream.
It's a bold plan,
but this collective action would have an enormous and critical impact
increasing GDP by $100 billion,
creating more than 200,000 jobs
and generating expansive opportunities for the region's economy
to diversify and become self-sufficient while continuing to grow.
It would also substantially improve the quality of life in the present
secure, finite resources for the future,
and of course, protect our one and only planet.
Net Zero isn't our target;
It's our launchpad.
We're driving beyond zero
in the GCC, by harnessing the power of a circular economy.