UAE launches Scale 360 initiative to boost circular economy
WEF research indicates that a move toward a circular economy could generate $4.5tn in additional economic output by 2030
The UAE government has kicked off the Scale 360 initiative in collaboration with the World Economic Forum (WEF) in its attempt to implement technology innovations that result in a circular economy – a form of economy wherein products are recovered and reused in order to preserve the environment.
According to state news agency, Wam, the UAE government will have access to the WEF’s networks of experts, civil society, government, and industry leaders, and has already invested CHF1m (AED3.7m) in its move toward making the initiative a reality.
The UAE aims to build a circular economy by connecting entrepreneurs and innovations through nationally-led challenges and partnerships. The idea is to help stakeholders scale up solutions in partnership with government entities, impact investors, experts, and companies, Wam stated.
Research from the World Economic Forum states that a move toward a circular economy could generate $4.5tn (AED16.5tn) in additional economic output by 2030.
Commenting on the initiative, Minister of Climate Change and Environment, Dr Thani Ahmed Al Zeyoudi, said: “Scale 360 will fast track our global efforts to achieve the UN’s Sustainable Development Goals. In addition to ensuring the conservation of our natural resources, a circular economy will step up our reliance on clean energy, enhance the consistent implementation of sustainable development standards, and generate greater opportunities for the youth in the region.”