Regulatory laws and legislation are needed to establish and facilitate the implementations of Circular Economy (CE) and prevent natural resource waste in the region, said the Arab Monetary Fund (AMF) in a study.
In order to achieve sustainable development and green economies in Arab countries, strategies need to be integrated into the governments’ economic policies and frameworks.
The process can be facilitated by drawing examples from international experience, the AMF study on ‘Towards a Circular Economy in The Arab Region: Development of Transformation Measurement Index’, said.
Building an index
The study aims to build an index to measure CE. The index is established based on globally recognised CE indicators that can be used to measure countries' transition toward circular economy.
In light of the proposed index developed by the study, policymakers and stakeholders can determine the countries' transmission level toward CE implementation, adopt policies, reducing waste in natural resources, and built the CE relevant activities that support achieving economic, environmental, social sustainability, and enhancing the added value of Arab economies.
Indicators for CE should be developed on micro, meso, and macro levels, reflecting all aspects of our economy and lives. Developing a monitoring framework for CE in the Arab region and establishing a CE stakeholder platform for exchange experience and related knowledge.
Standards and methods for recycling content, recyclability, and repairability in the Arab region should be developed based on CE standards in developed countries.
Creating policies and incentives that encourage the consumption of recyclable products and services in the region.
Changing patterns of production and consumption and utilising renewable energy consistent with climatic and environmental changes.
Through media outreach and education, public awareness can be raised of the need to move toward a CE and environment-friendly policies. A CE database should be built to determine how quickly the Arab region is transitioning from linear economies to CEs.-- TradeArabia News Service