Saudi Arabia Recycles 100,000 Electronic Devices to Limit Environmental Impact

The Saudi capital, Riyadh. (Asharq Al-Awsat)
The Saudi capital, Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Recycles 100,000 Electronic Devices to Limit Environmental Impact

The Saudi capital, Riyadh. (Asharq Al-Awsat)
The Saudi capital, Riyadh. (Asharq Al-Awsat)

Saudi Arabia was able to recycle more than 100,000 electronic devices to reduce their environmental damage as part of an effort to build a sustainable digital future that supports the efficient use of resources.

A recent report by the Communications, Space and Technology Commission, a copy of which was reviewed by Asharq Al-Awsat, showed the Kingdom’s efforts in harnessing modern technologies and creating innovative business models that contribute to building a sustainable future.

These efforts are in line with Saudi Arabia’s digital sustainability strategy, which seeks to promote circular digital economy initiatives and develop regulations to reduce electronic waste in three countries.

At the 28th Conference of the Parties, the International Telecommunication Union and more than 40 partners, including governments, companies and United Nations agencies, launched the Green Digital Action Initiative to promote digital initiatives.

The Saudi Communications Authority led the efforts in the digital economy, one of the initiative’s six tracks, which demonstrates the importance of cooperation between government and industry to fill the gaps in electronic waste management for the sake of a renewable economy.

The Authority launched a set of tools to develop digital sustainability strategies in cooperation with the Digital Cooperation Organization, which includes five detailed steps, starting with raising awareness, achieving best practices, developing the strategy, promoting coordination with relevant stakeholders and finally starting the implementation phase.

These tools demonstrate the Kingdom’s commitment to contributing to the green economy and exchanging experiences with the international community to ensure the adoption of best practices to reach sustainable societies.

The report also showed that $649 billion was earmarked to support the adoption of environmental, social and corporate governance practices in 2021, an increase of 227 percent from 2019.

Saudi Arabia’s continued investments in its digital infrastructure over the past years qualify the Kingdom to be a leader in digital sustainability commitments globally, the report underlined, adding that the Communications, Space and Technology Commission is prepared to become one of the most advanced fifth-generation digital regulatory bodies at the international level.



ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.