UAE Approves 22 Policies to Expedite Transition to Circular Economy

UAE Approves 22 Policies to Expedite Transition to Circular Economy
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UAE Approves 22 Policies to Expedite Transition to Circular Economy

UAE Approves 22 Policies to Expedite Transition to Circular Economy

The United Arab Emirates approved on Sunday 22 policies aimed at expediting the country’s transition to a circular economy.

The Circular Economy Council approved the policies proposed by its subsidiary, the Circular Economy Policies Committee, that focus on accelerating the implementation of the circular economy model in four main sectors – manufacturing, food, infrastructure, and transport.

The Council also identified at least 16 circular economy activities that open a wealth of opportunities for businesses, such as upcycling textile waste into new products, developing automated Artificial Intelligence-enabled waste management solutions, and remanufacturing electronic waste.

It convened its second meeting of 2022, presided over by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment.

Almheiri cited the cabinet’s approval of the UAE Circular Economy Policy in January 2021.

“Since then, we have embarked on an ambitious and important mission to shift from a linear model to a circular economy approach.”

“Our current linear economy consumes valuable materials and resources without being able to benefit from them after use, which represents waste in the modern concept of sustainability,” she explained, noting that her ministry seeks to protect the environment and ensure the long-term economic and social prosperity of the UAE.

She affirmed that many key stakeholders in the UAE have already started to embrace circular economy principles.

Almheiri noted that her ministry, along with the Ministry of Economy, have been engaging with them and others to gain valuable information and insights about ways to facilitate the transition to a circular economy.

She pointed out that 45% of global greenhouse gas (GHG) emissions result from producing cars, clothes, food, and other products used every day.

This demonstrates the great potential that lays in circular economy, which can complement the emission reduction and mitigate the current climate crisis.

For his part, Minister Abdullah al-Marri, who also heads the Council’s Circular Economy Policies Committee, noted that the Committee recently held intensive workshops and meetings with the government and private sectors, as well as international partners.

The workshops were designed to support the implementation of the UAE Circular Economy Policy in four key sectors – manufacturing, green infrastructure, transportation, and food production and consumption – as well as the 22 new policies issued to drive the UAE’s overall transition to a circular economy.

He said these policies will contribute to addressing all challenges the private sector is facing in its shift to a circular economy and support the country’s green development drive.

The initiatives come in line with the directives of the UAE’s wise leadership to fast-track the country’s transition to a circular economy as one of the sustainability, flexibility, and growth drivers of the new economic model as per the Principles of the 50.

Approved in January 2021, the UAE Circular Economy Policy identifies the optimal approach to the country’s transition to a circular economy.

Its objectives include building a sustainable economy, promoting efficient use of natural resources, encouraging the private sector to shift to cleaner industrial production methods that involve the use of artificial intelligence and other Fourth Industrial Revolution (4IR) technologies, and adopting sustainable consumption and production patterns that reduce environmental stress while meeting the basic needs of the population.



Gold Prices Dip on Profit-taking, US Data in Focus

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Prices Dip on Profit-taking, US Data in Focus

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices fell about 1% on Thursday as investors booked profits following a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's rate path amid rising global trade tensions.

Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

US gold futures also dropped 0.5% to $2,912.10.

"Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report," Lukman Otunuga, senior research analyst at FXTM, said, Reuters reported.

Market focus is pinned on an escalating global trade war after the US imposed 25% tariffs on imports from Mexico and Canada on Tuesday along with fresh duties on Chinese goods.

Asian stocks rose as investors held out hope that trade tensions could ease after US President Donald Trump exempted some automakers from tariffs for a month.

Investors turn to gold as a safe haven asset when geopolitical and economic uncertainties loom.

"Unless there is a fresh direction catalyst, the current bearish price action may drag gold lower. Should prices break below the $2,900, this may signal further downside toward $2,880," Otunuga said.

The spotlight is on Friday's non-farm payrolls report, which is expected to show a gain of 160,000 jobs for February, economists polled by Reuters said.

Meanwhile, platinum prices were flat at $964.68 per ounce.

"We look for platinum to be undersupplied by 500,000 ounces, or 6.4% of demand, in 2025, keeping the metal in a deficit for a third consecutive year," UBS said in a note.

"Our market deficit should further reduce the above-ground inventories below 3 million ounces and help prices to move to USD 1,100/oz this year."

Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.