Egypt Collects 2,700 Tons of Plastic in 2021

In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
TT
20

Egypt Collects 2,700 Tons of Plastic in 2021

In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)

The private sector in Egypt has collaborated with the government to reduce carbon emissions and get rid of environmental pollutants safely, in line with Egypt’s Vision 2030 and the country’s hosting of the COP27 United Nations Climate Change Conference in 2022 in the Red Sea resort of Sharm El-Sheikh.

In this regard, Egypt’s Plastic Bank announced the results of its efforts in 2021 and plans for 2022 to reduce the country’s plastic pollution.

It said it has managed to collect 2,700 tons of plastic waste, which is equivalent to 150 million bottles during 2021, exceeding the target set at the beginning of the year by 105 percent.

“We are highly optimistic and proud of what we have accomplished in 2021 by boosting the circular economy in a way that serves the sustainable development goals and Egypt’s vision 2030,” said the Regional Director for Egypt, the Middle East and Africa, Amr al-Kady.

“We are also pleased with Plastic Bank’s impact in Egypt and its journey to raising awareness on the negative consequences of plastic pollution and the importance of proper plastic waste disposal.”

“We look forward to achieving further progress in the coming year by expanding across governorates and developing our system for collecting plastic waste and recycling operations,” he added.

According to Kady, the Plastic Bank’s strategy relies heavily on specific factors, including expanding across governorates by increasing the number of collection centers and quantities of plastic waste collected, creating tactical partnerships with major private-sector firms operating in various fields and developing the enterprise’s online application.

Additionally, the social enterprise supports gender equality and empowering underprivileged communities, he noted during a discussion panel on Zoom.

Regarding its expansion, Kady said the enterprise has expanded across several governorates in collaboration with Henkel Egypt, establishing 11 collection centers nationwide in 2021.

Plastic Bank is a social enterprise that aims at creating a recycling-based community through providing job opportunities and income resources for collecting plastic waste.

It is helping the world stop ocean plastic, while improving the lives of collector communities and establishing a collection ecosystem in coastal communities and integrate the plastic back into recycling value chains as Social Plastic to be reused in global industries.

Plastic waste collectors receive money, services or goods in exchange for plastic waste, providing them with secure lives.

Also, Plastic Bank fights child labor, converts informal sector into a formal one, develops work places according to HSE standards, encourages education and improve collectors’ lives.



Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
TT
20

Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.