In a newly published paper titled ‘The rise of circularity: How the GCC is transforming from the inside for the outside’, PwC Middle East outlines the benefits of a circular economy in the region. With high consumption and heightened environmental threats, the ‘take-make-dispose’ industrial model is no longer sustainable for the GCC. As such, organisations that transition to a circular economy approach, by decoupling economic activity from consumption and creating closed-loop cycles in which waste is minimised, will be ahead of the curve. These organisations will gain a competitive advantage by proactively planning for the future, rather than reacting to regulation or public pressure.
Featuring case studies from across the EUR industry, the paper asserts that adopting a circularity approach not only mitigates climate change risks, but also provides organisations with the following benefits:
- Greater efficiency, lower costs and maximum value
- Improved brand reputation
- Localisation and job creation opportunities
- Attraction of foreign direct investment (FDI)
The circular economy is a key pillar in the Environmental, Social and Governance (ESG) movement, which is now starting to gain ground in the GCC. Companies across the EUR sector have moved closer to a circular economy approach in recent years, with private and public sector giants adopting circularity initiatives and investing in technologies that can deliver sustainable business advantages and long term value. As countries in the region move closer to establishing circular economies, a higher number of actions will be taken at larger scales.
As the rise in circularity accelerates, government regulators, legislators, industry leaders and consumers will also require a level of partnership and collaboration that has not been seen before. The paper addresses actions that policy makers and, in particular, organisations can take to achieve real transformation ranging from understanding circular opportunities and developing clear strategies to establishing regulatory frameworks based on circularity principles.
Neil O’Keeffe, PwC Middle East Energy, Utilities, and Resources Industry Leader noted: “As the focus on sustainability and ESG grows, there will be increased pressure on companies to demonstrate their ESG credentials; pushing solutions such as circularity to become the new normal. In this environment, businesses that radically innovate to create new models – investing in new product technology, value chain partnerships and waste management infrastructure – will be the winners.”
-Ends –
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
Established in the Middle East for 40 years, PwC has 22 offices across 12 countries in the region with around 6000 people. ( www.pwc.com/me ).
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
