Plastics, while revolutionizing our world, have left an undeniable impact on the environment, prompting a global call for sustainability. In this insightful video, Onur Dursun, Senior Consultant, Chemicals & Materials Growth Advisory at Frost & Sullivan, explores the critical issues surrounding global plastic waste and sheds light on Saudi Arabia’s remarkable commitment to sustainable solutions.
Environmental Impact of Plastics:
Plastics have transformed industries and lifestyles, but their environmental consequences are stark. The world faces a plastic waste crisis, demanding a shift towards sustainability and circularity in the plastics industry.
Saudi Arabia’s Pledge:
Saudi Arabia is committed and is taking decisive action. With a pledge to invest 100 Billion Saudi Riyals by 2035, the goal is to divert more than 90% of the total waste generated away from landfills. This ambitious initiative is spearheaded by the National Center for Waste Management and a subsidiary of the Public Investment Fund (PIF), the Saudi Investment Recycling Company.
Industry Collaborations:
In the pursuit of plastic circularity, SABIC and SIRC are joining forces to establish a chemical recycling plant. SABIC, in reaffirming its commitment, plans to process 1 million tons of plastics through its Trucircle solutions initiative, marking a significant step towards a circular carbon economy.
FMCG Commitment:
Major Fast-Moving Consumer Goods (FMCG) companies are also stepping up. Over 80 consumer packaged goods companies are working towards incorporating between 15% to 50% recycled content in their packaging by 2050. This commitment showcases a collective effort to address the environmental footprint of plastic packaging.
Current Recycling Status:
Frost & Sullivan’s analysis indicates that approximately 10% of the total plastic waste generated in the Kingdom, around 3 million tons, is currently being recycled. The potential for growth in reaching the country’s waste management targets is substantial.
Whether you’re an investor or an industry player, gain valuable insights for crafting effective market entry plans in the evolving landscape of plastic recycling via this video:
Be Part of the Transformation!
Join Frost & Sullivan on this impactful journey towards a sustainable future for Saudi Arabia and the planet. From assessing growth possibilities to guiding market entry, Frost & Sullivan is dedicated to providing the knowledge and direction needed for success. The plastic recycling sector is at the brink of a significant transformation—be informed, be involved!
