(MENAFN- GPCA) Al Khobar, Saudi Arabia, 14 May 2023 – The plastics economy of the future will be more circular than ever, agreed speakers at the Gulf Petrochemicals and Chemicals Association (GPCA) Plastics Conference taking place in Al Khobar, Saudi Arabia from 14 to 15 May 2023. Now in its 12th edition, the conference is being held under the theme ‘Investing in New Value Creation: A Sustainable Transformation’.
To win in the plastic economy, GCC countries must create global closed loop supply chains and material marketplaces. They must invest significantly to build world-scale recycling infrastructure, acquire circular or recycling assets and supply chain capabilities, and focus on customer driven sustainability initiatives. Finally, regional economies must continue to proactively shape global and regional standards and policies in order to build a regulatory environment that supports the circular economy, speakers said.
GCC countries have the untapped potential to develop the plastic recycling industry – both mechanical and chemical recycling – and can reap significant socio-economic benefits, with plastic recycling estimated to create around 1,500 direct jobs and have a USD 650 million GDP impact per metric ton. Advanced recycling technologies are providing solutions that serve the dual objective of regulators and customers for greenhouse gas (GHG) abatement.
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