The speakers confirmed in the second session of the “Ring Economy … Towards a Sustainable Economy” forum organized by the Embassy of the United Arab Emirates to the Kingdom of Bahrain, today, Monday, that private institutions are a major engine of the shift towards the circular economy, with its flexibility and speed in adapting to modern technologies, and investment capabilities that can be directed towards sustainable solutions.
It has also been emphasized that biofuels represents a promising option to reduce carbon emissions, compared to traditional fuel, and that the shift to the circular economy must be made with clear support from government policies and national legislation.
Participated in the session titled “The Private Sector and its role in promoting circular investment in the circular economy”: Mr. Bassem Mohamed Al -Sa’i, Member of the Executive Office of the Bahrain Chamber of Commerce and Industry and Chairman of the Board of Directors of the Holding Food Company, Mr. Mohamed Ahmed Amin Al -Awadi, representative of the Emirates Chambers Union and Director General of the Sharjah Chamber of Commerce and Industry in the UAE, and Mr. Maher Al -Kaabi, Advisor to the Chairman of the Board of Directors of Al Serkal Group and a member of an independent board of directors in the UAE, and Mr. Mohamed Abdel -Al The founder and owner of the Mohamed Abdel -Al Holding Company in the Kingdom of Bahrain, and Mr. Tamer Al -Halabi, Director of Research and Development at Lootah Biofuel Company in the UAE, and the session was moderated by Mr. Ibrahim Al -Tamimi, CEO of Communication in the Bahrain Chamber of Industry and Trade.
During the session, the speakers indicated that the UAE emerges as a leading model in adopting the concepts of the circular economy, through clear policies and flexible legislation that encourage innovation and investment in areas such as recycling and turning waste into economic resources, noting the experience of the People’s Republic of China, which is one of the world leading countries in this field, especially in renewable energy sectors such as solar energy and wind energy.
The debate dealt with the importance of including the concepts of the circular and digital economy within the national development plans, because of the real opportunities that these two trends constitute to advance sustainable growth and create flexible economic environments, as the speakers stressed that the circular economy should not be understood as an alternative to the traditional industrial sector, but rather as a qualitative development that achieves efficiency and reduces environmental costs.
The participants pointed to the pivotal role of the chambers of commerce and the private sector in promoting the circular economy by providing financial incentives, facilitating procedures, and providing technical guidance, in addition to developing the infrastructure in a manner consistent with the requirements of the circular economy. Stressing the importance of providing financing for small and medium -sized companies based on their performance and sales, not their assets, so that they can invest in clean technologies without financial burdens that hinder their development.
The speakers emphasized that there is a need to intensify awareness and training programs in industrial facilities, and to provide educational and educational materials in multiple languages to cover the great diversity in the workforce, ensuring the consolidation of correct environmental behaviors and enhancing the culture of sustainability within the work environment.
They also pointed out that a number of Emirati companies succeeded in expanding regionally in the field of waste recycling, which made it an example to be followed in converting environmental challenges into promising economic opportunities, indicating that the existence of clear and binding legislation is one of the most prominent factors for the success of these models, and contributes to creating a fair and stimulating competitive environment.
The speakers recommended the importance of including the circular economy in the curricula and its consolidation as part of the culture of future generations, because of this a long -term impact on the sustainability of this transformation, calling for national policies to adhere to the environmental principles issued by the United Nations, as a supportive framework for responsible practices, and a necessary complement to the structure of the circular economy.
At the end of the session, the participants stressed the importance of cooperation between the various parties concerned, to achieve actual integration in managing resources and stimulating innovation in the producing sectors, noting the importance of protecting local companies from unremitting competition that may weaken their ability to implement sustainability practices, through motivational policies and legal guarantees that maintain balance in the market.
The session witnessed a great interaction from the attendees, and it included an expanded discussion centered on the anticipation of the horizons of the circular economy, and ways to launch joint projects between the Kingdom of Bahrain and the sisterly United Arab Emirates that contribute to achieving the national goals of sustainable development.
