Regulatory laws and legislation are needed to establish and facilitate the implementations of Circular Economy (CE) and prevent natural resource waste in the region, said the Arab Monetary Fund (AMF) in a study.
In order to achieve sustainable development and green economies in Arab countries, strategies need to be integrated into the governments’ economic policies and frameworks.
The process can be facilitated by drawing examples from international experience, the AMF study on ‘Towards a Circular Economy in The Arab Region: Development of Transformation Measurement Index’, said.
Building an index
The study aims to build an index to measure CE. The index is established based on globally recognised CE indicators that can be used to measure countries' transition toward circular economy.
In light of the proposed index developed by the study, policymakers and stakeholders can determine the countries' transmission level toward CE implementation, adopt policies, reducing waste in natural resources, and built the CE relevant activities that support achieving economic, environmental, social sustainability, and enhancing the added value of Arab economies.