Australia to phase out waste exports, boost recycling

Australia to phase out waste exports, boost recycling
Australia has finally decided to convert its waste products into energy. (Shutterstock photo)
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Updated 27 August 2020

Australia to phase out waste exports, boost recycling

Australia to phase out waste exports, boost recycling
  • Australia had been shipping 645,000 metric tons of unprocessed rubbish that overseas each year

CANBERRA: The Australian government introduced legislation on Thursday that would phase out exports of waste plastic, paper, glass and tires beginning January next year.

The legislation introduced to Parliament aims to end the export of 645,000 metric tons (711,000 US tons) of unprocessed rubbish that Australia ships overseas each year, usually to Asian ports. Waste glass exports would be banned from Jan. 1, Prime Minister Scott Morrison said.

“It’s our waste. It’s our responsibility,” Morrison said. “We’ve got to deal with it and recycle it and repurpose it and reuse it here to both drive jobs in the recycling sector and also to improve the quality of our environment.” 

Morrison said waste plastic was a key issue that he had raised with Australia’s South Pacific neighbors and with the East Asian Summit and the Association of Southeast Asian Nations.

“Waste plastic in oceans is destroying communities, it’s destroying their livelihoods, it’s destroying their health,” Morrison said.

FASTFACT

32 %

Australia plans to create 10,000 new jobs in the waste and recycling sector, a 32 percent increase on current staffing levels.

Waste disposal has become an increasingly pressing problem around the world since 2017 when China, previously its main destination, barred imports of almost all foreign waste.

The Australian legislation would establish a national industry framework for recycling and create a 190 million Australian dollar ($138 million) recycling modernization fund.

The government also plans to create 10,000 new jobs in the waste and recycling sector, a 32 percent increase on current staffing levels.

More incentives would be offered to companies to take greater environmental responsibility for the products they make and for what happens with those products and packaging at the end of their lives.

“This is about tackling a national environmental issue that has been buried in landfill or shipped offshore for far too long,” Environment Minister Sussan Ley said in a statement.

The legislation was welcomed by the Australian Council of Recycling and the Australian Food and Grocery Council.


Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Updated 02 December 2020

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars
  • Tadawul All Share Index falls to below 8,700 points, turnover at $3.14bn

Saudi equities extended their losses, with benchmark Tadawul All Share Index (TASI) slipping 0.3 percent, or 28 points, to close at 8,694 points on Wednesday.

Total turnover reached SAR 11.8 billion ($3.14 billion), with advance-decline ratio at 52:131.

The shares of Almarai Co., Saudi Telecom Co., Riyadh Bank, Banque Saudi Fransi, Yansab and Zain Saudi ended trading today with declines between 1 percent and 2 percent.

Anaam Holding was the top decliner as it went limit down to SAR 154.20. The Securities Depository Center Co. (Edaa) deposited today, Dec. 2, the subscribed securities of Anaam International Holding Group to the accounts of eligible securities' holders.

On the other hand, SARCO went limit up to SAR 105.6 amid trading volume of 6.3 million shares.

Al-Omran shares recorded their highest close since listing, rising 10 percent to SAR 108.8.

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