In light of the recent rapid developments in sustainability measures and ESG (environmental, social and governance) applications across the globe, there have been several topics that have sparked interest across many sectors in the economy.
These topics, for example, are supply chain sustainability, ESG regulations and sovereign going-green initiatives.
Among these, green bonds and e-waste have become a rather popular segment that requires significant attention as we embark upon 2022.
E-waste, or electronic waste, is the term used to describe discarded electronic appliances such as mobile phones, televisions and computers.
Considering our remarkable use and disposal of electronic appliances, e-waste is considered to be the most rapid contributing factor towards society’s overall toxic waste at an astonishing rate of 70 per cent.
This highlights the importance of e-waste treatment. There are many ways in which e-waste can be treated, such as introducing aspects of digitalisation to the management of e-waste, creating a value chain for e-waste that considers a circular system, implementing specific regulations and laws targeted towards e-waste management, and utilising financial instruments to develop these technologies.
The aspect of digitalisation in e-waste will surely enhance the efficacy of circular management which emphasises on the value chain. Digitalisation will also contribute towards facilitating enhanced sustainable procedures in the e-waste life-cycle. Additionally, it can also in the long-term influence consumers to play a notable role in this digitalisation effort.
There should be heavy focus on this digital and green transition which correlates significantly with the Covid-19 recovery measures taken by many economies across the world. Using digital solutions in this segment of e-waste management will certainly add remarkable value to the economy and will link flawlessly with the sustainability measures being implemented globally.
There has been growing institutional awareness and adoption of ESG across Bahrain, as Bahrain Bourse and Zain Bahrain have recently embarked on their e-waste recycling initiatives.
This will certainly encourage other firms across the kingdom to adopt such measures, and this will lead to a collective effort towards managing e-waste and implementing unique solutions. This also feeds into Vision 2030 of seeing
Bahrain in a sustainably developed manner and correlates with the Supreme Council for Environment’s measures in sustainable development.
Many segments within the economy have been implementing ESG measures, and the financial sector is among those that have the ability to create the most significant value by incorporating ESG within their segment.
The topic of green bonds has been rapidly advancing recently and will certainly be influencing many projects that will be undertaken across the world.
Therefore, Bahrain should really look into advancing this segment of sustainable finance and evolving the ESG landscape. The presence of green bonds will advance the adoption of innovative new technologies and financing these projects will provide green jobs and encourage economic and climate durability.
In essence, there should be a particular focus on the sustainable transition and ESG evolvement across Bahrain, as these will be one of the most contributing factors towards Bahrain achieving its Vision 2030 goals as well as other governmental plans and objectives.
* Mr Al Sarraf is a businessman/engineer, Executive Master of Business Administration (EMBA), member of the Institute of Engineering and Technology, UK (MIET), and member of the Bahrain Society of Engineers.