Global – Global waste management industry volumes will likely double by 2025 compared to 2005 levels, according to new figures from the Bank of America. It is again projected to double between 2025 and 2050.
The worldwide recycling industry is expected to hit US$2 trillion by 2020. An estimated 3.5 billion people across the planet still do not have access to basic waste management services while up to 70% of all waste is currently landfilled.
‘We are seeing a shift away from waste as a mandatory public service to waste management as a sustainable business opportunity,’ the report states. ‘We see the fastest growth in the next decade coming from diversion, recycling, recovery of valuable secondary raw materials, waste-to-energy, e-waste, and sustainable packaging.’
Given that the vast majority of the world’s waste still goes unprocessed, there is ‘considerable’ potential for boosting sustainable practices. In fact, analysts expect that ‘greening’ the waste management sector will increase municipal solid waste recycling by a factor of 3.5, as well as doubling industrial waste recycling.