The Bureau of International Recycling (BIR) has expressed concerns regarding the effect of the current energy/cost-of-living crisis on the livelihood of its member companies in Europe and across the globe, following its recent World Recycling Convention held in Dubai. The companies participating at the convention reported on the huge burden that sky-rocketing energy costs have put on their operations, threatening their survival in the medium-to-long term.
During all sessions at the convention covering stainless steel and alloys, it was stated that there is unprecedented pressure on profit margins, while financial losses and bankruptcy issues also were discussed.
In addition, BIR stated that the EU’s potential trade restrictions impacting exports of recycled materials will - if adopted - result in long-term market disruptions that will heavily impact circular value chains and therefore result in additional constraints for the recycling industry.
BIR also called on national governments to enact immediate financial aid for the recycling industry to prevent significant long-term damage to an industry that plays a pivotal role in the global circular economy and the protection of the planet.
