Recycling can save a lot of money for the economy. Obviously, recycling is the right thing to do for the environment, but it is also the right thing to do for the economy by making use of materials that would otherwise be thrown in the waste bin. Recycling has created a new industry with jobs and economic benefits for the entire community.
Putting it simply, recycling helps to reduce waste and prevents environmental hazards, protects scarce natural resources, reduce energy costs and reduces a country’s reliance on raw materials, including energy. Municipals save a lot of money as they do not have to worry about managing waste disposal at landfills, combustion and degradability.
This industry is opening excellent job opportunities for many people and is reducing the level of unemployment in various countries. These jobs generate taxable revenue that is reinvested in a country’s welfare and at the same time, supports economic prosperity.
These are the economic benefits of recycling:
1. Eliminates high waste management costs
Tonnes of recycling instead of dumping is always an advantage. Waste management is the critical cost that always has to be paid to ensure the proper disposal of waste. Transportation to landfills can be costly, and landfill tax can also be expensive. All these costs add up and can be costly for the community and the economy. Thanks to the economic benefits of recycling, these costs are reduced, and some are even eliminated.
2. Save costs in extracting natural resources
As you are aware, soda cans are made from aluminum. Aluminum is made from mined ore called bauxite. This material is refined and smelted, resulting in molten aluminum. The extraction of ore is costly and requires specialized mining equipment. The economic benefits of recycling make it way less expensive than extracting metals from mines.
Extraction can be over $100,000, while recycling can cost as little as $800. This is a big cost difference making the savings significant. Apart from that, countries can conserve their natural resources.
3. Save costs of manufacturing new goods
After extracting raw materials, the next step is to process the materials to make them aluminum cans or plastic containers. The cost of production during the manufacturing process is reduced as there is no need to transform raw materials. Even energy is saved when using recycled materials instead of raw materials. This is because many products made from recycled materials require less energy to be produced.
The energy savings lead to significant cost savings. Aluminum cans, for example, need as little as 4% of energy when made from recycled material compared to the same cans that are made from bauxite ore. Likewise, recycled paper can save up to 165 gallons of gasoline.
4. Create new jobs
The economic benefits of recycling include job creation. With more jobs in recycling, there is less waste at landfills. Because waste has to be collected, sorted and processed, these steps create jobs for people. It even creates an opportunity for companies to consider recycling and processing of waste as a profitable business. Recycling creates more jobs than transporting waste to landfills.
Research indicates that over 50,000 jobs have been created when the economy shifts to reusing materials instead of throwing them away. Additionally, recycling is contributing to tax revenues equating to a substantial amount that is reinvested by the government into improving a country’s welfare and infrastructure.
5. Recycling is a promising industry
Recycling is a win-win opportunity for the people and the economy. The recycling industry is expected to grow with the expansion of existing companies and new ones entering the industry. This increase in waste management companies increases employment while creating a positive environmental impact. The recycling industry will stimulate jobs in areas of high unemployment, stabilizing the economy and employment conditions.
6. Financial benefits for recyclables
Recycling can raise funds. Aluminum cans, glass bottles and plastic containers can all be exchanged at recycling centers in exchange for money. Recycling is commonly used as a way to raise funds for charities.
7. Companies get recognition from customers
Companies that promote recycling and sustainability are essential to clients, especially government organizations. Clients are looking to work with organizations that are environmentally friendly and responsible.
When companies recycle and record these statistics, they can share this information with their clients. Recycling undertaken by organizations creates a positive company as well as community image.
8. Generates revenue
The recycling industry has been growing at a fast pace. Today, recycling is an economic driver generating high revenues and saving municipal budgets in landfill disposal fees. Setting up a recycling business can be profitable as the company can source the recycled materials for a low price and resell at a profit.
The benefit with this is that start-ups are not just earning a high revenue, but they are saving the planet with their business. Some of the waste materials that start-ups should consider include plastics, cardboard, electronics, metals and textiles.