Sustainable waste management, including reducing the amount of materials used in a product, reusing products where possible, and recycling products if they cannot be reused, is critical to a green economy transition. Currently, 95% of the plastic packaging produced is used only one time and then lost to the economy (with a value of $ 80-120 million) and 30% of all food produced is wasted. When this waste is recycled it can have tremendous value. For instance, electronic waste (e-waste) is worth over US$ 62.5 billion each year in recovered parts, with UN Environment studies estimating that there is 100 times more gold in a tonne of e-waste than in a tonne of gold ore.
According to the World Bank, the volume of waste produced globally every year is predicted to grow twice as fast as the global population through 2050. Incorrectly managed, waste can create long-term health and environmental impacts. Costs of incorrect waste management also include clean-up, fines, liability for injury and damage, and erosion of public goodwill. In contrast, if the waste is correctly managed it can save businesses transport costs, landfill charges, operating costs, and time by adopting practices such as waste-water sludge treatment, selling waste fat and grease for conversion into biofuel, improving waste-sorting channels, and using energy efficient compacting and baling equipment (which have been found to have a payback period of 1-2 years).