MEDIA & PRESS
Honeywell (Nasdaq: HON) has signed a Memorandum of Understanding (MoU) with Egypt’s Environ Adapt for Recycling Industries with the aim of advancing plastics recycling in the country. The two organizations will explore the development of the first chemical recycling facility in Egypt that would be equipped with Honeywell’s advanced technology, capable of converting waste plastic into valuable recycled polymer feedstock (RFP).
Under the proposal outlined in the MoU, Honeywell UOP will work with Environ to deploy its latest UpCycle Process Technology – a technology that, when used in conjunction with other chemical and mechanical recycling processes, along with improvements to collection and sorting – has the potential to help recycle up to 90% of waste plastics., This represents a considerable increase in waste plastics that can be turned into polymer feedstock.
“With a broad portfolio of ready now solutions that reduce waste, lower carbon emissions and support sustainable energy transition, Honeywell is well-positioned to support Middle Eastern and North African countries in their ESG goals,” said Khaled Hashem, president, Honeywell Egypt and North Africa. “Our Upcycle Process Technology represents an important milestone in the area of plastics circularity, and we are excited about the opportunity to collaborate with Environ to see how the technology could be deployed in Egypt in support of the country’s sustainability objectives.”
The MoU enables Environ to conduct a project feasibility study to explore trends, feedstock availability and potential markets, technical studies for the operation of the plant and facility, as well as overall project schedule, financial modelling and analysis.
In parallel, Honeywell UOP will provide Environ with technical and commercial information and analysis and broader project support.
“We are fully invested along the entire waste value chain and moving into chemical recycling is a natural evolution of our scope of work,” said Omar M. El Hassanein, CEO for the Waste Treatment and Resource Recovery division within Intro Sustainable Resources. “We are always on the lookout for innovative technologies that will help us decarbonise our customers’ operations and contribute to the country’s NDCs. We see Honeywell’s UpCycle Process technology as a key enabler of this objective, and are looking forward to working with Honeywell towards the deployment of this technology in Egypt.”
Honeywell is a world leader in sustainability-related innovation, combining this capability with a long legacy in technology for the digitalization of industries as part of the Fourth Industrial Revolution. While pursuing its own goal of becoming carbon neutral across its operations and facilities by 2035, Honeywell is supporting similar sustainability initiatives declared by nations, and their industries, across the Middle East and North Africa.
The MoU, which was signed during the COP27 conference in Sharm El-Sheikh, Egypt, supports the objectives of Egypt’s Vision 2030 – a unified long-term political, economic, and social vision developed in alignment with the United Nations Sustainable Development Goals (SDGs).
Under Vision 2030 Egypt has set a target to reduce greenhouse gases (GHGs) by 10% from the energy sector, including oil and gas, by 2030 compared to 2016 levels. Additionally, Egypt’s National Climate Change Strategy aims to increase the share of renewables in its power mix to 42% by 2035 and intends to invest US$10 billion to develop 10 GW of renewables and upgrade its thermal power plants.
Operating from the North African hub in Cairo, Honeywell has been expanding its presence, activities and investments in Egypt as it works with some of the country’s key government and private sector entities in the fields of oil and gas, refining and petrochemicals, smart cities, building automation, defense, aviation, infrastructure development, logistics, security and fire safety. The company has been present in Egypt for more than 60 years and is committed to providing high quality talent and technological opportunities that support the country’s long-term focus on localization.