Vik Bansal Reveals The Expected Impact Of The Recycling Modernization Fund

The CEO of Cleanaway, Vik Bansal has emerged as one of Australia’s most notable business leaders since joining the company in 2015. Thanks to his astute leadership, Cleanaway is now the country’s industry leader in waste management. Recently, Australia’s government said that it would be creating a $134 million Recycling Modernization Fund for the waste management industry. In a recent interview, Vik went on to reveal the expected impact of the fund.

A saddening state of affairs

According to the Cleanaway CEO, Australia produced over 67 million tons of waste annually. Unfortunately, many consumers do not mind much about how they dispose of their waste or are not fully aware of correctly separating their waste for easy recycling. As a result, most recyclable waste is usually contaminated, making it more challenging and expensive to recycle. Vik Bansal mentioned that following this, most of the waste that could have been recycled still ends up in landfills.

A brighter future

Bansal mentioned that the Recycling Modernization Fund is the doorway to a brighter future for Australia’s recycling industry. The money in the fund will be dispersed to waste management firms as a grant to help them adopt the latest technology and increase their capacity. This move will encourage other private investors to join in and inject $600 million into the industry. Vik said that when the program is fully rolled out, the industry will recycle 10 million tons more of waste each year.

About Vik Bansal

Vik has impressive academic qualifications and boasts of completing the INSEAD Advanced Management Program. Before this, he had graduated with an MBA and BS in Electrical Engineering. During the time he has been at Cleanaway, he has led Australia’s waste management industry to launch the NWRIC (National Waste and Recycling Industry Council). Moreover, Vik is a fellow at the prestigious Australian Institute of Company Directors.See this article for more information.


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