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Five EU banks and EIB launch €10 billion initiative to boost circular economy.

“The conservation of our natural resources is a pivotal task for all of us, and we have to devote more attention to this issue.”

Five EU national promotional banks and the European Investment Bank (EIB) are teaming up to launch a €10bn initiative to promote circular economy projects.

The scheme called the Joint Initiative on Circular Economy (JICE) will take place over the next five years. Its main aim is to prevent and eliminate waste, increase resource efficiency and foster innovation by promoting circularity in all sectors of the economy.

The five national promotion banks and institutions include Bank Gospodarstwa Krajowego (BGK – Poland), Groupe Caisse des Dépôts (CDC – France) including Bpifrance, Cassa Depositi e Prestiti (CDP – Italy), Instituto de Crédito Oficial (ICO – Spain, and Kreditanstalt für Wiederaufbau (KfW – Germany).

The JICE will provide loans, equity investment or guarantees to eligible projects and develop innovative financing structures for public and private infrastructure, municipalities, private enterprises of different size as well as for research and innovation projects. Investments will target all stages of the value chain and lifecycle of products and service.

This includes circular design and production, circular use and life extension, circular value recovery and circular support.

EIB President Dr. Werner Hoyer said: “Fighting global warming and environmental crises is the most urgent challenge of our time. Strengthening the circular economy is one of the most powerful tools in our arsenal. It will not only help achieve the Paris Agreement targets but also bring huge benefits for the economy and society.

“With the Joint Initiative on circular economy, we are scaling up our ambition and joining forces with our peers to stem the tide of waste.”

BGK President of the Management Board Beata Daszyńska-Muzyczka added: “At BGK we are convinced that sustainable development with a circular economy is an expression of responsibility for future generations. We are pleased that, together with our partners, we develop such important solutions that will support innovative, environmentally friendly investments in the European Union.

“The approach is in line with the Polish government Roadmap for Circular Economy based on The EU Circular Economy Strategy. The roadmap is stressing 4 priorities: supporting innovations, creating European market for recycled materials, ensuring high quality recycled materials, developing the service sector.”

Bio Market Insights Issue #14If you were interested in this circular economy story, you may also like the ones below.

Read: Call for EU to stop subsidies for fossil fuels to help bio-based materials sector and the circular economy.

Read: Expert View: Five ways biotech supports the transition to a more circular economy.

Read: Integrating circular economy and bioeconomy would improve European sustainability; report.

Read: Prince Charles demands faster shift from linear to circular economy.

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