EBRD and other institutions supporting circular economy

The European Bank for Reconstruction and Development, or EBRD, and other major multilateral development banks pledged to expand their support of reusing and recycling materials at the World Circular Economy Forum 2024, which took place in Brussels from April 15 to 18.

The institutions discussed their vision at a forum session entitled “Shaping a global vision for circular finance.” Bank leaders said development banks are vital to helping developing countries achieve sustainable growth in the 21st century while also reducing operations that deplete the environment and emit greenhouse gases that cause climate change.

“At the EBRD, we have been promoting circular-economy projects and practices for over a decade,” said EBRD Director for Sustainable Business and Infrastructure Gianpiero Nacci in a press release issued on April 15. “The circular economy is a key component of our Green Economy Transition approach and is critical to the low-carbon transition. It also has significant nature-related and environmental co-benefits.”

Nacci and other multilateral development bank officers said they would strengthen their capacity to address demand for circular economy products and business models; develop methodologies to assess circular economic proposals that are inclusive and sustainable; enhance resource efficiency; educate businesses, civil society organizations, policymakers, and others in the circular economy.

Sitra, the Finnish Innovation Fund, sponsored WCEF 2024 with the Circle Economy Foundation, which specializes in programming, and the International Resource Panel, a scientific group, and other international partners. ce/jd