Multilateral Development Banks Unveil Shared Vision for Circular Economy at WCEF 2024

Multilateral Development Banks Unveil Shared Vision for Circular Economy at WCEF 2024

(IN BRIEF) During the World Circular Economy Forum (WCEF) 2024, Multilateral Development Banks (MDBs) revealed their collaborative vision on the role of MDBs in advancing the circular economy. Emphasizing the significance of circularity in achieving sustainable and equitable development, MDB Directors highlighted the pivotal role of MDB support in promoting circular economy approaches among clients. Ambroise Fayolle, EIB Vice-President, underscored the necessity of partnerships and a unified roadmap for transitioning to a circular economy. The MDB Working Group committed to strengthening internal capacity, sharing methodologies, enhancing resource efficiency, and facilitating knowledge exchange with stakeholders to drive circularity forward. The forum, hosted by Sitra, aimed to showcase leading circular economy solutions, emphasizing their potential to foster sustainable development and contribute to the UN Sustainable Development Goals.

(PRESS RELEASE) LUXEMBOURG, 16-Apr-2024 — /EuropaWire/ — During the World Circular Economy Forum (WCEF) 2024, Multilateral Development Banks (MDBs) presented their Circular Economy Working Group’s emerging shared vision on the role of MDBs in supporting circular economy.

The shared vision was unveiled at a session titled “Shaping a global vision for circular finance” which saw Directors from the MDBs emphasise the critical role of MDB support to clients in facilitating the uptake of circular economy approaches. The MDBs recognised that circularity is important to achieving sustainable and just development in the 21st century.

Ambroise Fayolle, EIB Vice-President responsible for financing environment, climate action and the circular economy said: “To succeed in the transition to a circular economy, we need strong partnerships and a common understanding of the path ahead. With this shared vision for the circular economy, multilateral development banks are strengthening their collaboration to better support resource-efficiency and waste-minimisation investments worldwide. As the EU climate bank, we have committed to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and this also includes stepping up our financing for the circular economy.”

Working together for more circularity, the MDB Working Group will continue to:

• Strengthen internal capacity to continue our demand-based support to circular economy approaches, both within our lending and our advisory activities.
• Explore and share methodologies to demonstrate how circular solutions can generate economic value while fostering a just and inclusive sustainable development.
• Enhance resource efficiency considerations within our operations across sectors.
• Facilitate the exchange of knowledge with the private sector, civil society, and local, regional, and national authorities.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In the last five years (2019-2023), the EIB provided EUR 3.8 billion to co-finance 132 circular economy projects in a variety of sectors.

About WCEF

The annual World Circular Economy Forum (WCEF) presents the world’s leading circular economy solutions with business leaders, policymakers and experts participating from around the world. Circular economy approaches can help businesses seize new opportunities and gain a competitive advantage, as well as contribute to achieving the United Nations Sustainable Development Goals. WCEF2024 is organised by Sitra, the Finnish Innovation Fund, and produced with Circle Economy Foundation (programme partner) and the International Resource Panel (science partner), in close collaboration with international partner organisations.

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SOURCE: European Investment Bank