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Multilateral Development Banks present their shared vision for circular economy at WCEF 2024 (video included)

During the World Circular Economy Forum (WCEF) 2024, Multilateral Development Banks (MDBs) presented their Circular Economy Working Group’s emerging shared vision (link to PDF) 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.

See the whole conversation below:

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