European Banks Surpass €11 Billion Target for Circular Economy Financing
Amsterdam, Friday, 25 October 2024.
The Joint Initiative on Circular Economy (JICE) has exceeded its €10 billion target, securing €11.57 billion for circular projects by the end of 2023. With Invest-NL joining as a new member, JICE now aims to provide €16 billion in financing by 2025, supporting Europe’s transition to a sustainable, circular economy.
A Collaborative Effort Across Europe
The Joint Initiative on Circular Economy (JICE) represents a significant collaborative effort among Europe’s leading public promotional banks and institutions. These include the European Investment Bank (EIB), Bank Gospodarstwa Krajowego (BGK) from Poland, Caisse des Dépôts Group (CDC) from France, Cassa Depositi e Prestiti (CDP) from Italy, Instituto de Crédito Oficial (ICO) from Spain, and KfW from Germany. The inclusion of Invest-NL, the Netherlands’ promotional institution, marks a new chapter in this initiative, enhancing the network’s capacity to back projects that align with the circular economy principles.
Aiming for a Resource-Efficient Europe
JICE was launched in 2019 with the ambition to facilitate long-term financing for projects that promote sustainable practices across various sectors, such as agriculture, industry, and waste management. By focusing on reducing greenhouse gas emissions, minimizing waste, and improving energy efficiency, these projects aim to meet the goals set by the Paris Agreement and Sustainable Development Goals (SDGs), particularly SDG 12, which emphasizes responsible consumption and production. The initiative’s success in surpassing its financial target by achieving €11.57 billion by the end of 2023 underscores the growing commitment to a resource-efficient Europe.
Voices of Leadership and Commitment
Key figures from the participating institutions have expressed their enthusiasm and commitment to fostering a circular economy. Radoslaw Kwiecien, Chief ESG Officer at BGK, stated, ‘It is great to see that JICE is growing, as a resource-efficient Europe is what we all are aiming for.’ Similarly, Eric Lombard, CEO of CDC, emphasized the hard work of Banque des Territoires and Bpifrance, along with their European partners, in achieving these results. Dario Scannapieco, CEO of CDP, remarked on the collaborative power of public banks and institutions in promoting the green transition in Europe.
Invest-NL: A New Partner in Sustainability
Established in 2020, Invest-NL joins JICE as a key player in advancing circular economy projects. As the Dutch national promotional institution, Invest-NL focuses on financing projects that yield societal benefits, such as transitioning to a circular economy and improving healthcare accessibility. By joining JICE, Invest-NL contributes to the initiative’s expanded target of securing €16 billion in financing by 2025, further bolstering efforts to achieve sustainability across Europe.
Future Outlook and Strategic Goals
With the increased financial backing and strategic partnerships, JICE is well-positioned to drive significant progress in the circular economy sector. The initiative’s focus on sectors like urban development, mobility, and water management highlights its comprehensive approach to tackling environmental challenges. As JICE aims to achieve its €16 billion target by 2025, the emphasis on collaboration and innovation remains pivotal. This collective endeavor not only supports Europe’s green transition but also sets a benchmark for global efforts in achieving a sustainable future.