A minimum €10 billion will be invested in circular economy projects across the EU over the next five years thanks to a new partnership.

The Joint Initiative on Circular Economy was launched this month, backed by the European Investment Bank (EIB) and five European national promotional banks & institutions. Together they will provide financial backing to support ‘viable circular projects and programme approaches’.

“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,” said Dr Werner Hoyer, EIB President.