Multilateral Development Banks publish their first joint report on the circular economy
At the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Multilateral Development Banks (MDBs) presented their first joint report on the circular economy, The circular economy in motion.
The report presents 20 detailed case studies from around the world and a variety of areas ranging from waste management and food to the construction sector, plastics, textiles, battery recycling and the recovery of critical raw materials. The case studies provide a snapshot of the MDBs’ support to the circular economy that spans advisory services, financial support to governments, private-sector investments and backing to the financial sector.
Drawing on the case studies, the report provides key insights to guide future interventions from policy makers, financial institutions and other stakeholders aiming to develop the circular economy. According to the new report, a growing number of countries and businesses worldwide are seeking to reduce their resource footprint to cut costs, derisk supply chains and reduce waste.
In their shared vision presented at the World Circular Economy Forum in Brussels in April earlier this year, the MDBs’ Working Group committed to promoting the exchange of knowledge with the private sector, civil society, and local, regional and national authorities. The members of the MDB Working Group are the Asian Development Bank (ADB), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank and IDB Invest and the World Bank Group (World Bank and IFC).
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