The EIB Circular Economy Guide: Supporting the circular transition
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The EIB Circular Economy Guide - European Investment Bank
About the European Investment Bank
The European Investment Bank is the world’s biggest multilateral lender. The only bank owned by and representing the interests of the EU countries, the EIB finances Europe’s economic growth. Over six decades the Bank has backed start-ups like Skype and massive schemes like the Øresund Bridge linking Sweden and Denmark. Headquartered in Luxembourg, the EIB Group includes the European Investment Fund, a specialist financer of small and medium-sized enterprises.
The EIB Circular Economy Guide
Supporting the circular transition
May 2020
Contents
1. Introduction
2. The circular economy
3. EU policy framework
4. EIB lending to the circular economy
5. EIB circular economy financing and advisory
6. Project eligibility and screening
Annex 1 Circular economy reference websites and documents
Annex 2 Circular economy strategies
Annex 3 EU policies on the circular economy and bioeconomy
Annex 4 Circular economy and climate change mitigation
Annex 5 Typical circular economy investments and generic guidance
For more information, visit our website on www.eib.org/circular-economy or contact us at CircularEconomy@eib.org.
Abbreviations
3D three-dimensional
CDP Cassa Depositi e Prestiti
CO2eq carbon dioxide equivalent
DSCR debt-service coverage ratio
EBIT earnings before interest and taxes
EC European Commission
EFSI European Fund for Strategic Investments
ECBF European Circular Bioeconomy Fund
EIB European Investment Bank
EU European Union
EUR euro
GDP gross domestic product
Gt giga-tonne
ICT information and communication technology
Mt mega-tonne
RDI research, development and innovation
SME small and medium-sized enterprises
UNEP United Nations Environment Programme
1. Introduction
The circular economy concept is gaining attention as the consumption and use of resources increases to serve a fast-growing population with rising standards of living. Circularity refers to the circular flow and efficient use and reuse of resources, materials and products. This new economic model represents sustainable green growth, moving from a consumption and disposal-based linear model to a system that extends the life of products and materials and minimises waste. The circular model has many environmental, climate, social and economic benefits.
The circular economy is backed strongly by the European Commission and other EU institutions, as well as by a growing number of cities and countries across the European Union. It is also attracting increasing attention from the business community and public and private investors. The circular economy goes beyond resource efficiency and recycling. It provides the framework to develop new business models aimed at increasing the value, use and life of materials, products and assets and designing out waste from production and consumption.
In light of the European Commission’s new Circular Economy Action Plan[1], the EIB, as the EU bank, is supporting the transition to a circular economy, particularly in the European Union, but also in other parts of the world. The EIB has a long track record of lending to projects focusing on recycling and the recovery of waste and by-products in various sectors. We aim to increase lending to innovative circular economy projects aimed at systematically designing out waste, extending the life of assets and closing material loops. The EIB also offers circular economy advisory services, and is active in networking, sharing of best practices, connecting stakeholders and facilitating access to finance for circular economy projects. In light of this, this guide aims to:
a. promote a common understanding of the circular economy as