- The Joint Initiative on Circular Economy (JICE), which was started by the biggest public banks and organizations in the European Union, has reached €11.6 billion in financing for circular economy projects between 2019 and 2023, which is more than the original €10 billion goal.
- The initiative has also welcomed Invest-NL as a new member and has made a larger commitment to reach €16 billion by the end of 2025.
At the World Circular Economy Forum 2024, the European Union’s largest public promotional banks and institutions — Bank Gospodarstwa Krajowego (BGK — Poland), Caisse des Dépôts Group (CDC — France), including Bpifrance, the French national investment bank, Cassa Depositi e Prestiti (CDP — Italy), Instituto de Crédito Oficial (ICO — Spain) and KfW (Germany) — and the European Investment Bank (EIB) announced that they had exceeded their €10 billion target financing volume for circular economy projects, reaching €11.57 billion at the end of 2023. They also welcomed a new member, Invest-NL, the Netherlands’ national promotional institution established in 2020.
Moving from a linear to a circular economy is very important for reaching the goals of the Paris Agreement and the Sustainable Development Goals, especially SDG 12 (responsible consumption and production). Due to the urgent need to address the climate and environmental crises, the Joint Initiative on Circular Economy (JICE) has decided to raise its goal and now aims to provide €16 billion for circular economy projects by the end of 2025.
Started in 2019, JICE aims to provide long-term financing to projects that speed up the transition to a circular economy. The participating JICE partners had set a financing goal of giving at least €10 billion for circular economy projects by the end of 2023, offering the support over a five-year period. Projects signed so far cover a wide range of sectors, including agriculture, industry and services, mobility, urban development, waste, and water management. Among other priorities, they help to reduce greenhouse gas emissions and waste, preserve materials, improve energy efficiency and sustainability, or develop innovative materials and circular solutions. Projects span all stages of the value chain and the life cycle of products and services, from design to value recovery.
BGK member of management board, Chief ESG Officer Radoslaw Kwiecien said: “We have stated in our strategy that it is our responsibility to use available resources to provide further development and better living conditions for future generations. It is great to see that JICE is growing, as a resource-efficient Europe is what we all are aiming for. We need more circular economy projects from both private business and the public sector.”
CDC CEO Eric Lombard said: “We are delighted that our objectives have been overachieved. This result emphasises the hard work of Banque des Territoires and Bpifrance, as well as our European partners. They confirm Caisse des Dépôts Group’s determination to continue and expand its support to circular economy and, more broadly, ecological transition at the service of local authorities and businesses.”
CDP CEO Dario Scannapieco said:The shift to circular production models is very important to make sure the long-term sustainability of our system and the strength of economic growth and business competitiveness. In this context, CDP actively helps with the implementation of initiatives that support the move to a circular economy. The impressive results reached by JICE so far show that public promotional banks and institutions can work together effectively to promote the green transition in Europe. That's why expanding the initiative to include a new member and setting a new investment target is a significant step forward in this collaboration.”
EIB President Nadia Calviño said:The circular economy is crucial for the shift to carbon-neutrality, and the success of the Joint Initiative for Circular Economy demonstrates that the range and number of projects to be funded in this area is increasing. So we warmly welcome Invest-NL as our new partner in pursuing our higher ambition. It's essential to encourage collaboration across borders, sectors, and financial players to maximize our impact.”
ICO Chairman José Carlos Garcia de Quevedo said: “Supporting the green transition is one of the goals of the ICO Group’s activities, within the framework of the Recovery, Transformation, and Resilience Plan. In this area, we focus on financing circular economy projects that promote more sustainable and fairer growth models. We are happy to share and strengthen this commitment with our European counterparts and to welcome Invest-NL as a new member of the JICE Initiative.”
Invest-NL CEO Rinke Zonneveld said:By joining the Joint Initiative for Circular Economy (JICE), Invest-NL reaffirms its dedication to sustainability and innovation. This participation emphasizes our commitment to advancing circular practices and facilitating the exchange of expertise. This will strengthen public-private financing mechanisms, making circular solutions more achievable and scalable.”
KfW CEO Stefan Wintels said:I am very happy that KfW has been part of this initiative since 2019 and collaborating with other European promotional banks to drive change in this important field of action. The careful use of natural resources is crucial for achieving the goals of the Paris Agreement. Against this backdrop, the transition to a circular economy is decisive. So it's even more satisfying that the financing target for 2023 has been surpassed, and we are now raising the current financing goal to further speed up sustainable development.”
