European Union Opens up 24 Billion Euro of Existing Finance to Circular Economy Businesses
The European Commission and the European Investment Bank (EIB) have announced changes to EU financial tools to help circular economy projects and businesses secure funding and support the realization of EU climate goals.
The changes build on the EU’s Circular Economy Strategy launched in December last year and result from EIB recommendations published at the Financing the Circular Economy conference hosted under Luxembourg’s Presidency of the EU.
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An amendment to the InnovFin Delegation Agreement signed at the conference will enable higher-risk, yet innovative sustainable business models and plans to access credit through InnovFin – an EU finance support program under Horizon 2020, which was previously only available to innovative industrial and technology enterprises. InnovFin Advisory, a financial advice service in the EIB, will also support mid-sized businesses in making their circular economy projects investment ready in order to benefit from the Mid Cap InnovFin financial products.
More information at Report „Assessment of access-to-finance conditions for projects supporting Circular Economy“ by InnovFin Advisory and EIB Advisory Services – Executive Summary (www.eib.org/attachments/press/innovfin-advisory-report-on-circular-economy-executive-summary-public.pdf).
Photo: Royal Hasskoning DHV / European Commission
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