The latest meeting of the 5+1 working group, formed by some of the main European National Promotional Institutions including Cassa Depositi e Prestiti (CDP), Bank Gospodarstwa Krajowego (BGK - Poland), Caisse des Dépos Group (CDC - France), Instituto de Crédito Oficial (ICO - Spain), Kreditanstalt für Wiederaufbau (KfW - Germany), together with the European Investment Bank (EIB), resulted in total funding of €8.9 billion for circular economy projects and the commitment to continue working together on the issue.
The commitment is part of the JICE (Joint Initiative for Circular Economy) initiative launched by the 5+1 in 2019 with the aim of financing €10 billion worth of circular economy projects by 2023. By the end of 2022, projects worth €8.9 billion had been supported in a wide range of sectors, including agriculture, industry and services, mobility, urban development, waste and water management, covering all stages of the value chain and the life cycle of products and services.
In this context, the National Promotional Institutes provide direct funding, equity investments, guarantees and/or technical assistance. They also support innovative financing initiatives that help attract funds to the private sector, while working with the European Commission to develop ethical best practise models and spread the culture of the circular economy across the European business and financial landscape.