Circular Economy improvements being made by the Commission
On 26th January, the EU announced that there are improvements being made within the circular economy of the EU. These improvements include, but are not limited, to the first steps being taken toward legislation on the burning of waste for energy. Also, the EU Executive expressed that in order to encourage financial backing for projects that strive to shift to a circular economy; it would collaborate with the European Investment Bank.
To obtain this goal of a circular economy, one in which a marginal amount of material is wasted, will certainly take a lot of work and attention. The EU Executive believes that to be successful, a new regulatory framework and new markets need to be considered and implemented. An optimal new strategy would be to have the ability to burn energy out of waste that has been reused and recycled until it cannot be anymore. However, Executives are also taking close consideration to the idea that incineration might not be the best option, as it’s affects on the environment and health are controversial. Sweden is a great example of a country that succeeds while using incineration; about 50% of waste is burned for energy. Meanwhile, Sweden recycled more than 99% of all household waste. This is something for countries to strive for.
In addition to the steps being taken by the Executive, the Juncker Commission is actively working on the new Circular Economy Finance Support Platform. This platform will connect pension funds, the European Investment Bank, EU officials, and entrepreneurs to create an alliance of institutional investors. From here, the platform will encourage private investors to support projects while simultaneously raising awareness of the circular economy. This project is bound for success, as it raised €116 billion in investment in 2016. This is a three year plan, and the end goal is to raise a total of €315 billion.