Financial services groups ABN AMRO, ING and Rabobank – all members of the FinanCE Working Group - have release guidelines on financing circular economy projects. The move could mean funding will become easier to get for reman and other businesses.
Annemein Kolk, head of commercial banking at ING Nederland, says: “At this point we lack generally accepted guidance on circular finance. The CE Finance guidelines offer a starting point for what we can see as circular initiatives in our industry and we hope they will facilitate the journey to such financing for financial services companies across the world.”
Creating guidelines which are widely accepted by banks and other lenders should help facilitate the transition to a circular economy. “With these guidelines, ABN AMRO, ING, Rabobank and the FinanCE Working Group are taking the lead in aligning banks and market players in their efforts to increase capital allocation to circular businesses,” says Gerald Naber, insights and collaboration manager at Ellen MacArthur Foundation.
