Agreement will boost circular economy

Agreement will boost circular economy

During the fourth Sustainability Congress organized by the Government and Asobancaria, the IDB, IDB Invest and the union signed a agreement to promote sustainable business initiatives in circular economy which will be reflected in an action plan for the financing of initiatives for Colombian financial entities, members of the Asobancaria Green Protocol.

(New promoters of the circular economy in Colombia).

The project will support the implementation of the United Nations Sustainable Development Goals (SDGs) with a focus on circular economy for the financial sector, favoring the generation of a business ecosystem that connects the supply of sustainable projects in that economy and financing.

(Fibretex recycles textile waste and turns it into fiber).

Financial institutions, with the support of Asobancariaare strengthening their Green Products and Services strategy within the framework of the Green Protocolbeing the circular economy one of the strategic objectives.

The IDB Group has intensified its efforts to address climate change, following its announcement at COP26 where it pledged to align 100% of new operations with the goals of the Paris Agreement by January 2023.

To comply with the Paris Agreement, the SDGs, reach the Net-Zero route to 2050 and face the climate and biodiversity crisis, it is necessary that the flow of investment be directed to sustainable economic activities with a positive socio-environmental impact.

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