ACEA
Nov 20, 2024
At the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Multilateral Development Banks (MDBs) presented their first joint report on the circular economy: “The Circular Economy in Motion: How the Multilateral Development Banks are advancing the transition ”, on the 20th of November. The report features 20 case studies worldwide, including the African Circular Economy Alliance.
The report includes 20 detailed case studies from around the world, covering areas such as waste management, food, construction, plastics, textiles, battery recycling, and the recovery of critical raw materials. These case studies showcase the MDBs’ support for the circular economy, which includes advisory services, financial support to governments, private-sector investments, and backing for the financial sector.
The African Circular Economy Alliance, hosted and supported by the African Development Bank through its Africa Circular Economy Facility, is recognized for "playing a pivotal role in promoting the circular economy across Africa."
ACEA's efforts in empowering Africa to drive the circular transition are also highlighted. One key initiative is the National Circular Economy Roadmaps project, funded by ACEF:
The NCER engages various stakeholders to define policies that foster an enabling environment for the circular economy. It establishes the required framework to encourage innovation and identifies investment opportunities in circular infrastructure and businesses.
At the side event themed "Working Together to Unlock Investments in Circular Economy Around the World: MDB Cooperation on Circular Economy," held to launch the report, Dr. Anthony Nyong, Director for Climate Change and Green Growth at the African Development Bank, presented several solutions implemented by the Bank to ensure that vulnerable communities and informal sectors in Africa benefit from the circular transition.
He also emphasized : “The African Development Bank acknowledges the transformative potential of circular economy to generate youth employment and ecological benefits through regenerative practices and efficient resource use. Through the Africa Circular Economy Facility (ACEF), the Bank is committed to continue to empower African countries to harness the numerous opportunities of the transition to circularity
The Vice Minister for the Environment and International Affairs, Dr. Afke van Rijn of the Netherlands, presented opening remarks on the importance of the circular economy agenda and the role MDBs can play in supporting the transition in emerging markets. The closing remarks by Mr. Kgauta Mokoena, Chief Director and Chemicals and Waste Policy Specialist at the Department of Forestry, Fisheries and the Environment of South Africa, and ACEA Co-Chair, highlighted the vital role of African leadership in promoting circular economy solutions and underscored the importance of coordinated efforts between governments and MDBs.