ING joins Circular Economy 100 to unlock business opportunities
Dutch multinational banking group ING has become the latest global institution to join the Circular Economy 100 (CE100), the innovation platform launched by the Ellen MacArthur Foundation to accelerate circular economy ambitions.
As a newly-enlisted member of the CE100, ING joins like-minded companies, innovators and regions seeking to contribute to a renewable, circular economy through individual projects or their entire business operation models.
Through the CE100 platform, ING aims to grow its knowledge and network by collaborating with experts, partners and fellow members to promote the circular economy and unlock business opportunities. The bank vows to help clients with their transition towards more sustainable business models, such as the move from a model based on the “take, make and waste” processes to the circular economy model focused on the “reduce, reuse and recycle” principles.
ING’s vice president for sustainable finance Gerald Naber said: “For ING, sustainable business is better business and we look forward to enhancing our efforts to integrate sustainability through our membership of the CE100 programme. We are honoured to be working alongside one of the worlds most distinguished circular economy champions and believe that this is a fantastic opportunity to learn, gain and contribute to global sustainability.
“To thrive in a world where sustainability takes centre stage, forward-looking businesses are embracing sustainability requirements, using them to foster innovation, drive competitiveness, and create new business models. The circular economy is the ultimate answer to solving the problem of the depletion and economic scarcity of resources, but it also creates new business opportunities. As a leading global bank, we are actively engaging with our clients to come up with the solutions that will support their transition.”
The concept of circular economy has received a boost in recent months, with a number of major brands including sportswear giant Nike joining the Ellen MacArthur Foundation as global partners. The Ellen McArthur Foundation recently stated that coupling closed-loop systems with the Internet of Things would unlock wholesale ‘social benefits’.
ING has been taking bold steps towards the circular economy recently, with the bank looking to revamp its existing funding portfolio as part of a transition to longer-term, sustainable financing.
Speaking exclusively to edie, ING’s global head of sustainable finance Leonie Schreve insisted that the circular economy offers "huge potential" to the financial markets. In its recent ‘rethinking finance in a circular economy’ report, ING estimated that closed-loop business models were forming a growing market which could generate an additional 4% growth in value over a 10-year period.
ING has previously stated that the financial industry will need to undergo a seismic shift in culture to support these new models. In a recent blog for edie, ING senior economist Gerben Hieminga claimed that new opportunities are on the table for the business community and for those who fund them as the concept of the circular economy enters the mainstream.
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