National roadmaps could play an important role in creating a favourable environment for the adoption of the circular economy in Africa. The African Development Bank (AfDB) has made the circular economy its priority in order to popularise it on the continent. The financial institution reaffirmed its commitment at the Global Circular Economy Forum 2023, organised by the Finnish Sitra Innovation Fund in Helsinki, Finland from 30 May to 2 June 2023.
The circular economy is a
model of production and consumption that involves sharing, renting, reusing,
repairing, refurbishing and recycling existing materials and products for as
long as possible. It represents an enormous advantage for environmental
protection, in that it reduces our impact on nature and cuts down on the
exploitation of natural resources. Hence the interest of the African
Development Bank (AfDB).
To promote the transition
of African economies to this model, the pan-African financial institution is
banking on a regulatory framework developed in a consensual and inclusive
manner in each of its member states. "National governments need to
create the right legal and policy foundations to encourage financial flows to
move towards circular economy solutions," said Anthony Nyong, the
AfDB's Director of Climate Change and Green Growth, at the Circular Economy
Global Forum 2023, organised by the Finnish Sitra Innovation Fund in Helsinki,
Finland from 30 May to 2 June 2023.
Through the African
Circular Economy Facility (ACEF), a multi-donor trust fund, the African
Development Bank is supporting five African countries in developing national
roadmaps to enable the transition to a circular model. "It is important
that the process of developing the roadmaps is inclusive in order to achieve
sustainable, locally-owned results," added Anthony Nyong.
A study cited by the World
Economic Forum indicates that the circular economy represents a $4500 billion
opportunity by 2030.
Fanta Mabo
