EU opens up €24 billion circular economy funding pot


EU opens up €24 billion circular economy funding pot

European businesses working on circular economy schemes can now apply for a share of a €24 billion pot of innovation funding after the European Commission and European Investment Bank(EIB) agreed yesterday to change the rules around credit access. The funding pot – known as InnovFin– was originally designed as a financial support programme for firms innovating in the industrial and technological sectors. The change in rules now means sustainable businesses will also be able to access credit through the fund, in order to help develop circular economy projects.

 

Mid-sized businesses will also have access to InnovFin Advisory, a service to provide firms with financial advice to help businesses get sustainable projects “investment ready”. The InnovFin fund is being run as part of the EU’s Horizon 2020 research programme, its flagship €80 billion research and innovation initiative that launched last year.

 

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