The European Commission has adopted an ambitious new Circular Economy Package to stimulate Europe’s transition towards a circular economy which will boost global competitiveness, foster sustainable economic growth and generate new jobs.
The proposed actions will contribute to “closing the loop” of product lifecycles through greater recycling and re-use, and bring benefits for both the environment and the economy. The plans will extract the maximum value and use from all raw materials, products and waste, fostering energy savings and reducing GHG emissions. The proposals cover the full lifecycle: from production and consumption to waste management and the market for secondary raw materials. This transition will be supported financially by ESIF funding, €650 million from Horizon 2020 (the EU funding programme for research and innovation), €5.5 billion from structural funds for waste management, and investments in the circular economy at national level.
The Package has broken down silos in the Commission and contributes to broad political priorities by tackling climate change and the environment while boosting job creation, economic growth, investment and social fairness.