The Centre for Remanufacturing and Reuse (CRR) contributed to the Achieiving Growth Within report.
The CRR discussed its contribution to the report, with Oakdene Hollins – which runs the CRR – noting it was “proud to have contributed information on remanufacturing for the report”. The report, released recently, found that “scaling the circular economy in Europe offers investment opportunities” worth €320 billion ($343 billion), with the report produced by SYSTEMIQ and the Ellen MacArthur Foundation (EMF).
The report “identifies priority investments which could regenerate the European economy and provide social, economic and environmental benefits by transiting to a circular model of economic growth”. CRR pointed out that the report focuses “on the mobility, food and built environment sectors”, and that it “identifies 10 investment hotspots that would increase GDP growth by an extra seven percent, decrease raw material consumption by an extra 10 percent and decrease CO2 emissions by an extra 17 percent”.
CRR concluded that “the report recommends that businesses should act quickly to take advantage of the early opportunities available. The circular economy, it says, offers a new ‘lens’ through which to assess investments and mitigate the risk that assets will become ‘stranded’”.The EC reported it would be axing its plans in January 2015, before reconsidering and revealing it would increase funding, launching a public consultation both UKCRA and ETIRA contributed to.
However, reports suggested it would dilute any circular economy package, and doubted their potential. Despite this, the new package was launched in December 2015 and adopted that month, with a packaging waste recycling target of 75 percent for member states by 2030. The package received a funding boost of around €24 billion ($26.3 billion) from the EU soon after, though it “will take more than” a year to implement despite having been said to be “progressing well” in April 2016, before being questioned again in June.
The EU also revealed it was planning “tough” enforcement, while other areas warned earlier this year that the package could be seen as a “threat” to certain stakeholders. One development saw Germany allegedly plan to “call for removal of EU recycling targets”, though rumours suggested the plan could be approved early this year, and recently concerns were raised that it might be “watered down”.
In November last year, the Commission approved a further investment of €222.7 million ($246.1 million), while a report analysed business practices. The EU recently met with China to discuss collaboration, and the proposals are “due to be approved by MEPs in early 2017, before further review by the European Council”, with the package having been outlined as one of the EU’s “policy priorities” for 2017.