The European Bank for Reconstruction and Development (EBRD) is launching a new programme in Turkey aimed at minimising waste and increasing resource efficiency in the industry, agribusiness and municipal sectors.
The Near-Zero Waste initiative will finance investments in the country and is set to help it move towards a more competitive, resource-efficient circular economy. The funds will finance waste recycling infrastructure, biomass and biogas facilities, technologies which reduce packaging waste, and use of alternative fuels in energy intensive industries.
The $125m programme is expected to fund up to 12 investments, and the EBRD’s funds will be complemented by a further $20m from the Clean Technology Fund, a funding window of the Climate Investment Funds, which provides financing to promote low carbon technologies and reduce greenhouse gas emissions. The European Union will also offer support to the programme in the form of a €2m grant through its Instrument for Pre-Accession Assistance (IPA), to provide technical advice to project developers to unlock the potential for waste minimisation, product life-cycle assessment and energy generation from waste.
Jean-Patrick Marquet, EBRD Director for Turkey, said: “With our new Near-Zero Waste programme we aim to advance the circular economy in Turkey and kick-start the market of sustainable waste management. Together with our partners, the Clean Technology Fund and the EU, we will encourage Turkish businesses and municipalities to develop waste minimisation projects which we will support with finance and advice. We believe that together we can set examples other companies will follow.”
Under its Near-Zero Waste programme, the Bank will also work with the government of Turkey, municipalities and industry associations to create a supportive legal environment for such investments. It will also help raise awareness of best practice in waste management.
The EBRD started investing in Turkey in 2009 and in that time it has invested over €5.5bn in the country through more than 150 projects.