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1、 April 2024THE CIRCULAR ECONOMY AND SUSTAINABLE DEVELOPMENT:POLICY OPTIONS TO MOBILISE FINANCE FOR CIRCULARITYPolicy BriefWe are a global impact organisation with an international team of passionate experts based in Amsterdam.We empower industries,cities and nations with practical and scalable solut

2、ions to put the circular economy into action.Our vision is an economic system that ensures the planet and all people can thrive.To avoid climate breakdown,our goal is to double global circularity by 2032.Deloitte provides industry-leading audit and assurance,tax and legal,consulting,昀槨nancial adviso

3、ry,and risk advisory services to nearly 90%of the Fortune Global 500 and thousands of private companies.Our people deliver measurable and lasting results that help reinforce public trust in capital markets,enable clients to transform and thrive,and lead the way toward a stronger economy,a more equit

4、able society and a sustainable world.Building on its 175-plus year history,Deloitte spans more than 150 countries and territories.Learn how Deloittes approximately 457,000 people worldwide make an impact that matters at .KEY INSIGHTSFROM THIS BRIEFINGThe Circularity Gap Report 2024 highlighted the i

5、mportance of the circular economy as a means for Build and Grow countries,1 broadly equivalent to low-and middle-income countries,to address both socioeconomic and environmental objectives.This brie昀槨ng emphasises that reforming international 昀槨nancial architecture is an essential step to enable a f

6、airer and more accessible 昀槨nancing environment that Build and Grow countries can use to pursue circular investments.Although multilateral institutions have the bulk of the responsibility for providing more equitable access to development 昀槨nance for Build and Grow countries,these countries national

7、 governments can also undertake impactful action.Driving the circular transition will require a more intentional form of government that shifts the remit from correcting market failures to setting and shaping collective goals.There are a number of policy options that Build and Grow countries can use

8、 to leverage the circular economy as a means to meet societal needs without putting strain on planetary boundaries,while also improving the e昀cacy of public 昀槨nance.This policy brief demonstrates how governments can be more strategic with public spending,ultimately to embrace the circular economy an

9、d achieve sustainable development objectives.It does so through four key steps:1.Pinpointing the key sectors of the economy where the application of circular approaches would support existing policy priorities and maximise social impact.2.Developing a mission-oriented industrial development strategy

10、 for these target sectors,engaging industries to collectively work towards valuable socioeconomic outcomes.3.Recognising public spending as a powerful tool to shape these outcomes,reorient incentives and create markets for the private sector to engage.By strategically leveraging public procurement,s

11、trict conditionality and 昀槨scal reform,governments can level the playing 昀槨eld for high-impact circular solutions while ensuring far more stringent oversight on spending.4.Explore opportunities for deeper collaboration and targeted technical support,especially with Multilateral Development Banks(MDB

12、s),but critically also with industry,academia and other governments.3The circular economy and sustainable development:Policy options to mobilise finance for circularity2DEBT BURDENS ARE FORCING A TRADE-OFF BETWEEN FUNDING ESSENTIAL SERVICES AND MAKING CRUCIAL INVESTMENTS IN CLIMATEGovernments around

13、 the world often feel that they are faced with an impossible choice between funding essential services for development or addressing the climate crisis at the scale required.2 According to 昀槨gures from Jubilee Debt Campaign,34 of the worlds poorest nations spend a substantial$29.4 billion annually o

14、n debt repayments,while only$5.4 billion is allocated to combatting the climate emergency.3 Similarly,another report from the IIED stresses that Least Developed Countries(LDCs)and Small Island Developing States(SIDS)spent$33 billion on servicing in 2021,4 far exceeding the$20 billion received in cli

15、mate 昀槨nance.Additionally,approximately half of the climate funding allocated to these countries is provided as loans,exacerbating their already signi昀槨cant debt burdens.These large volumes of debt come with signi昀槨cant servicing costs,meaning countries can face a trade-o昀昁 between funding essential

16、 services and making crucial investments in climate mitigation with the public 昀槨nance that is left.In many of these cases,the levels of debt are not accrued because of macroeconomic mismanagement,but rather as a result of these countries bearing the brunt of climate impacts,as well as their heighte

17、ned exposure to volatile international markets for 昀槨nance and trade.5 The structure of international lending,in many cases,means that rising interest rates globally drastically increases the cost of borrowing.For Build and Grow countries,where credit ratings are typically weaker,these are ampli昀槨ed

18、 further still,rendering it incredibly di昀cult to mobilise 昀槨nance for other obligations other than servicing debt.Required to operate with such tight budgets after debt obligations are made,it is no wonder that governments feel bound by a choice of addressing immediate welfare concerns or future en

19、vironmental ones.INTERNATIONAL FINANCIAL ARCHITECTURE MUST ADAPT TO MEET THE NEEDS OF BUILD AND GROW COUNTRIES MOST IMPACTED BY CLIMATE CHANGERecent positive developments are noteworthy:Ajay Bangas appointment as World Bank President in June 2023,for example,as well as a commitment from several deve

20、lopment banksincluding the Asian and African Development Banks to align all 昀槨nancial 昀氁ows with the Paris Agreement.6 However,without substantial debt relief and restructuring measures,as well as a signi昀槨cant increase in concessional lending,governments in Build and Grow countries cannot be expect

21、ed to achieve crucial sustainable development objectives.To address the issue at the scale required,wealthy governments and national and multilateral development banks need to come together to align public development 昀槨nance around explicit goals.Strategic public investment should shape climate cha

22、llenges into shared investment pathways and develop new markets for the private sector to engage.5The circular economy and sustainable development:Policy options to mobilise finance for circularity4 MDBs must play a crucial role in spearheading the adoption of circular economy solutions by leveragin

23、g guarantees to shoulder some of the associated risks and by demonstrating how they can advance both developmental and environmental objectives.MDBs can look to leverage their policy-based lending to support client governments in aligning policy with sustainability ambitions.In doing so,they can eng

24、age in collaboration with client countries to collectively support speci昀槨c outcomes in service of the circular economy.This shift requires a comprehensive approach,encompassing strategies to boost alternatives to borrowing,improve borrowing and lending practices,and enhancing accountability mechani

25、sms.MDBs can leverage their unique position to facilitate collaboration among countries and across value chains,thereby maximising the impact of circular economy initiatives.Recognising that each country has speci昀槨c priorities and needs,MDBs should adopt approaches that support or advise national d

26、evelopment plans,rather than imposing their own agendas.KEY FINDINGS FOR MDBS FROM THE CIRCULARITY GAP REPORT 20247The circular economy and sustainable development:Policy options to mobilise finance for circularity6For governments in Build and Grow countries,the problem of what to prioritise with th

27、e little public 昀槨nance availablefunding essential services for development or addressing the climate crisispresents signi昀槨cant challenges.The circular economy provides an approach to mitigate the perceived trade-o昀昁 between supporting development and addressing the climate crisis,by instead addres

28、sing both issues as one.By embracing circular economy principles in key sectors,policymakers in Build and Grow countries can unlock a multitude of low-cost policy solutions that foster greater resilience and deliver wellbeing within planetary boundaries.In many Build countries,for example,their larg

29、ely agrarian biomass-based economies have huge potential to bene昀槨t from adaptive and regenerative food systems that build ecosystem health and yield multiple sources of income for producers.8 Partnered with scalable infrastructure to ensure food supply to surrounding communities,these e昀昁orts can f

30、urther support the alleviation of malnutrition and starvation.9For Build and Grow countries looking to tap into new or adapted channels of development 昀槨nance,beginning to integrate circular economy principles into national development strategiesand particularly Nationally Determined Contributions(N

31、DCs)is a valuable starting point.From here,there are a host of other options to reorient existing 昀氁ows of domestic 昀槨nance,embed principles of circularity in industry,and engage in far more ambitious forms of collaborationeach in service of both development and climate,rather than either/or.Governm

32、ents working to integrate circular economy national development strategies and NDCs can take inspiration from the following steps:1.BEGIN BY IDENTIFYING KEY IMPACT SECTORS,AND DELVE INTO SPECIFIC AREAS RATHER THAN COVERING A WIDE RANGEEach country possesses its own distinct characteristics and prior

33、ities,requiring a tailored approach to adopting the circular economy as a development strategy.Rather than treating circularity as a separate and novel concept,it is essential to 昀槨rst align it with existing policy priorities.This can include integrating circular economy principles into national age

34、ndas,such as the NDCs,and identifying existing synergies with established plans and initiatives.10 By framing the circular economy within the context of existing policy frameworks,countries can leverage their resources more e昀昁ectively and minimise.To e昀昁ectively implement circular strategies,countr

35、ies must undertake initial assessments to determine the scale of opportunity within key sectors.This must begin by understanding the levels and types of material use in di昀昁erent areas of the economy,and then may involve a prioritisation exercise based on the potential of circular and regenerative s

36、olutions to more e昀昁ectively meet local needs.Circularity is then best pursued as a bespoke approach in the speci昀槨c sectors where it is deemed impactful and aligned with existing policy aims,rather than as a more generic economy-wide strategy.This process of assessment and prioritisation can be use

37、d as a guide to coordinate e昀昁orts and orient policy so that it ensures more optimal resource allocation.THE CIRCULAR ECONOMY OFFERS A PROMISING SOLUTION TO MITIGATE THE TRADE-OFF BETWEEN DEVELOPMENT AND ADDRESSING THE CLIMATE CRISIS9The circular economy and sustainable development:Policy options to

38、 mobilise finance for circularity82.SHAPE A MISSION-ORIENTED INDUSTRIAL DEVELOPMENT STRATEGY AROUND THE CIRCULAR ECONOMYIn contrast to the economies of high-income Shift countries,which are often more locked in to linear models of production and consumption,Build and Grow countries have the opportun

39、ity to embed circular principles early in the development cycle.This prevents the need for expensive transitions in the future.Instead of depending on conventional manufacturing methods fraught with extraction,waste,and loss of value,governments can look to circular economy solutions and regenerativ

40、e practices aimed at avoiding leakages of resources in the supply chain,optimising resource value throughout their lifecycle and fostering resilience along the supply chain.Engagement with key industry stakeholders is paramount to the success of circular economy transitions,as demonstrated by countr

41、ies such as the Netherlands,which boasts an ambitious circular economy roadmap co-designed with industries.11 Collaborating with businesses,organisations and other relevant actors allows for the development of action plans that are grounded in real-world challenges and opportunities,and focus on key

42、 strategic outcomes or missions.12 Together,stakeholders can set ambitious yet achievable aims for transformation,determining the roles of di昀昁erent actors therein,and ensuring that industries as a whole align to meet both developmental and environmental goals.3.LEVERAGE PUBLIC SPENDING MORE STRATEG

43、ICALLY,THROUGH PUBLIC PROCUREMENT AND FISCAL REFORMFor governments in Build and Grow countries,adopting a remit to shape collective goals rather than 昀槨x market failures provides signi昀槨cantly greater control over the way public investment supports inclusive and sustainable outcomes in the real econ

44、omy.Conditionality provides the most e昀昁ective means of ensuring this is the case,while more tactile use of public procurement and 昀槨scal policy can actively shape markets to meet speci昀槨c goals.ConditionalityHaving identi昀槨ed key opportunities where materials can be used more e昀昁ectively to meet pu

45、blic needs,governments should look to engage with the businesses that are willing and able to realise them.With these goals in mind,governments should issue what investment is available with stringent measures of conditionality,ensuring that value is shared evenly and activities are in line with pre

46、determined mutual outcomes.13 Such conditionalities might relate to the direct use of funds meeting a speci昀槨c circular economy-related objective or equitable access to resulting products and services,and may also set target reinvestment requirements for any excess pro昀槨ts made.Public procurementIn

47、certain Build and Grow countries,procurement accounts for a signi昀槨cant portion of the Gross Domestic Product(GDP):from 10 to 25%.14 As such,it represents a valuable mechanism to alter business as usual,set new standards,and stimulate market demand for circular economy solutions.As well as applying

48、conditionality to investments,governments can commit to contracting service providers that emphasise waste reduction,material reuse and proper recycling practices.Public spending can support existing goals in a number of ways:requiring the integration of circular design and building materials in pub

49、lic construction projects,procuring locally sourced and organic food for all public sector institutions and functions,or opting for product-service systems instead of owning products,such as furniture,electronics or vehicles.Integrating lifecycle cost assessments into public procurement e昀昁orts is a

50、lso a good practice,although this will necessitate training and awareness-raising e昀昁orts within governmental sta昀昁.Fiscal reformSeveral 昀槨scal measures can be leveraged to steer economies away from extractive practices while simultaneously generating government revenue.Although it is crucial to pro

51、ceed cautiously,considering the limited tax potential in Build and Grow countries,recognising the importance of(re)directing 昀槨nances is very important to achieving strategic aims.The implementation of land昀槨ll taxes is imperative for the realisation of a circular economy:as long as discarding waste

52、 bears no 昀槨nancial cost,the problem will continue to grow.Another crucial step involves reducing or eliminating Value Added Taxes(VAT)on circular goods and services,which serves to recalibrate incentive structures and create a more level playing 昀槨eld.For instance,exempting repaired goods from VAT

53、can make them a more a昀昁ordable option compared to new ones.Only once such measures have been established can a country begin to turn to more comprehensive and extreme policies,such as exploring the bene昀槨ts of material taxes.While in Shift countries ideas around a shift in the tax burden from labou

54、r to materials are gaining traction,economies in Build and Grow countries generate very limited revenue from income tax.Instead,governments in these countries can consider other environment-related taxes,such as fuel taxes.In Costa Rica,for example,environment-related taxes comprise 10%of all tax re

55、venue,with proceeds from the fuel tax then used directly to fund conservation and regeneration e昀昁orts which in turn generate wellbeing improvements,jobs,and local development.154.EMBRACE MORE OPPORTUNITIES FOR COLLABORATION AND TARGETED TECHNICAL SUPPORTDeveloping a mission-oriented industrial stra

56、tegy that leverages the circular economy to address developmental and environmental aims requires an active form of government that identi昀槨es key challenges and determines innovative ways of addressing them.But no single entity can enact a circular approach entirely on its own.Embracing the circula

57、r economy as a new paradigm in sustainable development is a wide-scale challenge that must involve coordination across government ministries,industries and countries.Given the novelty of this approach,collaboration with multilateral institutions,industry,academia,and other states are all essential p

58、arts of the learning process.While most governments should have the resources to undertake initial assessments of the circular potential and the development of the strategy around that,external support is likely required to move to stages of implementation.MDBs are especially well-positioned to faci

59、litate this collaboration and can provide targeted technical support where required.However,they are explicitly demand-driven institutions and can only do so if client countries make the request.MDBs are developing the expertise in deploying circular economy solutions as an approach to sustainable d

60、evelopment and have the means to ensure the success of such approachesbut its up to the governments in Build and Grow countries to signal where help is required,and ask for targeted support for speci昀槨c goals.Embedding circular economy principles in the NDCs is a highly important 昀槨rst step to acces

61、s this support.Take,for example,the need to address the various costs associated with material transfer in the circular economy.The public sector can adopt a role in overseeing exchanges and promoting the proximity of relevant value chain partners to reduce these costs,but e昀昁orts will almost always

62、 require input from multilaterals and key industry players.The Government of China has implemented successful industrial symbiosis practices to generate collaboration between industries,redesign material 昀氁ows and create pipelines for waste-to-resources,leveraging direct support from the World Bank

63、to drive this process.16 The government initially set a target that 75%of their state-initiated industrial parks would apply industrial symbiosis practices,17 and by 2020,129 industrial parks were supported by the state.Governments should not shy away from outreach beyond their own ministries and re

64、cognise the importance of shaping sustainable development outcomes collectively.11The circular economy and sustainable development:Policy options to mobilise finance for circularity10The Circularity Gap Report|Latin America and the CaribbeanTHE WAYFORWARDACHIEVING SUSTAINABLE DEVELOPMENT THROUGH CIR

65、CULAR ECONOMY PRINCIPLESBy prioritising the adoption of circular practices,countries can chart a course towards a more resilient and sustainable future for generations to come.National governments in Build and Grow countries looking to converge development and environmental aims must embrace the fol

66、lowing priorities:1.Governments can create an environment where sustainable initiatives are economically viable by placing workers at the forefront of the transition and clearly articulating how they will use green and circular policies to create jobs.Ensure that this transition will truly leave no

67、one behind.2.There are several low-cost but extremely e昀昁ective policy tweaks that can play a crucial role in directing 昀槨nancial 昀氁ows towards desired outcomes,such as public procurement policies that prioritise environmentally friendly products and services.Fiscal reforms can also incentivise inve

68、stment in sustainable practices by implementing land昀槨ll taxes,extended producer responsibility(EPR)schemes and lowering or eliminating VAT for circular goods.Engaging private 昀槨nance is essential,as it brings additional resources and expertise to the table.3.Finally,governments can collaborate with

69、 MDBs on 昀槨nancing sustainable development initiatives and demonstrating their success.Collaborating with MDBs allows countries to leverage technical support and access funding for projects that align with their sustainability goals.This collaboration strengthens the global e昀昁ort to address pressin

70、g challenges such as climate change and resource depletion,paving the way for a more sustainable and resilient future.1213The circular economy and sustainable development:Policy options to mobilise finance for circularityENDNOTESACKNOWLEDGEMENTSAUTHORS:CIRCLE ECONOMYMorgane Veillet Lavallee,Esther G

71、oodwin Brown,Luke BaileyCONTRIBUTORSElisa Luotonen,The African Development BankDESIGN&LAYOUT:CIRCLE ECONOMYAlexandru Grigoras,Nicolas RaspailVersion 1.0(March 2024)This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License1.Build countries,for example,include cou

72、ntries in Sub-Saharan Africa and South Asia such as Bangladesh,Ethiopia,Nigeria,Pakistan and the Philippines,and some small island states,for example.Grow countries are larger Southeast Asian countries and countries in Latin America and Northern Africa,as well as those with an economy in transition

73、in Eastern Europe,the Caucasus and Central Asia.Main examples include China,Indonesia,Brazil,Mexico,Vietnam,Myanmar and Egypt.2.The Economist.(2023,July 17).The choice between a poorer today and a hotter tomorrow.The Economist.Retrieved from:The Economist website3.Inman,P.(2021,October 21).Poorer co

74、untries spend 昀槨ve times more on debt than the climate crisis report.The Guardian.Retrieved from:The Guardian website 4.International Institute for Environment and Development(IIED).(2023).Drowning in debt:help for climate-vulnerable countries dwarfed by repayments.Retrieved from:IIED website5.World

75、 Resources Institute(WRI).(2023).Developing countries wont beat the climate crisis without tackling rising debt.Retrieved from:WRI website6.African Development Bank Group(AfDB).(2023,July 7).Climate action:African development bank joins MDBs to publish principles for assessment of Paris Agreement al

76、ignment.AfDB.Retrieved from:AfDB website7.Gri昀ths,J.(n.d.).Solving the low-income country debt crisis:Four solutions.Retrieved from:ODI website8.Ellen MacArthur Foundation(EMF).(2021).How to run a pro昀槨table circular farm.Retrieved from EMF website9.Circle Economy Foundation.(2023).The circularity g

77、ap report 2023.Amsterdam:Circle Economy Foundation.Retrieved from Circle Economy Foundation website10.Preston,F.,Johanna Lehne,J.,&Wellesley,L.(2019).An inclusive circular economy,priorities for developing countries.Retrieved from:Chatham House website11.Government of the Netherlands.(n.d.).Accelera

78、ting the transition to a circular economy.Retrieved from:Government of the Netherlands website12.Mazzucato,M.(2023).Governing the economics of the common good.Retrieved from:University College London(UCL)website13.Mazzucato,M.(2023).Governing the economics of the common good.Retrieved from:Universit

79、y College London(UCL)website14.World Bank Group.(n.d.).Procurement for development.Retrieved from:World Bank Group website15.Organisation for Economic Cooperation and Development(OECD).(2023).Environmental performance review:Costa Rica.Retrieved from:OECD website16.World Bank Group.(2020,June 18).Th

80、e World Bank to help green industrial parks to reduce pollution and greenhouse gas emissions in Chinas Jiangxi province.World Bank Group.Retrieved from:World Bank website17.Local Governments for Sustainability(ICLEI)Circulars.(n.d.).China Hub:Supporting sustainable economic development through circu

81、lar solutions.Retrieved from:ICLEI Circulars website Organisation for Economic Cooperation and Development(OECD).(2023).Environmental performance review:Costa Rica.Retrieved from:OECD websiteFor more insights on the circular economy strategies to be scaled in Shift Countries and how to use policy,昀槨nance and labour to unlock them,check out the Circularity Gap Report 202415The circular economy and sustainable development:Policy options to mobilise finance for circularity1416