NRW.BANK becomes Corporate Partner Finance at Circular Valley. Over the next three years, the Bank will support the Wuppertal project with 25,000 euros per year. The project aims to make the region a centre of circular value creation and to initiate climate-friendly production cycles throughout the world.
“As the promotional bank for North Rhine-Westphalia, we are tasked with promoting progress and development in the federal state – towards a sustainably modernised economy and society,” says Eckhard Forst, Chairman of NRW.BANK’s Managing Board. “The circular economy makes an important contribution to this as it combines environmental goals with innovative power, competitiveness and employment. This is why we are delighted to participate in the Circular Valley project.”
Accelerator to provide impulses
The project focuses on establishing a Circular Economy Accelerator that is intended to strengthen the cooperation between enterprises, start-ups and science in all matters relating to the recycling of raw materials. As a result, the region around Wuppertal is expected to become a circular economy cluster similar to what the famous Silicon Valley is for the digital economy. The project has been initiated by Dr. Carsten Gerhardt, Chairman of Wuppertalbewegung e.V., and management consultancy Kearney. The patron of the project is Dr. Andreas Pinkwart, North Rhine-Westphalia’s Minister of Economic Affairs.
Circular economy could solve waste problem
NRW.BANK performs the role of Corporate Partner Finance together with Stadtsparkasse Wuppertal. Besides various sponsors and partners, the project is also receiving funding from the state and from the European Regional Development Fund. A circular economy is firmly anchored in the European Green Deal adopted by the European Commission with a view to making the EU climate-neutral by 2050. It is seen as a solution to the growing waste problem as it aims to preserve the value of raw materials for as long as possible through recycling and reuse, thus reducing the impact on the environment.
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NRW.BANK is the promotional bank of North Rhine-Westphalia (NRW). Its mission is to support its owner – the state of North Rhine-Westphalia – in the completion of its structural and economic policy tasks. In its three promotional fields “Economy”, “Housing” and “Infrastructure/Municipalities”, NRW.BANK uses a wide range of promotion tools – from low-interest promotion loans to equity financing to advisory services. It cooperates with all banks and savings banks based in NRW on a competition-neutral basis. NRW.BANK takes into account the existing offers by the Federal Government, the North Rhine-Westphalian government and the European Union in the arrangement of its promotion.
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