The Fourth Conference on Circular Economy The Role of Financing in Accelerating of the Transition to the Circular Economy

The Fourth Conference on Circular Economy

The Role of Financing in Accelerating of the Transition to the Circular Economy

On 29th June 2021, the fourth Conference on Circular Economy was held in Rooms Hotel Tbilisi by Georgian Society of Nature Explorers “Orchis” in the frame of Keep Georgia Tidy Project. The main topic of the Conference was the role of the financial sector in the acceleration of transition to the Circular Economy. The state authorities of Georgia and financial sector, specifically the representatives of the Parliament of Georgia, the Government of Georgia (the Ministries of Environment Protection & Agriculture, Economy & Sustainable Development, and Regional Development & Infrastructure), the Embassy of the Kingdom of Sweden / Swedish International Development Cooperation Agency (Sida), international financial institutions, Solid Waste Management Company of Georgia, media and others participated in this event.

The Conference was opened by the Deputy Minister of Environment Protection and Agriculture of Georgia Acad. Solomon Pavliashvili. The Head of Development Cooperation

/ Deputy Head of Mission Mr. Erik Illes, the Deputy Chair of the Environmental Protection and Natural Resources Committee of the Parliament of Georgia Mrs. Khatia Tsilosani and the Chair of Georgian Society of Nature Explorers “Orchis” Dr. Mariam Kimeridze made their welcoming speeches.

A keynote speaker of the Conference was Dr. Dariusz Edward Prasek, an International Expert in environmental, social and governance areas and circular economy, member of the United Nations Advisory Board on Circular Economy, former Director of Operations in Environmental and Sustainability Department of the European Bank for Reconstruction and Development (EBRD), and an Independent Expert on Development Financing at IDB Invest, who informed attendants about main aspects of the transition to the circular economy, how this system could be efficiently implemented and what is the specific role of the financial sector in this process.

The purpose of the Conference was to raise awareness about circular economy and provide recommendations to various groups of stakeholder, including policy makers, financial institutions and business sector how to accelerate the implementation of circular economy principles at various levels of economic activity. Particular emphasis was put on the recommendations such are to improve financing conditions and removing barriers for circular economy projects as well as to identify main areas where incentives should be provided.

After the first, second and third conferences that were organized in 2019-2020 and targeted policy makers, regional and municipal authorities and business community, the fourth Circular Economy Conference was dedicated to the financial sector, which is one of the key enablers of the transition process. Now is the time for finance to capitalise on this momentum and help accelerate the circular economy transition. While the recent growth in financing is promising, far more capital and activity will be needed to scale the circular economy and fully seize its opportunity. All aspects of finance will play an important role in bringing forward the transition to a circular economy. Investors, banks, and other financial services firms have the scale, reach, and expertise to stimulate and support businesses to make the shift.

The keynote presentation of the Conference on the Role of financing in Accelerating the Transition to the Circular Economy sparkled an interest among the participants. The representatives of the Government and the Parliament of Georgia expressed their readiness to engage governmental authorities at all levels, business and financial sectors, innovators, academia, investors and consumers in this process in order to promote systemic changes to accelerate the transition to the circular economy. In addition, the representatives of the Government of Georgia, the Parliament and financial community proposed ways how to strengthen further cooperation with Keep Georgia Tidy Project for the implementation of the circular economy program.

The fourth Conference on Circular Economy was organized by Georgian Society of Nature Explorers “Orchis” in the frames of the Keep Georgia Tidy Project through the funding of the Government of Sweden, with the support of Georgian Ministries of Environmental Protection & Agriculture, Regional Development & Infrastructure, Economic & Sustainable Development, and Education, Science, Culture & Sport and the Parliament of Georgia, and in cooperation with the Solid Waste Management Company of Georgia and Environmental information & Education Centre.