Increasing industrialization and urbanization have intensified pressure on natural resources and amplified environmental and social impacts in Colombia. As a result, the country is prioritizing the sustainable restructuring of its economy, with a special focus on the efficient use of resources. Colombia has made considerable progress in downstream waste management. However, the new challenge is to improve the design, production and use of materials, which can happen upstream.
Objective: Colombia’s economy is making positive strides towards a circular economy with a focus on optimising production, design and utilization processes in textile, packaging and electronic industries.
The project focuses are:
• Promoting innovative collaboration by enhancing the alignment between the public and private sectors related to circular economy practices that encourage new ideas and approaches.
• Providing business support by helping companies with disruptive measures and a circular economy that conserves resources and protects the environment. The project is conducting studies that offer information to facilitate the adoption of these initiatives and informed decision-making.
• Introducing innovative financing through Colombia’s first results-based financing mechanism for circular economy initiatives.
• Leveraging global knowledge through cooperation with important international actors, ensuring knowledge transfer so that various actors across the three selected value chains benefit from best practices in the circular economy.
