Promoting the circular economy in Colombia through innovation

Context

Expanding industrialisation and urbanisation in Colombia are putting a strain on natural resources and creating environmental and social challenges. At the same time, Colombian companies offer a limited variety of high-quality products. Furthermore, they are poorly integrated into international value chains. These factors limit the opportunities for many companies to use state-of-the-art technologies and introduce innovative processes to produce in a more resource-friendly manner.

In response to this situation, Colombia has declared restructuring its economy the number one priority since joining the Organisation for Economic Co-operation and Development (OECD) in 2020. One focus is on more efficient use of resources. While Colombia has already made progress in waste management and the involvement of recyclers, the current challenge lies in the area of production and use.

Objective

The innovation potential in the Colombian private sector is strengthened and contributes to the implementation of a resource and climate-friendly circular economy.

Approach

The project focuses on targeted measures that emphasise a holistic approach and are geared towards forward-looking solutions:

• It improves cross-sectoral exchange between public and private sector stakeholders to implement innovative practices in the circular economy.
• The project supports companies of all sizes in the implementation of innovative and economically viable measures to establish a low-resource and environmentally friendly circular economy. For this purpose, it conducts baseline studies designed to provide relevant information for the implementation of early measures in the circular economy and the creation of a financing mechanism.
• The consulting firm IDOM ensures the uptake of long-lasting knowledge about production and consumption patterns in the circular economy by building knowledge partnerships.

Last update: August 2023