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The role of banks in the circular economy

Ozili, Peterson K and Opene, Francis (2022): The role of banks in the circular economy. Published in: World Journal of Science, Technology and Sustainable Development

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Abstract

The circular economy concept has received considerable attention both in the business sector and in academia. In this paper, we highlight the role of banks in the circular economy. We propose that banks need to: develop a common understanding of the circular economy; issue widely accepted and recognized guidelines on circular economy finance; adapt existing finance models to fit into a circular economy model; offer credit lines to circular businesses; create a green bank; train bank staff; promote a strong culture of waste reduction and material re-use; ensure that the board risk committee is competent in circular risk management and control. Overall, banks have an important role to play both as a leader in circular economy finance and as a lender to companies in the circular economy.

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