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The country approved a fund that helps small and medium-sized businesses to invest in sustainable production and energy efficiency.
Circular economy starts from Edinburgh. Nicola Sturgeon, head of the Scottish Government, has approved a £70 million fund (about €89 million) for a program to develop Scotland’s circular economy as part of a package of measures to revitalise the manufacturing sector.
The Circular Economy Investment Fund and Service aims to help small and medium-sized enterprises, as well as other organizations, to develop innovative technologies, business models and infrastructures. The Fund also provides support to companies looking to redesign their processes or products and to implement measures for an efficient use of resources.
Investments include £30 million from the European Regional Development Fund, which allows companies to seize the new opportunities offered by the transition to circular economy.
According to Scottish Deputy First Minister John Swinney, the circular economy “provides an opportunity to support the competitiveness of our manufacturing base and attract investment through eradicating waste, and becoming more efficient in our design and manufacturing processes to extend product life-cycles.”
The Scottish Government will shortly publish its circular economy strategy, which will set out in more detail its priorities in terms of economic, environmental and social benefits. The Fund will be active from April 1st and is directed at small and medium-sized enterprises in the sectors of manufacturing, food and beverage, energy infrastructures, construction, reuse, repair and regeneration.