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EU's New Circular Economy Action Plan: What Traders Need To Know

Updated: May 16, 2023

The European Commission adopted a new Circular Economy Action Plan, which sets out a range of targets and initiatives aimed at reducing waste and promoting the use of secondary raw materials. For secondary raw material traders, this plan could present new business opportunities as demand for these materials increases. In this article, we'll take a closer look at the key initiatives and targets outlined in the new plan and explore what they could mean for the secondary raw material market.


Background

The Circular Economy Action Plan builds on the EU's previous efforts to create a more sustainable and circular economy. The plan includes a range of targets and initiatives aimed at reducing waste, improving resource efficiency, and promoting the use of secondary raw materials.


Key initiatives and targets

One of the main initiatives in the new Action Plan is a proposal to revise the EU's waste legislation to increase recycling rates and reduce waste. The plan sets a target of increasing the EU's municipal waste recycling rate to 65% by 2035, with a new recycling target of 10% for plastic packaging by 2025. The plan also includes a target of reducing food waste by 50% by 2030.


Another important initiative in the plan is a proposal to improve the design of products for circularity. The plan includes measures to encourage product durability, reparability, and recyclability. The plan aims to reduce the generation of waste in the EU by 30% by 2030, and to achieve full circularity for plastics by 2050.


The plan also includes proposals to invest in research and innovation to promote the development of new circular business models and technologies. The plan proposes to establish a Circular Economy Fund to support investments in circular economy projects, and to create a European Circular Cities Declaration to promote circular economy initiatives in urban areas.


What this means for secondary raw material traders

The new Circular Economy Action Plan adopted by the European Commission sets out a range of targets and initiatives aimed at reducing waste and promoting the use of secondary raw materials. For secondary raw material traders, this could present new business opportunities as demand for these materials increases. By staying informed about the latest policy developments and adjusting their business strategies accordingly, traders can take advantage of new business opportunities and stay competitive in the changing market.


Conclusion

The new Circular Economy Action Plan adopted by the European Commission includes a range of targets and initiatives aimed at reducing waste and promoting the use of secondary raw materials. For secondary raw material traders, this plan presents new business opportunities as demand for these materials increases. By staying informed about the latest policy developments and adjusting their business strategies accordingly, traders can take advantage of new business opportunities and stay competitive in the changing market.

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