Viability Gap Funding Must Be Addressed To Accelerate the Shift To A Circular Economy (19/11/2022)
Viability Gap Funding Must Be Addressed To Accelerate the Shift To A Circular Economy
The International Trade Promotion Organization’s white paper on circular economy recommended addressing the enormous funding gap for aspiring and established entrepreneurs in the creation of sustainable packaging.
The paper suggested creating a new fund to give equity and debt financing to businesses working with bioplastics and other alternatives to traditional fossil-fuel-based plastic products.
The funding can assist the center’s policy activities to effectively utilize raw materials and decrease dependence on imports.
Big businesses and OEMs should connect with their tier II and tier III vendors to build a sustainable and environmentally friendly supply chain.
OEMs must collaborate to develop a single design and production standard. This common standard specification is accessible to adaptation by tier II and tier III MSME suppliers. By doing so, they will be able to avoid adhering to various OEMs’ varying specs.
