Circular Economy and Climate Change: the role of financial operators and the private sector to accelerate the transition to a regenerative economy

On 10 December last in Dubai, on the occasion of COP28, the Intesa Sanpaolo Group through the IMI Corporate & Investment Banking Division and Intesa Sanpaolo Innovation Center, was the protagonist at the Italian Pavillon of the event dedicated to the role of financial institutions in accelerating the transition to circular economy. The event has been organised in collaboration with Fondazione Politecnico di Milano e Assolombarda.

The transition to circular economy, sustainable finance, technologies, and their impact on Climate Change were the main topics of the event organised by Intesa Sanpaolo as part of the major climate event that took place from 30 November to 12 December in Dubai. The event saw the participation of institutional speakers, experts in the energy and circular economy sectors and culminated with the organisation of a panel of representatives from the academic world and the international industrial ecosystem.

Lorenzo Fanara, Italian Ambassador to the UAE, opened the meeting, followed by an interview between Gian Marco Salcioli, Head of Strategic Marketing & ESG Initiatives, and Loubna Zaitouni, Senior Legal Affairs Specialist, New Economy Department, Ministry of Economy UAE.

Next, Luca Matrone, Head of Industry Energy, underlined the crucial role of private financial operators in fostering the energy transition  and pursuing global sustainability goals also for developing countries, while Massimiliano Tellini, Head of Circular Economy Intesa Sanpaolo Innovation Center, presented the strategic role of circular economy as a tool to generate new business opportunities and improve the impact of industry on climate and the environment; Tellini, also moderated a panel of experts represented by strategic partners such as Politecnico di Milano and Ellen MacArthur Foundation and by primary customers of the Group (Mapei and ACWA Power).

Finally, Alberto Mancuso, Head of IMI CIB International Network, concluded the event by retracing the chronology and the Group's growing commitment to supporting circular economy, from the partnership signed in 2015 with Ellen MacArthur Foundation, to the launch of a dedicated credit line, passing through the membership of the Net-Zero Banking Alliance, up to the recent Strategic Agreement signed with the UAE Ministry of Economy.  This latest agreement, which entails the provision by Intesa Sanpaolo of advisory services aimed at promoting and adopting the principles of circular economy, as well as the design of a circular ecosystem in the Country, confirms the Group's central role in supporting the best companies and international investment funds operating in the area. 

Also thanks to the commitment received from other UAE government institutions, Alberto Mancuso underlined, the Group will have the opportunity to collaborate with numerous companies and investment funds operating in the UAE interested in the CE transition. 

Intesa Sanpaolo, which aims to further strengthen its position in the United Arab Emirates (UAE) and, more generally, in the Middle East, has also played a key role in fostering interactions between the UAE Ministry of Economy and Ellen MacArthur Foundation, which at COP28 declared its intention to collaborate on the implementation of Circular projects in the Emirates.

Characterised by a fast-growing economy, the UAE are increasingly becoming an international hub dedicated to experimenting with new technologies and attracting talents, with the aim of becoming a global benchmark in achieving sustainability objectives and transition to circular economy principles.