“The transition to the circular economy is a process of continuous development and improvement in Romania and is a clear address to the challenges we face.

The first necessary pre-condition is a regulatory framework and policies to address this area of circularity. We have to see how these new business models are adopted in different sectors of activity, not only from the perspective of recycling,” Iuliana Tiba, Director, Environmental, Social and Positive Impact Financing, BRD Groupe Societe Generale said during Circular Economy Conference organized by Sustainability Today and The Diplomat-Bucharest.

“Circularity comes with other types of risks, and banks must analyse, measure, and mitigate these types of risks. Banks have begun to accept more and more financing that also has a circularity component, but there are still challenges regarding risk analysis.

Establishing measurable and precise targets, aligned with science, allow banks to structure a financing based on types of sustainable objectives, and the financing process can follow progress in those areas or on those targets that a company has proposed.

Sustainability aspects require an integrated approach. We cannot develop some products without considering the special characteristics of the customers.”