SOFOFA Hub is leading the process of developing collaborative local hubs in Alliance countries, in an initiative that proves that the private sector can lead change across borders.
The first meeting to launch the network took place in January 2020, in Medellin, Colombia, and was attended by more than 35 representatives of business associations from Mexico, Colombia, Chile, Peru and Ecuador. The objective of the meeting —in addition to sharing the Chilean hub’s model— was to kick-off the joint efforts to lead the transition of companies toward circular economy and a more sustainable plastic management. The meeting created a space to exchange experiences and identify the most important regulatory and market challenges, among representatives of the plastic industry, recycling industry and private companies in general.
During this first approach there was consensus that synergy between companies is key to driving circular economy. The business sector must also be proactive to face regulatory and market challenges, adopting innovative technologies to respond to changes and create new value chains. SOFOFA Hub is leading the process of developing collaborative local hubs in Alliance countries, in an initiative that proves that the private sector can lead change across borders. Business hubs in the region takes a relevant role in linking all stakeholders, bringing in the companies and understanding their heterogeneity. The current challenge is to transfer the public policy discussions and partnership agreements to tangible circular economy projects.
“Articulating a sustainable economic development agenda is a priority for the Pacific Alliance countries and Ecuador, and circular economy for plastic management is a key aspect to achieve this. The IDB, which supports this initiative, has generated the knowledge needed to shape a circular economy development agenda. The IDB has also supported the creation of the SOFOFA Hub project portfolio management model. This strategy will allow the Pacific Alliance and its strategic ally, SOFOFA, to prioritize investment in projects that have a circular economy calling,” says Germán Sturzenegger, IDB’s Water and Sanitation Senior Specialist.