PRESS RELEASE: Circular economy and the nutrient cycling could reduce Finland’s need for more debt
The mere improvement of nutrient cycling could bring Finland up to 510 million in additional benefits.
There is a real option for the state’s additional loan uptake. Of the need for the loan of five billion, at least three billion could be met by introducing a new type of economic model in Finland. Introducing circular economy is proposed by the Finnish Innovation Fund Sitra, Baltic Sea Action Group and the Technical University of Lappeenranta.
Finland could create new growth by circular economy: its’ value only on a few sectors would be at least 2.5 billion euros, which would add to the national economy. Improving nutrient cycling would increase the pot still 510 million, says soon to be completed report “The economic value of the nutrients cycle and the possibilities for Finland” by consultancy company Gaia for Sitra.
The main results of the study are already clear. By replacing the virgin nutrients by improving recycling of nutrients would increase the Finnish companies’ business. More efficient nutrient cycling would also improve the Finnish raw material and protein self-sufficiency and the impact on the current account. For example, the replacement of the imported soybean by domestic fava bean cultivation would improve Finland’s current account deficit by about EUR 50 million.
“By nutrient recycling, we can both save resources and create new business opportunities At the same time we cost-effectively improve the state of the Baltic Sea”, states Ilkka Herlin, the BSAG Chairman of the board.
See whole press release in Finnish here.