HERA ENVIRONMENTAL&CIRCULAR ECONOMY INITIATIVES

The project consists of investments in waste collection, treatment and disposal activities.

The project aims at achieving the objectives as per EU Directives, which govern the waste management sector in member states. It will contribute to further diversion of biodegradable waste going to landfills and is expected to contribute to meeting the respective regions' targets for diversion of waste from landfills, as well as to increase recycling of materials and energy recovery from residual waste, in line with the requirements of the Landfill Directive 1999/31/EC and Waste Framework Directive 2008/98/EC. The project also aims at recovering secondary raw materials in order to reach a better recycling rate within the catchment area, in line with Circular Economy principles. In addition, the project will contribute to achieving climate change objectives by reducing direct greenhouse gas emissions from waste, and by substituting energy generated from fossil origin.

By virtue of its technical characteristics, some of the sub-projects might be subject to a mandatory Environmental Impact Assessment (EIA). The Bank's services will verify the environmental aspects during the project's due diligence. Overall, the investments are expected to have a positive net environmental and social impact, considering their contribution to increasing materials and energy recovery from waste, and to decrease the environmental and climate change impact from current facilities and operations. The investments will contribute to compliance with the Waste Framework Directive 2008/98/EC and the Landfill Directive 99/31/EC.

The Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/23/EU and/or 2014/24/EU, where applicable, as well as Directive 89/665/EEC, as interpreted by the Court of Justice of the European Union, with the publication of tender notices in the Official Journal of the European Union, as and where required. The promoter most commonly uses a qualification system for works, goods and services to create centralised tender lists and award framework contracts to qualified bidders.