Circular economy, an ally for the region’s development and sustainability

The Palme d’Or Business and Environmental Contribution Journalism awards were held as part of the 15th International Sustainability Symposium with a focus on circular economy, organized by Panama’s Trade Union of Industrialists. At the eleventh edition, the awards recognized the efforts of innovative large, medium, small and micro companies implementing the circular economy to promote sustainable development and reduce their carbon and water footprints and become more efficient with their various processes.

Nara Vargas, CAF’s Chief Executive Officer for Environment and Climate Change, participated on the jury at this event and presented the award to medium-sized companies and honorary awards to large companies. She explained that this is a recognition for the hard work made by companies to become more sustainable. “At CAF—development bank of Latin America—, we seek to become the green bank of Latin America, we are proud to participate in this award, and it’s a great opportunity to learn what private companies are doing in Panama, thereby identifying business opportunities and support, whether as credit operations or facilities for different companies,” Vargas.

The Deputy Minister of Multilateral Affairs and Cooperation at the Ministry of Foreign Affairs, Ana Luisa Castro, delivered the keynote speech on Panama’s strategies and commitment toward the global climate crisis and how the circular economy can be worked into the Sustainable Development Goals (SDGs) and democratic diplomacy. During her presentation, she stressed that “multilateral financial institutions such as the World Bank, the IDB and CAF offer great opportunities for the business sector, together with their governments’ assistance, to leverage credit access to make gradual changes and create social and economic impacts in our country.”

The head of the environment portfolio, Milciades Concepción, noted that there has been a change since the COVID-19 pandemic, shedding light on differences between local governments, private companies and even ordinary citizens seeking to help with their own environmental initiatives. Luis Frauca, president of Panama’s Trade Union of Industrialists (SIP), indicated that an effort must be made between the private and government sectors to align and create greater wealth, health and peace as a result of the circular economy.

The following organizations participated in the event: