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Global warming, the demographic explosion and the slowdown in global economic activity have led the world into three unprecedented crises: the environmental crisis, the social crisis and the economic crisis. Capitalist society and the linear production system “extract - produce – throw” are pointed out as the main causes of these crises and are increasingly called into question. The circular economy is among the most promising alternatives to these models. This “zero waste” model of economy operating in closed cycles maintains the glimmer of hope that a prosperous economy, ownership of goods and zero impact on the environment can be reconciled. BNP Paribas Fortis understood that this was a real opportunity and decided to enter the Belgian market of the circular economy for the SMEs.
This study was conducted in two phases between September 2018 and May 2019. The first step was to contextualise the study through a comprehensive research of the banking sector (profitability, digitalisation, risks) combined with an assessment of BNP Paribas Fortis’ transition policy. Then, after having carried out an overview of the situation of the circular economy in Belgium and its potential, a mapping of the actors of the circular economy in French-speaking Belgium was carried out. While the first part is based on scientific literature and empirical studies, the second part is as close as possible to the Walloon and Brussels reality. Indeed, interviews were conducted with actors supporting the transition of business models of companies with a turnover between 0 and 7.5 million euros in French-speaking Belgium. Finally, recommendations were proposed to the bank on its desired positioning within this ecosystem.
Therefore, this study presents 102 Walloon and Brussels actors active in services dedicated to the circular economy. A total of 167 specific services have been detailed in personalised sheets. This research also identifies access to finance as the main obstacle for Belgian SMEs to start their circular transition. It therefore makes recommendations to BNP Paribas Fortis on which positioning to adopt in the ecosystem, which offer to propose and with which business model in order to remove this obstacle.

Circular Economy --- banking profitability --- BNP Paribas Fortis strategy --- CSR --- Circular economy brakes --- Circular economy levers --- Banking digitalisation --- Banking diversification --- Belgian circular actors --- Mapping --- Sciences économiques & de gestion > Stratégie & innovation