Having taken good note of your initiatives, we would like to obtain information on the loans granted for the development of this new economy. Your response, reproduced below, has convinced us to table the proposal once again. “We recognize the complexity of tracking contributions to the circular economy and remain open to working across industry sectors, with government, other financial institutions and third parties to promote consistency and comparability, and to evolve our methodology as needed to reflect the developing marketplace. We are committed to engaging with our investors and considering ideas that contribute to a more sustainable future.”Based on our observations in this area, we believe that some European institutions use loans to bolster their efforts of encouraging the development of this type of economy, which requires a new way of evaluating the appropriate financial support. While we recognize that the challenge is a sizable one, it does require financial institutions to switch from a linear economy (extract, make, consume, waste) to a model that incorporates the product’s life cycle and sustainable resource management, which can be described using the 3 Rs – reduce, recycle, reuse. We draw to your attention the United Nations Environment Programme (UNEP), which for several years has pointed to the urgent need for decoupling economic growth from the consumption of virgin resources and environmental impacts, not to mention the unprecedented degradation of ecosystems and the rising levels of greenhouse gas emissions (GHG). Note that, worldwide, only slightly less than 9% of extracted resources are reintegrated into the economy after their first cycle of use. We therefore feel it is important that this disclosure be made so that the bank can set its financing objectives for these businesses and report the extent to which these objectives have been achieved in its annual reports.