Dutch bank ING has announced it is joining an initiative to boost the circular economy.

It will be part of the Circular Economy 100 (CE100) which aims to accelerate and build a framework for an economy that’s restorative and regenerative by design.

The bank believes the circular economy is the “ultimate answer” in solving the problem of the depletion and economic scarcity of resources, as products, their components and materials are recycled as efficiently as possible so their value is maintained.

This process doesn’t only reduce the raw materials needed for products, it also saves money, ING added.

ING CEO Ralph Hamers said: “We believe that sustainable business is better business and the circular economy plays a vital role in that. From the innovation revolution to the effects of climate change, society faces many challenges and it’s clear that traditional business models must evolve.”