ABN AMRO and Mitsubishi join forces for circular construction

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ABN AMRO has started cooperating with Mitsubishi Elevator Europe to further improve sustainability in the construction sector. The agreement was signed by Miranda Stokkingreef (CEO ABN AMRO Asset Based Finance) and Evert Visser (Senior Managing Director Mitsubishi Elevator Europe) at the Mitsubishi factory hall in Veenendaal.

Vertical mobility services provider Mitsubishi pioneered the first circular elevator in 2016, in accordance with Mitsubishi's ‘M-Use®’ concept. M-Use® refers to an unique circular business model where the company offers premium quality, low initial investment elevator installations with guaranteed performance. As Mitsubishi remains the owner of the elevator, the company also remains responsible for maintenance, which leads to a longer lifespan compared to regular elevators. When the M-Use® elevator eventually needs to be replaced, Mitsubishi reuses or recycles the construction materials. At this stage, over 95% of the installation's components can be recycled or reused.

Circular together

ABN AMRO acknowledges the great potential of such M-Use® contracts. The primary reason for the bank to enter into a long-term cooperation with Mitsubishi is to encourage clients to use similar solutions in their construction projects. Miranda Stokkingreef, CEO of ABN AMRO Asset Based Finance, explains. “ABN AMRO is eager to coach clients through the transition to sustainable investment. As such, we're always on the lookout for new business models. By partnering with Mitsubishi in the M-Use® project, we’re taking a positive, concrete step toward an even greener construction sector.”

Sustainability as part of the strategy

Sustainability is a core element of ABN AMRO's strategy. The bank has set concrete goals for circular deals: by 2020 the bank wants to have financed a minimum of 100 circular deals with a total loan volume of at least EUR 1 billion. Furthermore, the bank practices circular construction itself and shares its experiences with clients. In 2017, ABN AMRO opened the circular pavilion ‘Circl’ which has an M-Use® elevator.

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