Italy's government has received 222 project proposals for the circular economy from private companies to improve environmental protection, the Italian Ministry for Ecological Transition said Wednesday, Trend reports citing Xinhua.
The ministry said that the proposals would involve 508 million euros (581 million U.S. dollars) from a budget of 600 million euros (686 million dollars) earmarked for such projects via the National Recovery and Resilience Plan.
The announcement from the ministry came a day after the parliament approved a new law, requiring the state to shield the country's environment, ecosystems, and biodiversity "in the interest of future generations."
The new law states that the health of the environment must be taken into consideration in any private or public economic initiative.
In a statement, Ecological Transition Minister Roberto Cingolani called the new law an "essential step" as the country seeks to increase investment in low-impact sectors and technologies, and boost the circular economy.
The circular economy refers to a model of production and consumption that utilizes the waste from one economic process for another, dramatically reducing waste and demand for raw materials.