16th March 2017

London looks to capitalise on circular economy

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The organisation’s new business plan, covering the period 2017 to 2020, sets out how it will contribute to targets set by the mayor of London, Sadiq Khan.

They include:

– Achieve a 65 per cent recycling rate for the waste from London’s residents and businesses by 2030;

– Realise the economic value that re-use, repair, remanufacturing and materials innovation can bring to London, creating jobs and making the transition to a circular economy;

– Put London on track to be a zero-carbon city by 2050.

The new business plan sets out three programmes – Advance London, Circular London and Resource London – with a total programme budget, including external project and partner contributions, of around £50 million over three years.

A “Flats Taskforce” will help Londoners living in blocks of flats recycle more, by designing bespoke interventions which improve access to, and raise awareness of, the diverse array of services provided to flats across the capital.

LWARB will contribute £1 million to the taskforce and will be looking for partners to contribute additional income. The programme is due to start work in the summer, and will be part of continuing work by the Resource London programme – a partnership with WRAP – to drive up recycling performance across the capital.

Also launched is a series of financial instruments aimed at accelerating the circular economy in London. These include a £3 million Circular Economy Accelerator programme, a £14 million circular economy venture capital fund and a £1.5 million investment into a larger circular economy business development capital fund.

London’s deputy mayor for environment and energy, Shirley Rodrigues, said: “This dynamic business plan will help accelerate local recycling rates, boost green businesses and cut waste across London. We need to make reducing waste easier and I’m really pleased LWARB will be investigating new ways to help the thousands of Londoners living in flats gain better access to recycling facilities. It is really important to support the rapid growth of the ‘re-use and regenerate’ circular economy and help new businesses succeed in this exciting sector.”