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London firms urged to get behind 'circular economy' business plan

London firms urged to get behind 'circular economy' business plan

London firms urged to get behind 'circular economy' business plan

London firms have been urged to do their bit for the environment in the capital city by getting behind a new business plan that aims to "reinvigorate" recycling efforts and accelerate the development of the circular economy.

The concept of the circular economy is based on the idea of keeping resources in use for as long as possible and gaining maximum value from those resources while they are in use. It also advocates recovering and regenerating materials when they reach the end of their lifespan.

At its first board meeting under its new chair, Dr Liz Goodwin, the London Waste and Recycling Board (LWARB) unveiled a plan for the next three years that sets some clear objectives for businesses and residents in the capital.

One of the primary goals is a 65 per cent recycling rate by 2030, helping to put London on track to be a zero-carbon city by 2050.

The report also called for greater recognition of the economic value that can be gained from materials innovation, re-use, repair and remanufacturing.

The business plan is composed of three separate programmes - Advance London, Circular London and Resource London. It has a total budget of approximately £50 million for its three-year run.

On the subject of the circular economy, a series of financial schemes have been introduced to drive the development of this concept, including a £14 million venture capital fund and a £1.5 million investment into a larger business support fund.

Dr Goodwin said she was determined that LWARB will "continue to make a significant contribution to help London be a global leader in sustainable resource management".

Shirley Rodrigues, deputy mayor for environment and energy, pointed out that there are many potential benefits to be gained from this initiative, including greater growth potential for emerging businesses that are focused on sustainability and the environment.

"This dynamic business plan will help accelerate local recycling rates, boost green businesses and cut waste across London," she said. "We need to make reducing waste easier.

"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."

Encouraging recycling and eco-friendly waste disposal in the workplace is one of the fundamental steps any business can take to boost its efficiency and reduce its impact on the environment.

One of the most important concepts to bear in mind is clear communication, so staff know what they have to do to get rid of their waste in the right way. Employees should also be well informed about the benefits that are being gained from recycling, whether they are financial or environmental.

It's also crucial for organisations to work with cleaning companies that have demonstrable green credentials and clearly defined, environmentally friendly practices.

 

Posted by William Rodriguez

Image courtesy of iStock/heyengel