The London Waste and Recycling Board (LWARB) has announced the approval of a new business plan, covering the period 2017-2020, which sets out L50 million worth of investment in projects related to the circular economy.
The circular economy has been a point of focus for LWARB and the city of London for a number of years, but the latest round of proposals represents a significant uptick in activity. The proposals respond to challenges set out by the city’s mayor:
- Creating new jobs in the city through the economic opportunities of reuse, repair, remanufacturing and materials innovation.
- To put London on course to be a net positive or zero carbon city by 2050.
- Aiming to achieve a 65% recycling rate in London by 2030.
The funding breaks down into three programmes: Advance London, Circular London and Resource London. It will focus on developing more effective management of resources and waste within the city, supporting SMEs, who are developing new business concepts, and creating a series of new financial instruments to help accelerate the transition to the circular economy in London.
According to LWARB, full details of the new funds will be announced shortly, but it has already been reported that they will include a L3 million circular economy accelerator programme, a L14 million venture capital fund for circular economy innovators and a L1.5 million investment into larger circular economy business developments.