Circular economy route map uncovers £7bn opportunity for London
The London Waste and Recycling Board (LWARB) has launched a route map to accelerate London’s transition to become a circular city. It reveals that, by 2036, the city could gain net benefits of at least £7bn every year by applying circular economy principles across a variety of sectors.
The route map considers opportunities across the built environment, food, textiles, electronics and plastics, and also uncovered a net 12,000 new jobs benefits in the areas of re-use, remanufacturing and materials innovation.
It recommends actions for a wide range of stakeholders, including London’s higher education, digital and community sectors, as well as the city’s businesses, social enterprises and financial sector. The entire map is designed to bring together stakeholders and to help make London a place where circular economy businesses can flourish.
Collaboration is also vital for the success of new models, and LWARB has also announced a new “collaboration hub”, which aims to bring together circular economy innovators from the public, private and third sector to help them develop new opportunities in London.
LWARB chair Liz Goodwin said:
“The size of the circular economy prize for London is huge. Cities are the engine room of the circular economy. London could receive a net benefit of up to £7bn a year by 2036 if we accelerate our transition, £2.8bn of which can be achieved by delivering the actions in this document. This route map is a major milestone and I would encourage all organisations in London to think about how they can benefit from a transition to a circular economy.”