Circular economy could boost London’s economy by £7bn a year

Businesses, government and NGOs from across London will take part in the second annual Circular Economy Week from 10 – 14 June, to help drive a resource-efficient and sustainable practices which organisers say could boost the capital’s economy by £7bn a year.

The week, led by the London Waste and Recycling Board’s Circular London programme, will involve events, workshops, tours and a range of collaboration opportunities to explore more sustainable approaches to resource management, product design, manufacturing and retail.

Events listed so far include a UK cities roundtable hosted by LWARB and the Ellen MacArthur Foundation; a clothes ‘swap shop’ and film screening from sustainable fashion campaign #LoveNotLandfill and a tour of circular businesses along the Circle Line, run by Circle Economy Club London.

Wayne Hubbard, chief executive at London Waste and Recycling Board (LWARB), said: ‘Not only does the circular economy benefit the environment, but it also offers real commercial advantages by allowing organisations to respond to consumer demand for more sustainable products and services.

‘The circular economy can also create efficiencies as well as new revenue streams, markets and product lines – all increasingly important in this time of economic uncertainty.’

Organisers say the transition to a circular economy could have hugely positive environmental impacts for the capital. By 2036, the circular economy could provide London with net benefits of £7bn every year in the sectors of the built environment, food, textiles, electricals and plastics, they claim, as well as creating 40,000 new jobs in re-use, remanufacturing and materials innovation.

Shirley Rodrigues, London’s Deputy Mayor for Environment and Energy, said: ‘Our economy is currently geared towards using resources in a way that is inefficient and unsustainable.

‘The Mayor wants to accelerate London’s transition to a low-carbon circular economy by planning for materials to be kept in use for as long as possible and promoting business models which support this.

‘Circular Economy Week will help raise the profile of this important issue and encourage people across London to support the transition to a circular economy.’

To find out more about getting involved or hosting your own event, visit https://ceweek.london/