CIRCULAR ECONOMY TARGETS
- Aim to make London a zero waste city
- Zero biodegradable or recyclable waste to be sent to landfill by 2026
- 65% of London’s municipal waste to be recycled by 2030
- Cut food waste by 20% per person by 2025 and 50% by 2030
- Reducing plastic bottle and coffee cups waste
- Reducing consumption-based emissions by two thirds, focusing on food, clothing, electronics and plastics by 2030 (target set by the 33 London boroughs)
- 95% of construction and demolition waste to be reused, recycled or recovered
- Largest construction projects to use at least 20% of recycled or reused materials
- Doubling the size of London’s green economy by 2030
MAIN CHALLENGES TO ACHIEVE TARGETS
- Cultural challenges to drive a change in residents’ behaviour.
- Absence or insufficient strength of political commitment and practical implementation of circular economy principles into local governments’ policies and operations.
- Absence or insufficient targets against consumption-based emissions from local governments, and a lack of knowledge about the circular economy’s ability to tackle those emissions.
- Absence of a common awareness and understanding of the circular economy principles and benefits from businesses and local governments.
- Circular economy practices can sometimes be more expensive and more time-consuming than usual practices, and so can be financially challenging for businesses and local governments.
HOW CIRCULAR-PSP HELPS
- Supporting local governments in embedding circular economy principles within their day-to-day job, including in their procurement and planning processes.
- Monitoring the development of the circular economy within London, by tracking key circular economy-related metrics.
- Simplifying connections and partnerships of small businesses and innovators in the circular economy with corporates and local governments.
- Facilitating knowledge sharing between cities of successful case studies and initiatives to develop the circular economy.
SIGNIFICANCE OF CIRCULAR ECONOMY
- The current metro area population of London in 2023 is 9,648,000
- London is the financial and cultural capital of UK and the largest city in Europe
- London’s GDP is £503bn
- London’s circular economy currently contributes around £11bn of GVA and 231,000 jobs to London’s economy, a contribution which has the potential to grow to a total of £24.2bn of GVA and 515,000 jobs by 2030
- The circular economy could cut London’s waste by 60%
- The circular economy could cut London’s consumption-based emissions by 34% for emissions related to the consumption of clothing, and by 31% for emissions related to the consumption of food