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The London Waste and Recycling Board to finance innovative start-ups in the field of waste collection and recycling.
Finance will sustain the circular economy. The London Waste and Recycling Board, an authority established in 2007 to provide a strategic approach to waste management in London, announced a 3-million pounds investment for a private equity fund. The aim is to finance companies who contribute to develop London’s transition towards the circular economy. The Board already invested 18 billion pounds in the London Green Fund, which was launched in 2009.
This new financial instrument will focus on innovative waste management technologies and support lighter business models. Richard Tracey, the Chair of the Board, declared: “London is growing and we will need increasingly to find innovative ways of preventing waste and dealing with unavoidable waste. With this fund we hope to continue supporting the development of infrastructure and businesses in London, and also accelerate the move to a circular economy in the capital. It’s this kind of approach which will reinforce London’s position as a global hub of expertise and job creation in this emerging sector.”
Melville Haggard, the head of the Investment Committee of the Board, added: “We are looking forward to engaging with fund managers interested in co-developing this fund. Building on our past experience of financing waste infrastructure projects in London, we are confident that this new finance product addresses the needs of early stage ventures, helping businesses with high growth potential to get off the ground.”
The London Waste and Recycling Board will hold a consultation period to test this idea and find the best structure for the fund. Proposals will have to be geographically connected to London’s area, with respect to the creation of job positions, investments, concentration of customers and waste generation.