What is a circular economy?
A circular economy is one that keeps products, components and materials at their highest use and value at all times. It is an alternative to the current linear economy, where we make, use and then dispose of products, components and materials.
Why do we think it’s important for businesses in London?
London is a melting pot of innovation, entrepreneurship, technology and finance. It’s also a huge market which drives consumption and constantly demands new products and services. If we can harness this energy and move to a circular economy, by 2036 it could create net benefits worth £7 billion per year.
Small and medium sized enterprises make up 90% of London’s business sector and that’s why we believe that they will help shape London’s transition to a low carbon, circular economy.
Find out more about the benefits the circular economy presents for London in LWARB’s Circular Economy Route Map.
How can a business become circular?
We’ve learnt a lot from working with over 150 of London’s businesses and have distilled all the innovations we’ve co-created with them into 5 key strategies you can use to become more circular in the way you use resources.
Click on the diagram to explore our Circular Framework
How can a business become circular?
We’ve learnt a lot from working with over 150 of London’s businesses and have distilled all the innovations we’ve co-created with them into 5 key strategies you can use to become more circular in the way you use resources.
Click on the diagram to explore our Circular Framework
Circular Design
You build circularity into your products right from the start by designing products that last for as long as possible, can be easily repaired, upgraded or remanufactured and, when they’re finally worn-out, are easy to dismantle so materials can be recovered and used again.
Example
Petit Pli have designed their children’s clothing to grow along with the child so they can be used for much longer.
Clean Resources
You make sure all the inputs needed to create your products or services are from renewable and non-toxic sources. That might mean sourcing renewable energy, using zero-emissions transport or choosing materials that are biodegradable and locally grown so they have a net-postitive environmental impact.
Example
Pedal Me offer cycle couriers for transporting both cargo and people, avoiding the pollution created by vans.
Resource Recovery
As a circular business you capture resources that are no longer needed and use them to make new and better products, over and over again.
Example
Aeropowder make thermal packaging from waste chicken feathers.
Resource Efficiency
In everything your business does, you aim to use the least amount of energy, water, space and materials as possible, and make the best use of them.
Example
Winnow have created scales that allow chefs to monitor food waste and adjust their ordering to save both wasted food and money.
Circular Revenue Models
As a business you unlock ways to generate revenue by keeping resources in use for as long as possible and at their highest value. This means leasing, renting and sharing, anything from products and materials to equipment and space.
Example
Library of Things allow people to borrow everyday items, avoiding the need to buy something new that will be only be used a few times.