- Thanks to the Mayor of London’s Green New Deal fund, ReLondon’s business support has helped create and safeguard 630 green jobs in the capital
- The fund directly enabled 54 businesses to access £590,000 of grants and over 550 hours of expert advice from ReLondon’s business support specialists, helping them explore, pilot and scale innovative new waste-busting business models
- Two of those businesses went on to attract private investment worth over £1.8m each to expand the initiatives seeded through the grants
- In a 6-month period, the businesses piloting new products and services managed to divert more than 11,500kg of materials from traditional waste streams
New data from ReLondon shows that financing small businesses to embrace circular economy principles in their business can create ‘green’ jobs for Londoners, with a recent project funded by the Mayor of London’s Green New Deal creating and safeguarding 630 ‘green’ jobs in the capital.
A circular economy is one in which stuff is kept in use for as long as possible, delivering the highest value it can, for as long as it can. As 45% of greenhouse gas emissions are associated with our consumption of food, goods and services, a circular economy offers a real solution to tackling climate change by reducing waste and repairing, sharing, reusing and recycling more.
The Mayor of London and the London Recovery Board established the Green New Deal in response to the economic disruptions of COVID-19, with targets to double London’s ‘green economy’ by 2030 and rebuild the city to be cleaner, greener and fairer. The Mayor of London engaged ReLondon to deliver a range of interventions with part of his Green New Deal funding, ranging from grant schemes for businesses trialling circular innovations to the creation of an online platform showcasing small circular businesses.
Overall, ReLondon was able to give out £590,000 of Green New Deal grants (including emergency funding to help businesses through the pandemic) to 54 businesses, who also received 550 hours of expert business advice from the ReLondon team between February 2021 to June 2022.
£390,000 of the total £590,000 grant funding available was awarded to 34 businesses developing new circular economy products or services such as reusable packaging solutions, rental models for fashion, or novel waste recycling technologies. 12 new products or services were launched as a direct result, and over 11,500 kg of material was saved from disposal. Businesses have also seen commercial and operational benefits including employee skills development and a 28% increase in the total number of jobs across the supported businesses.
ReLondon’s Green New Deal-funded support has helped participating businesses build resilience and grow as a result of circular economy approaches, including attracting private investments worth nearly £3million and helping a range of small businesses survive the pandemic. It has also helped create a legacy with the launch of the Circular Economy Matchmaker, which showcases 100+ circular economy solutions to public sector organisations and investors across the capital.
Shirley Rodrigues, Deputy Mayor for Environment and Energy“The Mayor’s Green New Deal Fund plays a vital role in supporting innovation and enterprise across the capital during a testing time for small businesses. I am pleased the fund has helped to create and safeguard 630 green jobs in the capital, and pilot new sustainable business practices that significantly reduce waste and attract private investment. The Green New Deal proves that great things happen when green investment meets innovation, creating a better, greener, more prosperous London for all.”
Lamia Sbiti, business transformation manager at ReLondon“The results of this programme have helped build the business case for circularity, both in terms of the commercial benefits it can generate for businesses, and the tangible reductions it can deliver in waste or material use. It’s been incredibly inspiring to witness the dedication, energy and creativity of the small businesses taking part in the programme, and witness the collective impact they have achieved as a result – this continues to reaffirm our commitment to support small and medium sized businesses drive London’s transition to a circular economy.”
ENDS
For more information, contact Georgina Eldridge on 07521 389967 or at georgina.eldridge@relondon.gov.uk
Editor’s notes:
ReLondon is a partnership of the Mayor of London and the London boroughs to improve waste and resource management and transform the city into a leading low carbon circular economy. ReLondon’s team delivers tailored support to government, businesses and citizens. The organisation works to reduce waste, increase recycling and accelerate London’s transition to a low carbon circular economy by: Empowering London’s boroughs and businesses by exploring, testing and proving transformative innovations with them; advocating for policy or regulatory change; and encouraging behaviour change at all levels
ReLondon was established as a statutory Board under the Greater London Authority Act 2007 as the London Waste and Recycling Board (LWARB).
