That’s according to a new plan from the London Waste and Recycling Board (LWARB), which lays out a series of actions to secure the first £2.8 billion of this potential opportunity.
It suggests by becoming more efficient in the built environment, food, textiles, electricals and plastics sectors, as many as 12,000 new jobs in the areas of re-use, remanufacturing and materials innovation could be created.
London’s population is expected to surpass 11 million people by 2050 and because of this, LWARB says a more flexible and sustainable approach to products, housing, office space and critical infrastructure is crucial to the city’s growth.
The plan outlines more than 100 practical actions for a wide range of stakeholders, including London’s higher education, digital and community sectors as well as London’s businesses, social enterprises and its thriving finance sector.
LWARB has also announced a circular economy collaboration hub to gather innovators in the sector.
Councillor Bassam Mahfouz, Board member and Circular Economy Lead at LWARB, said: “So many organisations, public or private, can use the principles in this route map to work out how to make circular economy work for them.
“LWARB’s new collaboration hub will bring all sorts of organisations together, providing a space for dialogue and partnership and helping us achieve shared success right across the capital.”