The investment comes after LRN exceeded its reuse and recycling targets for a third consecutive year, and will be used to fund London Reuse Ltd – the network’s central operating company.
The funding is made up of a £1.15 million revenue participation agreement, as well as a smaller £100,000 loan with the aim of boosting the Network’s work with the London waste authorities.
London Reuse Ltd hopes to expand this work over the coming months with the support of the new joint London Waste Authority Support Programme, announced by LWARB and WRAP in November.
The announcement also signals a refinancing of LWARB’s existing £650,000 loan to the Network, as well as further encouragement for third sector organisations to foster ‘robust business practices’ and move away from grant dependency.
Mayor
Welcoming the LWARB investment today, Matthew Pencharz – the Mayor of London’s senior advisor for environment and energy – reiterated the importance of the LRN to the Mayor’s London Infrastructure Plan for 2050.
Mr Pencharz said: “With London’s population increasing by over 100,000 a year and commodity prices likely only to go up, London needs to become more resource efficient. A central part of the Mayor’s London Infrastructure Plan is looking at how we can accelerate the transition to a circular economy.
“LWARB’s investment into the London Reuse Network will divert thousands of tonnes of material that would otherwise be disposed of, saving Londoners money and carbon, and illustrating the value of a circular economy.”
[testimonial id = “126” align=”right”]
Councillor Bassam Mahfouz, Ealing council and LWARB member, said: “In order to accelerate the move towards a circular economy in London, re-use, repair and remanufacturing will have ever greater roles to play in our lives. LWARB’s investment in the London Re-use Network means the capital will keep leading the way in making re-use mainstream.”
Support
Charles Craft, managing director of London Re-use, added: “London Re-use is delighted with the further support from LWARB to achieve its goal of a network of sustainable re-use services working together across London.
“Having established key infrastructure improvements the investment will now allow the network to grow its services throughout the capital and provide a greater diversity of benefits to Londoners whilst achieving environmental and social benefits for all.”
In July, LWARB invested £55,000 into supporting the Network’s promotional campaign – which targeted one million Londoners in Lambeth, Kensington & Chelsea, Hammersmith & Fulham, Wandsworth and the City of London with information to help increase the re-use of unwanted furniture and white goods (see letsrecycle.com story).
Subscribe for free