The Mayor of London has announced the government's intentions to invest GBP£70 million in the development of low-carbon waste and recycling facilities in the capital.
This could potentially create hundreds of jobs in engineering and construction, as several biomass, incineration sites and recycling centres for food and plants will be built; saving the capital millions of pounds, according to The Guardian-London currently produces 2.6 million tonnes of organic waste a year, and it is estimated that as much as GBP£170 million could be saved by composting.
Around GBP£140 million could be raised by recycling the city's 280,000 tonnes of plastic. The Mayor launched the Foresight Environment Fund at the start of Climate Week. He told the press: 'A century ago London was cashing in on carbon, but I am determined we now harness the wealth of investment opportunities coming from the shift away from the use of increasingly costly fossil fuels.'
'The prize is not only better environmental stewardship and cash savings, but the injection of billions of pounds into the city's economy and tens of thousands of high quality jobs ... and a better quality of life.'
The Foresight Group will manage the project, and around half of the investment will come from the European Investment Bank. The rest will be made up of local authority pension funds and private investors.
A second London Green Fund energy efficiency project is due to be launched later in the year, reported Business Green. A start-up of GBP£50 million will be dedicated once a fund manager has been found.
Matt Taylor, from the Foresight Group, said that future investment in waste facilities is important for financial recovery and sustainability. He claimed: 'These projects can become firmly embedded in London's economy by generating secure local employment and long-term financial and environmental benefits.'
Recycle City, a true recycling facility and member of the Recycling Council of Ontario (RCO), is always on top of current trends for a better waste management system. The facility accepts waste from the public, construction and demolition sites, and ICI sources.
As a member of the Take Back the Light (TBTL) lamp recycling program, the facility now takes back spent lamps for recycling.
Operated by RCO, TBTL has recycled more than 872,000 lamps. Recycle City is the first waste disposal/recycling centre that has offered this program to the public and industry.
Recycle City is an Ontario Ministry of the Environment-approved waste disposal system operated in Hamilton, Ontario.