Welsh Government confirms £6.5m circular economy fund

The Welsh Government has confirmed it will be investing £6.5 million in circular economy projects. Circular economy is an approach that encourages keeping resources in circulation instead of being burned […]

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By Priyanka Shrestha

The Welsh Government has confirmed it will be investing £6.5 million in circular economy projects.

Circular economy is an approach that encourages keeping resources in circulation instead of being burned or ending their life in landfill.

The fund will be launched in 2019 and build on the £14 million Accelerating Reprocessing Infrastructure Development (ARID) project. That is said to have helped businesses reduce, reuse or recycling 399,000 tonnes of waste and avoid 79,500 tonnes of carbon emissions.

According to the government, recent studies have suggested a circular economy could help Wales save up to £2 billion and create around 30,000 jobs.

The nation has set a 70% recycling target by 2025 and 100% by 2050.

Lesley Griffiths, Cabinet Secretary for Environment and Rural Affairs said: “The £6.5 million fund I am announcing underlines our commitment to moving towards a circular economy. This will help businesses save money by becoming more resource efficient and resilient, an approach that will deliver numerous environmental benefits, including less waste and reduced CO2 emissions.”

The Welsh Government is also providing funding worth more than £7 million to boost green growth in the country.

Earlier this year the European Commission and the European Investment Bank (EIB) established a platform to support the circular economy.