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UK shifts focus to closed-loop economy
November 9, 2012
UK shifts focus to closed-loop economy
UK businesses will face increasing pressure to use natural resources more efficiently as a way of stimulating economic growth. Liz Goodwin, chief executive of Waste and Resources Action Programme (WRAP), set out plans to place a greater emphasis on the financial benefits of creating a “closed-loop” economy, in which products are designed and manufactured so that materials can be re-used.
Research by consultancy firm McKinsey launched earlier this year that found that European manufacturers could save $630 billion a year by 2025 if they moved towards greater resource efficiency and reduced their reliance on increasingly rare and costly new materials. Separate research data from Defra found that businesses could save more than £18 billion a year by adopting no-cost or low-cost measures to enhance their resource efficiency.
As part of its shift in strategy, WRAP will be increasingly focusing on sectors and areas which can yield the biggest impacts on waste levels, such as initiatives to tackle electronic waste and reduce waste through improved design in the textile industry.
Read more at GreenBiz.
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