Investing in a Sustainable Future | Funding for the Circular Economy at its Highest Point
At Techbuyer we make it no secret that we are strong advocates for the circular economy; from supporting sustainable organisations to helping businesses responsibly purchase, maintain or dispose of their IT hardware, we are doing as much as we can to activate the circular economy through our business.
Therefore, you can imagine how proud we are to hear that 2022 is looking to be the best year yet for investment into the circular economy.
Over £1.5 billion has been invested into developing a circular economy over the past four years throughout the UK. This funding has been used to support circular economy businesses and promote the concept to companies and the general public. However, there’s still plenty of work to do and so the continued funding is a necessary investment into changing our country’s habits for the better.
Investment into the circular economy has grown by two thirds from 2020 to 2021 with figures increasing into 2022. In the first half of this year, the circular economy industry has seen 80 investments with a value of over £500 million. If this trend continues, 2022 alone will have generated over £1 billion in funding.
What is a Circular Economy?
A circular economy goes against the typical take-make-waste structure that we currently practice globally (also known as the linear economy); in this model we mine materials, we make, we use, we dispose of. The linear economy is like a slide (and a very steep one with how quickly we use materials and products in some industries) in which once a product has entered and reached the bottom, it is very difficult for it to climb its way back to the starting point.
A circular economy instead works to create a loop of materials, products and resources that not only feed into one another but last longer and do not leave the economy once they have entered it. A product, once made, can have its lifespan extended through repairs, reuse and upgrades (where applicable) and can eventually feed into another product or manufacturing process when it comes to end of life.
Electronics are a good example. Once a device has been manufactured and used, its use can be extended by proper care, refurbishment process, component level upgrades or selling the technology on. When end of life has truly been reached, the device can be harvested for parts that will feed into other products (for example refurbished technology) repaired to continue its life cycle or recycled to extract as many materials as possible that will again feed into another product.
This method of dealing with items within our economy allows us to make the most of what we have and prioritise reuse wherever possible. However, this model of economy takes money to set up and promote, and while the current level of investment is promising, more is needed to further develop the creation of a more sustainable market.
Funding for continued research, promotion, establishment and interest within this industry is essential for a more environmentally friendly future that decreases demand on critical raw materials (CRMs) and takes a step away from our current unsustainable model.
Techbuyer’s Sustainable IT Solutions
The circular economy is rooted at the centre of our business and sustainable IT solutions are our core product. We provide businesses and individuals looking for a more responsible and sustainable approach to technology with an alternative designed to activate the circular economy and decrease the impact of technology on our environment. We operate a zero to landfill policy with the majority of the technology we receive entering our refurbishment process for continued use. Find out more about our IT lifecycle services here or get in touch to talk to one of our experienced team members.