Investors, bankers, asset financiers and entrepreneurs met with Owen Paterson, Secretary of State for Environment, Food and Rural Affairs, to discuss how to improve growth and investment in the waste and recycling industry.
The summit was told that the waste and recycling sector currently generates more than £12bn per year in the UK and employs over 100,000 people. It is expected to grow by 3% a year, a key reason why the government is keen to look at ways to invest in the waste and recycling industry and boost the economy.
Paterson said: “There is a huge global market in waste and recycling and I want to see UK businesses leading the way on this. Dealing with waste and recycling properly is good for business as well as the environment and has the potential to boost economic growth and create jobs.
“Every year, more than £5bn worth of recycled material is sent abroad for processing instead of being handled in the UK. The amount of material being recycled more than doubled between 2000 and 2010 and for the first time more waste is being recycled than going to landfill in England – it is absolutely vital that the UK has the capacity to deal with this growing industry in the future.”