Cash boost for green infrastructure
Scottish Recycling Fund launches for waste sorting, repair and recycling projects.
A £3.8 million fund to help businesses develop green infrastructure proposals is now open.
Environment Secretary Richard Lochhead announced the Scottish Recycling Fund (SRF) at the Safeguarding Scotland’s Resources Conference at Dynamic Earth in Edinburgh.
The fund will make loans available to organisations interested in developing key sorting, repair and reprocessing capacity for waste materials in Scotland. Improved infrastructure will transform more waste into high value new materials, aiding Scotland’s ambition of creating a circular economy and cutting carbon emissions.
Organisations with innovative ideas for sorting, repairing and reprocessing the following materials are invited to apply:
- industrial food and drink processing waste
- waste electrical and electronic equipment
Mr Lochhead said:
“The Scottish Government is backing the industries of the future by making this £3.8 million available to those interested in developing our waste reprocessing industry. By increasing our capacity to deal with this waste here in Scotland, we’ll be less exposed to volatile overseas markets, creating more of the useful raw materials that our business sector requires.
“Realising the value in our waste materials like plastics, textiles and glass will make our economy more circular, while reducing our carbon emissions. I’d strongly encourage any organisations with innovative ideas on waste to find out how this funding can benefit them, making Scotland greener, cleaner and more affluent in the process.”
Iain Gulland, Director, Zero Waste Scotland, said:
“I am delighted to welcome the launch of the Scottish Recycling Fund, which is all about developing the capacity for better resource efficiency in Scotland.
“This is an opportunity for businesses which have workable ideas but lack the capital, to get access to finance to help them realise their plans. The fund also provides an opportunity for Scotland to further develop industries in reuse, repair, reprocessing, remanufacture.
“These are the sustainable Scottish industries which have huge potential to reduce waste and our impact on the environment, while helping us move towards a more circular economy –an economy in which waste is a resource and jobs and growth are created by unlocking its potential.”
Kerry Sharp, Head of the Scottish Investment Bank, said:
“The Scottish Recycling Fund offers Scottish businesses the opportunity to access the finance needed to invest in new infrastructure that will help them not only achieve sustainable business growth through recycling, but will deliver significant environmental benefits for Scotland.
“We work with hundreds of businesses each year to help them tap into the finance needed to grow, and are pleased to partner with Zero Waste Scotland to deliver this exciting new fund for innovative and ambitious Scottish businesses with growth potential.”
The Scottish Recycling Fund (SRF) is a key tool to support the Scottish Government’s objectives for sustainable economic growth and making the transition to a low carbon economy, under its Low Carbon Economic Strategy (2010); and the move towards a more circular economy under ‘Safeguarding Scotland’s Resources’ (2013).
The materials/sectors included within the loan fund have been selected based on environmental impact, potential job/GVA opportunities and activities supporting a more circular economy, supported by research undertaken by Zero Waste Scotland. Further details are available on the ZWS website, at the following link: http://www.zerowastescotland.org.uk/content/scottish-recycling-fund
The SRF is an expansion of the existing Scottish Plastics Loan Fund, which was established in 2012. Zero Waste Scotland and Scottish Enterprise’s investment arm, the Scottish Investment Bank are working in partnership to deliver the fund, providing advice to applicants, carrying out technical assessments and making loan awards.
More on the Scottish Investment Bank:
The Scottish Investment Bank (SIB) is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Seed Fund, the Scottish Recycling Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in Epidarex Capital’s life sciences fund. These support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.