Encourage the development of material markets– focusing on creating new economic opportunities.
The Circular Economy concept describes a process whereby pollution and waste are designed out, and materials and products are recovered and brought back into the marketplace. To achieve this, markets must be developed to accept recycled materials and manufacture them into useful products. Recent global trends such as China no longer accepting US recyclable materials, have closed several markets for recycling materials so the need (and potential) to develop new ones has increased. The City can encourage the development of new markets as part of an economic development program or through other incentives. Examples include exploring the feasibility of initiating a ‘repaint initiative’, that enables people to reuse unwanted paint, or providing tax rebates to businesses that upcycle.