RECONOMY GROUP GENERATES £331m SOCIAL AND ECONOMIC VALUE – edie

Reconomy Group, a global tech-led provider of circular economy-focused services has announced the generation of over £331 million of social and economic value across the communities in which it operates.

2021 was a year of high growth across Reconomy Group as the company expanded into 17 new markets and doubled its turnover. The Group now has over 3,000 employees across 80 countries and supports over 7,000 customers in meeting their ESG goals.

Launching its 2021 Sustainability Report, Reconomy Group has reviewed and refreshed its sustainability strategy which continues to be aligned with and measured against the UN’s Sustainable Development Goals, (SDGs) and focuses on the creation of social, environmental, and business value. Highlights from the report include:

· £331 million delivered in social and economic value* (since 2018)

· £1.7 million of pure social value generated (since 2018)

· £2.9 million VCSE spend contributing £342,000 of social value

· 27% reduction in carbon intensity against turnover (v2020)

· 97% of all waste managed diverted from landfill (compared to 96% in 2020)

· 347 hrs to mental health awareness, support, and well-being

· Development of 29 internships and apprenticeships

The generation of social value continues to be driven by Reconomy’s flagship RSVP (Reconomy Social Value Programme) which has two main strands; ‘Breaking Barriers’ for hard-to-reach groups to enter employment and ‘Bridging Gaps’ in partnership with the National House Project for young adults leaving care.

Key to the delivery of environmental value is the Reconomy Environmental Action Plan (REAP), which targets Net Zero across the Group’s operations by 2028 and also includes pathways for customers and suppliers. Notable achievements for REAP in 2021 include a full assessment of Scope 3 carbon impact from suppliers, submitting its commitment to the SBTi for setting science-based targets for Scopes 1-3, and certification to ISO14064 GHG emissions reporting.

Commenting on the launch, Reconomy’s CEO, Paul Cox, said: “The exponential growth we experienced in 2021 makes it more important than ever for our strategies and targets to be consistently deployed across the Group. This scale and global footprint, however, also presents a great opportunity to help even more businesses embrace positive change through the reduction of carbon emissions and conserving finite natural resources.”

“We will continue to drive forward with a technology-led strategy that focuses on dynamic, accurate, actionable data and dedicated service propositions for a broad range of industries. All of this is underpinned by our sustainability strategy and the generation of social, environmental, and business value.”

* Pure social value is activity that has a direct impact on people and the community such as volunteering, employment from hard-to-reach groups and spending with social enterprises. Local and economic value accounts for wider social impact such as local employment and spending with SMEs. Data is verified by the Social Value Portal.



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