The Federation of Independent Retailers (The Fed) has welcomed today’s news that the Scottish Investment Bank has invested £9million into Circularity Scotland Limited (CSL).
Commenting, The Fed’s National President Narinder Randhawa said: “This investment is a show of confidence in and support for all the work being done to deliver the anticipated increase in recycling rates from August next year.
“As responsible retailers, the Fed’s members in Scotland will be on the frontline of the deposit return scheme (DRS). Unless exempted, they will form the backbone of the network of Return Points, where customers will bring their bottles and cans for the refund of the deposits.”
Mr Randhawa added that the Fed was the first retail trade association to support the introduction of DRS and is a member of CSL.
This investment was key to securing an additional £9million capital from Bank of Scotland. Together the money will fund the start-up costs of the administrator for Scotland’s Deposit Return Scheme to help households to return empty, single-use containers for collection for recycling. This will tackle climate change, increase quantity and quality of materials collected for recycling, and decrease litter, supporting a circular economy.
Mark Munro, Executive Director, Sustainable Investment at the Scottish National Investment Bank said: “We are pleased to be able to support the roll out of the Deposit Return Scheme in Scotland by investing in Circularity Scotland. Increasing recycling rates is a vital component in Scotland’s transition to net zero, one of the Bank’s key missions.”
Circular Economy Minister Lorna Slater said: “This is a tremendous vote of confidence in Scotland’s deposit return scheme, which will be the first of its kind in the UK and one of the most environmentally ambitious and accessible in Europe.
“By capturing billions of bottles and cans every year for recycling, it will make an important contribution to our response to the climate crisis. I look forward to working with Circularity Scotland as they use this funding to deliver Scotland’s deposit return scheme, which will go live nationwide in August next year.”
David Harris, Chief Executive Officer at Circularity Scotland added: “We are delighted to be working with Scottish National Investment Bank and Bank of Scotland.
“Their investments alongside those already received from industry will support our work in providing Scotland with the most comprehensive and efficient Deposit Return Scheme in the world. We are committed to being a highly effective and efficient scheme administrator creating exciting employment opportunities and this funding makes that possible.”
Scott Joyce, Associate Director, at Bank of Scotland said: “Addressing the sustainability challenges the country faces requires collaboration from within the financing ecosystem. So, we were keen to be able to work with the Scottish National Investment Bank on this funding arrangement and ensure Circularity Scotland Limited has the support needed to make a success of its recycling initiatives. We look forward to seeing the scheme go from strength to strength.”