Reconomy, a leading international specialist in the circular economy, has announced significant advancements in its sustainability efforts and business performance in its 2023 Annual Sustainability Report. The report, which aligns with the Global Reporting Initiative (GRI) Standards and the Taskforce for Climate-Related Financial Disclosures (TCFD), underscores the company’s ongoing commitment to environmental and social responsibility.
The report highlights Reconomy’s newly validated climate goals, which have received approval from the Science Based Targets initiative (SBTi). These goals represent a substantial leap forward in the company’s environmental ambitions. In 2023, Reconomy achieved a remarkable 49.7% reduction in its full-scope carbon intensity, a significant improvement from the 13% reduction recorded in 2022. Additionally, the company has made strides in waste management, diverting 98.5% of all waste from landfill, up from 97.5% the previous year.
Reconomy’s commitment to renewable energy is also progressing well, with 95.4% of the electricity used by the company now sourced from renewables, compared to 67% in 2022. This puts Reconomy on track to meet its target of sourcing 100% of its electricity from renewable sources by 2028. The company’s ongoing efforts in sustainability have been recognised with the retention of its EcoVadis Gold certification.
On the social front, Reconomy has made a substantial impact through its procurement practices, spending £278 million with small and medium-sized enterprises (SMEs). This expenditure has contributed to an overall total of £174 million in local, social, and economic value delivered. The company has also contributed 1,470 volunteering hours to various causes, demonstrating its commitment to community engagement. Since 2018, Reconomy has generated £3.8 million in social value, with £1.3 million of that coming in the past year alone. The company has further supported young talent by funding 27 internships and 24 apprenticeships.
Reconomy’s dedication to its workforce is reflected in several initiatives aimed at improving employee wellbeing and diversity. The company has introduced enhanced maternity leave, expanded its Diversity, Equity, and Inclusion (DEI) working group, and provided 750 hours of training focused on mental health and wellbeing. These efforts are part of Reconomy’s broader mission to create a supportive and inclusive workplace environment.
The report comes as Reconomy continues to experience robust business growth. In 2023, the company completed five new business acquisitions, further expanding its global footprint. Reconomy now operates in more than 80 countries, with a workforce of over 4,000 employees serving more than 10,000 customers worldwide.
Guy Wakeley, Group Chief Executive of Reconomy, expressed his satisfaction with the company’s achievements: “We are delighted to report excellent sustainability and commercial progress in 2023. This reflects the success of our tech-enabled, people-powered approach, which focuses on empowering our customers to harness the full and intrinsic value of their resources. We are excited about the future and are well-positioned to continue to grow and enable circularity on an international scale.”
Diane Crowe, Group Sustainability Director at Reconomy, echoed these sentiments, noting, “Our 2023 Sustainability Report demonstrates another year of significant progress. Whilst we are pleased with our achievements, we are never complacent and recognise there is more to do. Everybody at Reconomy is driven by our mission to build a sustainable future, accelerate circularity, and transition towards a waste-free world. I am excited by the immense potential to deliver further positive change that will benefit our environment, communities, and Reconomy colleagues.”
Reconomy’s 2023 report underscores its commitment to leading the way in sustainability and circular economy practices, positioning the company as a key player in the global shift towards more responsible and sustainable business operations.