Reconomy wins BVCA Top Recognition for Excellence in ESG 2024
On 12th September, Reconomy received the ‘Top Recognition for Excellence in ESG’ at flagship industry body British Private Equity & Venture Capital Association (BVCA)'s 2024 Excellence in ESG Awards.
The recognition marked the second time Reconomy received the distinction: the company was previously awarded top recognition at BVCA’S 2022 Excellence in ESG Awards, which recognised Reconomy as the leading international circular services platform providing its global customers with services across its business verticals of Recycle, Comply, and Re-use.
Building on its strength, in 2023, Reconomy initiated a pioneering project to develop an approach to assessing environmental impact related to its recycling operations and quantifying its level of circularity. As no existing model could achieve this objective, Reconomy created its own ‘circularity scorecard’, leveraging existing frameworks and methodologies.
The upshot is Reconomy’s proprietary Life Cycle Impact Assessment (LCIA), which accounts for impacts associated with the waste streams, and the Circular Footprint Formula (CFF), which serves as a central framework for the model, enabling the allocation of burdens and benefits within circular systems. By aligning with European Commission standards, the model also ensures reliability and consistency in its output.
The model enables comparison with industry benchmarks by generating a multidimensional circularity scorecard with various environmental impact categories.
Reconomy consistently outperforms the industry average across the environmental impact categories on the scorecard. Specifically, the model estimates the degree to which Reconomy’s activities lead to a decrease in carbon, water and land use, and material loss (see attached evidence).
EMK is strongly committed to supporting its portfolio companies to become sustainability leaders in their respective sub sectors, EMK has actively leveraged its responsible investment expertise to support Reconomy from day one. The close collaboration between EMK and Reconomy over the past 7+ years has played an instrumental role in helping the company implement its sustainability program, which now has become a key pillar of the business. EMK will continue to support the company every step of the way through its role on the board and its ongoing, deep partnership with the company’s management team.
Eva Vogt, EMK Partner and Head of Responsible Investment, commented, “Reconomy is pushing the boundaries on existing industry standards with its multidimensional circularity scorecard measuring environmental impact categories across its value chain. We are very pleased that the BVCA have, once again, recognised Reconomy for its continued excellence in operational sustainability as well as its contribution in supporting its customers towards zero waste and net zero. We look forward to continuing to support the company as it goes from strength to strength and expands further across Europe, North America and Asia.”
Diane Crowe, Group Sustainability Director at Reconomy, said: "We are delighted to have been recognised once again by the BVCA for our unwavering commitment to ESG principles. At Reconomy, we are passionate about advancing the circular economy to create a more sustainable world and this award is testament to the dedication of our teams who work tirelessly towards fulfilling our vision. I’d like to thank EMK Capital for their support and I am excited by the immense potential to drive further positive change to the benefit of all our stakeholders.”
