GreenTech Series x Loopcycle
Companies across the board from hospitality to hospitals will utilise a range of assets and equipment to support their business operations. Whilst these are crucial to any business, they don’t have a limitless lifespan. In most cases, the average lifespan of commercial equipment ranges between 10-12 years.
TOMORROW’S CIRCULAR ECONOMY COMMUNITY
With Loopcycle
More often than not commercial assets will end their journey in a landfill when that lifespan is reached, as currently there are limited options for businesses to responsibly remove and replace these assets. Loopcycle has developed a disruptive tech platform that highlights the supply chain crisis in commercial environments. By connecting supply chains, they provide solutions that prevent waste from landfill, grow relationships, and allow data-driven decisions for sustainable procurement. We spoke with Lauren Hunter, Commercial Director at Loopcycle to discuss how their solution supports businesses in their net-zero goals.
Loopcycle is Closing the Commercial Asset Loop
“We have discovered that manufacturers lose sight of over 80% of their products, with most having no solution for end of life. The broad answer has been: “our product can be recycled”. Yet due to the supply chain connectivity crisis we have as of yet not been able to estimate this value or impact. However, we have seen a growing number of manufacturers taking steps to begin exploring closed loop options. We provide the data (passport, service history, etc.) about the equipment you are buying within your estates, to allow you to make sustainable decisions and prevent unnecessary Scope 3 emissions. By working with Loopcycle, we can help you create circular processes, identify cost savings and reduce your carbon impact by providing unique insight to your estate and your needs.”
– Lauren Hunter, Commercial Director of Loopcycle
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Businesses across all sectors have both a desire and a must to take greater action to minimise their environmental impact. As a part of this, they need to understand their current footprint to pinpoint where to action change in their operations. Loopcycle’s technology allows companies to trace assets and equipment throughout their life cycle and applies scientifically-backed data to estimate emissions of high-value equipment.
“Our method for estimating embodied carbon of a single product works off assumptions and practices outlined by key organisations (GHG Protocol, the EPA, DEFRA, Institution of Structural Engineers, government bodies, top universities). It uses various credible databases, including ICE LCA, University of Oxford, University of Bath, and direct primary data from manufacturers.
The methodology has been developed as first- of-its-kind, calculating the emissions of high- value equipment based on its weight and a few key factors such as material composition, origin, and provenance. Therefore, by collecting a few key metrics, we can produce an embodied carbon estimate that can guide manufacturer practices and procurement decisions.
The growing need for supply chain transparency means that for first editions, assumptions must be made based on available data. As data quality improves to allow for more specified circumstances and chiseled calculations, future versions will be updated with the new data. Therefore, numbers are expected to change based on continual improvement of data.”
– Lauren Hunter, Loopcycle