In a world grappling with fast-paced technological advancements, electronic waste, or e-waste, has emerged as one of the most pressing global environmental issues. The World Economic Forum reports that a staggering 53.6 million tonnes of e-waste is generated annually worldwide, with a mere 20% undergoing formal recycling.
E-waste, though smaller in volume compared to plastic and textile waste, is the world’s fastest-growing waste stream, expanding at 3 to 5 per cent annually, according to the WEF. What’s the value of e-waste? While materials like iron, copper, tin, and aluminium make up over 90 per cent of e-waste by weight, the most valuable metals are palladium, platinum, copper, and tin. E-waste contains more inherent value than plastic and textile waste combined, but unlocking this value often requires specialised extraction methods.
In recent years, leasing providers operating within the IT sector have discovered a promising avenue for collaboration with lifecycle specialist companies, offering a potential solution to this challenge that boosts their business prospects.
Nordic company 3StepIT, in collaboration with BNP Paribas Leasing Solutions, has been a big (and early) player in addressing this crisis, offering a model that manages the entire IT lifecycle. Their success is evident in their expansion into several European countries, including the UK, France, Germany, Italy, Belgium, and the Netherlands. CSI Leasing and DLL are other big providers in Europe of IT lifecycle services.
Now, Lombard, the asset finance division of NatWest, is stepping into this growing and potentially lucrative arena by partnering with Rigby Capital (and SCC) to combat the mounting e-waste problem.
This partnership marks a significant step forward in the ongoing battle against electronic waste, in the UK at least.
In their joint effort, Lombard and its partners are introducing an as-a-service solution to prevent over a million electronic devices, including company mobile phones and laptops, from meeting their end in landfills over the next five years.
It’s an initiative that demonstrates the leasing sector’s growing commitment to environmental sustainability.
This collaboration exemplifies how businesses can embrace the responsibility of sustainable practices while also tapping into an evolving market. It’s a win-win situation.
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