Australian environmental organisation Planet Ark is set to receive $1.6m funding from the Federal Government to develop a National Circular Economy Hub and Marketplace.

The new platform will assist businesses in the country to implement circular economy principles. It is expected to cater to the demand for the availability of recycled material for recyclers and manufacturers.

It will offer news, case studies, CEO interviews, advice, events and research to assist businesses that are willing to implement circular economy practices.

Planet Ark CEO Paul Klymenko said: “The Circular Economy Hub will provide businesses and other organisations with the knowledge and tools needed for their transition to a circular economy model.

“An important element will be the Circular Economy Marketplace, which will act as the B2B ‘eBay’ of the circular economy. Planet Ark is thrilled to have been entrusted with the development of these vital tools.”

According to the organisation, some recycled materials are being sourced by manufacturers from overseas while other materials are less chosen due to lack of awareness or motivation to make products using recycled content.

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It also noted that the circular economy will use a new model ‘reduce, reuse, recycle and repurpose’ that will allow the industry to keep various materials such as plastic, metals and paper in circulation and out of landfill.

“This is fantastic news because it helps Planet Ark address one of the key challenges facing the Australian recycling industry.”

Planet Ark is planning to provide more information about the Circular Economy Hub during the second half of this year, as well as introduce the Circular Economy Marketplace in 2020.

Planet Ark Sustainable Resource Programs head Ryan Collins said: “This is fantastic news because it helps Planet Ark address one of the key challenges facing the Australian recycling industry, namely in developing the domestic market for recycled materials.

“We’re delighted to have been given the important responsibility to develop the technology behind the Circular Economy Marketplace to serve as the missing piece of the recycling puzzle.”