The John Lewis and Waitrose Circular Future Fund: The Million Pound Challenge seeks to support a small number of projects that will help accelerate the transition to a more circular economy, such as rethinking waste with new products and materials, shifting consumer mindsets, or developing new business models and services.

Starting in May 2022, the £1 million fund will assist initiatives that aim to improve products and services in the textiles, food, household, and technology sectors for a year.

Charities, social businesses, registered firms less than five years old, academic groups, and community interest companies are all eligible, with funding ranging from £150,000 to £300,000 available for individual projects.

The company stated that it wants to sponsor projects that would have a "measurable impact (now or in the future) and a clear legacy," and that it will make all learnings and results publically available to increase impact.

The fund's goal is to aid the transition to a circular economy, which aims to eliminate waste and the "take manufacture dispose of" paradigm by increasing a product's value throughout its existence.

John Lewis Partnership, added that the circular economy will not only help to combat climate change and biodiversity loss, but it will also create chances to develop new economic value, jobs, and more resilient supply chains.

The fund will be administered by the retailer in collaboration with environmental charity Hubbub, which is also a member of the Parliamentary Group for Ethics and Sustainability in Fashion.

A grant panel composed of independent experts on the circular economy, grantmaking, and innovation authorities, as well as senior members from the John Lewis Partnership, will choose the projects.

The fund is the latest move in the retailer's efforts to become more environmentally friendly, and it builds on a number of previous commitments centered on resource efficiency, purchasing more sustainable and recycled raw materials, and assisting consumers in avoiding food waste.

Applications for participation in the fund must be submitted by January 9, 2022.