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A new waste exchange program is looking to take Vancouver Island into a circular paradigm by repurposing construction waste.

The new Building Material Exchange (BMEx) program is designed to reduce waste management costs and decrease the amount of construction materials in landfills.

Light House managing director of circular innovation Gil Yaron said the company, which focuses on advancing circular practices in the built environment, reached out to companies across the island to participate in the program.

“We’ve reached out to more than 700 companies on the island, those that have waste to dispose of and those who can use it. More than 100 companies have registered with the program already,” he said.

Yaron said the exchange is not only a way for the construction industry to change how it deals with waste but also for some to unlock a new revenue source.

“Generally speaking, about 40 per cent of landfill is construction and demolition waste, valuable material that could be reused,” he said. “It’s also an opportunity for those focused on the circular economy to reuse materials and create revenue by turning what’s traditionally deemed waste into a resource.”

He added the traditional construction model is linear where “we extract resources, build a home, live in it and then trash it.”

“These materials can be locally located on the island and then you aren’t dealing with transportation or shipping. Vancouver Island is an amazing microcosm with the pulp and wood industry, along with local manufacturing. There really is everything needed for a circular economy,” Yaron said.

He compared the program to Facebook Marketplace, with the exchange acting as a “matchmaker” between companies that have material and those that want them.

“We link them up and then it’s up to them to make a deal,” he said.

Two BMEx challenges are also scheduled to take place in Nanaimo on Nov. 5 and Victoria on Nov. 6 which Yaron described as similar to shows like Dragons Den or Shark Tank, but with a focus on the circular economy.

“Companies can pitch their ideas on reusing materials and those who have materials they want to get rid of will be able to respond and hopefully be able to get a match,” he said.

He added BMEX Marketplace’s online platform is coming soon and will “include a custom interface for those involved with building materials so they can list materials they have and find what they need fast.”

“The online community will be vetted to ensure confidence in the exchange materials and partners, with detailed product profiles so users have access to more information about materials they are sourcing,” he said in a Light House release. “A resource hub will also be included that will include educational content like articles, guides, and best practices on sustainable construction, material reuse, and waste reduction tips.”

Those interested in BMEx can register and tickets are available for the free challenge events .