Many companies find it cheaper to ship their waste and recycling to Melbourne, overseas or landfills outside central Victoria, it says as it launches a tender for a new research project.

The council is among nine from central and northern Victoria that want more information ahead of a major economic retool that could slash global greenhouse emissions by 45 per cent over two decades.

Keeping industries' waste and recycling in the region could end up being a boon for local businesses as Australia shifts to a "circular economy", the council hopes.

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The changes could help net Greater Bendigo's economy $300 million a year, assuming council and other levels of government get the settings right.

Local governments across central and northern Victoria are grappling with a "distinct lack of coherent data" and cannot say for certain what the demand for any recovered materials might be, according to tender documents.

They are also unsure what new infrastructure is needed to convert their regions' waste into new goods.

"It is very difficult to strategically plan what exactly local councils ... should be doing to develop and unlock the economic, social and environmental benefits of the circular economy in the regions, let alone identifying what and with whom," the Bendigo Council said.

The new research will help nine councils across central and northern Victoria discover ways to keep waste and recyclables in the region, it said.

Bendigo's council will lead the project and pitch in $30,000, with Recycling Victoria spending $35,000 and Sustainability Victoria $80,000.

A host of other councils will give in kind support by collecting data and contacts.

The group that wins the tender will likely run the research between August 2022 and February 2023.

Bendigo's council is already planning for a major waste shake-up to deal with the imminent closure of Eaglehawk's landfill.

The facility is expected to hit capacity and close in 2023.

Last April, the council revealed two potential solutions to ease the amount of extra waste destined for a landfill at Patho, near Echuca.

It is also a key player in a separate bid to bring businesses and the community together to slash emissions to as close to zero as possible by 2030.

Climate advocates are currently consulting with groups about the Greater Bendigo Climate Collaboration about targets and actions.

"We've had global climate talks and discussions about individual actions, but we can't do this on our own. We need to do it together," project coordinator Ian McBurney said recently.

"If we actually play our cards right, as a city, we can really benefit."

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