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A few days ago, three of the world's leading material manufacturers - Dow (DOW), LyondellBasell (LyondellBasell) and Nova Chemicals (NOVA Chemicals) joined forces to announce the establishment of the "Closed Loop Circular Plastics Fund" (Closed Loop Circular Plastics Fund) ) for investment recovery technology development, equipment and infrastructure upgrades,
etc.
The Closed-Loop Circular Plastics Fund will focus on three areas: increasing plastic collection; optimizing sorting systems; and investing in manufacturing that uses recycled materials, with the aim of increasing the amount of recycled plastic to meet the demand for high-quality recycled materials in products or packaging:
· Advancing current and next-generation material collection systems, including transport logistics, recycling sorting technologies and infrastructure to increase the collection of polyethylene (PE) and polypropylene (PP) plastics
.
· Upgrade the recycling system to efficiently sort plastics and obtain more high-quality recycled plastics such as food-grade and medical-grade materials
.
· Invest in manufacturing using recycled plastics, including those using rPE and rPP to make finished products, packaging or equipment
.
The three companies, with an initial investment of $25 million and managed by Closed Loop Partners, drive corporate engagement across the plastics value chain and promote plastic recycling in the United States and Canada
.
The goal is to recycle more than 500 million pounds of plastic over the life of the fund
.
They said they hoped to grow the fund to $100 million with funding from other corporate and financial investors
.
The CEOs of the three companies spoke together:
S.
and Canada
.
Plastics are critical to a sustainable, low-carbon economy
.
This fund, along with other investments and collaborations, will Helping society move towards a circular economy and reducing the impact of plastic on the environment,” said Jim Fitterling, CEO of Dow, “But our commitment and capital alone are not enough to tackle waste plastic recycling
.
We urge people from all walks of life to join us , strengthen partnerships and expand the technology and capital needed to build a circular plastics supply chain
.
”
S.
and Canada
.
Plastics are critical to a sustainable, low-carbon economy
.
This fund, along with other investments and collaborations, will Helping society move towards a circular economy and reducing the impact of plastic on the environment,” said Jim Fitterling, CEO of Dow, “But our commitment and capital alone are not enough to tackle waste plastic recycling
.
We urge people from all walks of life to join us , strengthen partnerships and expand the technology and capital needed to build a circular plastics supply chain
.
”
“Solving the problem of waste plastics requires collective action on multiple fronts
.
We have been implementing a multi-pronged strategy, including innovations in mechanical recycling technology, molecular recycling technology, and integrating renewable materials into our production,” Leon said.
Bob Patel, CEO of DeBasel, added, "Improving recycling infrastructure is important for capturing waste plastic and promoting a circular economy
.
We believe this co-investment can turn the waste plastic problem into a sustainable business opportunity
.
"
Luis Sierra, President and CEO of Nova Chemie, said: “Nova Chemie is eager to join forces with industry leaders who share the same commitment to building a circular economy for plastics
.
Innovation is the key to the success of our partnership
.
If we can produce products that are more recyclable , using less raw materials and using more recycled materials, while investing in recycling infrastructure, we will achieve our goal of 'zero waste plastic'
.
We are ready to work across the value chain to develop new solutions to shape a better tomorrow
.
"
Closed Loop Partners is a New York-based investment firm
.
The company has built an organization of entrepreneurs, industry experts, global consumer goods brands, retailers, financial institutions and governments to foster synergies and scale the circular economy
.
