The investment will help recycle up to 60,000 metric tonnes of US plastic packaging waste per annum by 2025
Unilever North America has announced a $15m investment to support the recovery of more than half of its plastic packaging footprint.
The investment in Closed Loop Partners’ Leadership Fund is said to facilitate the recycling of up to 60,000 metric tonnes of US plastic packaging waste per annum by 2025, which is equal to more than half of Unilever’s plastics footprint in North America.
Closed Loop Partners’ Leadership Fund is a private equity fund, which acquires and expands companies across the value chain working to increase recycling and place keep valuable materials in the circular economy and out of landfills.
Closed Loop Partners founder and CEO Ron Gonen said: “Unilever is a pioneer and leader when it comes to recognising the economic, social and environmental value of embedding circular economy principles throughout their business, critically moving from ambitious commitments and goals to tangible action and progress.”
The consumer goods company stated that the impact of the company’s new investment and its continued use of post-consumer recycled (PCR) plastic packaging, which is around 59,000 metric tonnes per year, will help deliver its commitment to collect and process more plastic packaging than it sells by 2025.
Unilever aims to collect and process more plastic packaging than it sells is a part of the company’s set of “Waste-Free World” commitments.
The company’s global commitments consist of include halving the use of virgin plastic and turning all of its plastic packaging reusable, recyclable or compostable, as well as using around 25% recycled plastic in its packaging.
According to the company, half of the 118,000 metric tonnes of plastic packaging used by Unilever North America is PCR plastic. Its brands such as Dove, Hellmann’s, and Seventh Generation are already using 100% PCR bottles.
The investment in Closed Loop Partners’ Leadership Fund will help receive additional PCR plastic supply for Unilever brands and increase access to recycled plastic feedstock processed by the companies the Fund invests in.
Unilever North America president Fabian Garcia said: “We believe plastics’ place is inside the circular economy where it is reused, and not in the environment.
“We’re advocating to transform the recycling system for a waste-free world, and we urgently need business investment to help make it happen.”