Westlake’s investment builds upon the company’s commitment to helping develop a more sustainable future through continuous improvement in its own manufacturing as well as strategic investments in innovative technologies and startup firms
The fund seeks to accelerate the transition to a circular economy of plastics. (Credit: Marc Newberry on Unsplash)
Westlake Innovations, Inc., a subsidiary of Westlake Corporation (NYSE: WLK), today announced the company has invested in the Circular Plastics Fund. The fund seeks to accelerate the transition to a circular economy of plastics by scaling up advanced recycling technology companies that transform plastic waste streams into primary commodities used for new plastic products. Westlake’s investment builds upon the company’s commitment to helping develop a more sustainable future through continuous improvement in its own manufacturing as well as strategic investments in innovative technologies and startup firms.
The Luxembourg-registered Circular Plastics Fund (CPF) is an Article 9 “dark green” impact fund, under the European Union’s Sustainable Finance Disclosure Regulation. Infinity Recycling manages the CPF, which was created to catalyze the world’s transition to a closed-loop plastics economy in which residual polymer waste streams, globally representing over 85% of plastic waste, are converted into building blocks for the manufacturing of new plastics. The fund’s strategy aims to significantly reduce the carbon footprint of the plastics economy and contribute to eliminating the world’s plastic waste problem.
Based in Rotterdam, The Netherlands, Infinity Recycling was established in 2019 to create markets for end-of-life waste streams by investing in waste valorization technologies. As its first offering, the CPF, makes a significant contribution to solving the plastic waste problem and unlocking much-needed capacity in high in demand recycled commodities. The fund implements a return-driven investment strategy that drives value creation in advanced recycling and accelerates the transition to a circular economy for plastics.
Source: Company Press Release