NEWS
New developments in the Chemicals & Biochemicals
Unilever NA Invests $15 Million In Plastics Recycling
by Ash Jones
U
nilever North America is set to invest $15 million (€12.6 million) into a plastics recycling programme that aims to allow the company to help recycle more than 60,000 metric tonnes of plastic packaging waste per year by 2025, coming as part of a commitment for the company to collect and process more plastic than it sells. Unilever has consistently been among the world’s top plastic’s polluters, coming in fourth place in terms of plastic waste last year in Break Free From Plastic’s annual report, behind Nestlé, PepsiCo and Coca-Cola. The impact of the new investment represents more than half of the company’s plastics footprint. Half of the 118,000 metric tonnes of plastic used by Unilever North America is post-consumer recycled (PCR) plastics and some of its largest brands, such as Dove, Hellmann’s and Seventh Generation already use 100% PCR bottles.
These plans all come as part of Unilever’s “Waste-Free World” commitment which, among other things, includes a dedication to only using virgin-grade plastics, ensuring all its plastic is reusable, recyclable or compostable and using at least 25% plastic in its recycling. The investment in Closed Loop Partners’ Leadership Fund will help secure additional PCR plastic supply for Unilever brands and increase access to recycled plastic feedstock processed by the companies the Fund invests in. Fabian Garcia, President of Unilever North America, 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.” Ron Gonen, Founder and CEO of Closed Loop Partners, 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. “Unilever’s investment in Closed Loop Partners’ Leadership Fund, in addition to its existing investment in our Infrastructure Fund, will help accelerate the shift toward more circular supply chains by scaling best-in-class circular business models and supporting the technological breakthroughs and sustainable innovations that keep valuable materials continuously cycling in manufacturing supply chains.” Unilever is also looking to encourage more producer responsibility to increase broader investment to help transform the plastics recycling system. The company is working with major CPG companies through the “Circular Economy Accelerators” programme to promote a plan for brands to fund needed recycling infrastructure investments in the US In Canada, Unilever North America participates in extended producer responsibility programs in provinces with established programs. Visit: www.unilever.co.uk
Plastics Industry Financiers Under Scrutiny As Pollution Concerns Rise by Steven Gislam
A
new report published by research network portfolio.earth has calculated that banks have provided $1.7 trillion (€1.39 trillion) in financing to 40 companies involved in the plastics supply chain without imposing compulsory measures to combat plastic pollution accumulating in the rivers and oceans. With banks in Europe and the US increasingly spurning fossil fuel projects, campaigners are urging lenders to take a similar approach to plastics and make loans conditional on increased recycling measures. “What the financial sector needs now is someone to step forward and say ‘okay, we’re going to take a look at plastics,’ and then others will follow,” said Robin Smale, director of Vivid Economics, a consultancy which audited the report. The report, entitled ‘Bankrolling Extinction’, named Bank of America Corp, Citigroup Inc 24 Industry Europe
and JPMorgan Chase & Co as the three largest financial backers of plastics respectively between January 2015 and September 2019. The report found that each of the three banks provided between $144 billion (€117.5 billion) and $172 billion (€140.3 billion) in loans and other forms of financing to a range of companies including producers of chemicals, packaging and drinks manufacturers.
In Europe, the largest financiers of plastics were named as Barclays and HSBC, providing $118 billion (€96.3 billion) and $96 billion (€78.3 billion) respectively. Public awareness over plastic pollution has risen sharply in recent years, with highly publicised incidents of plastic contamination appearing in previously untouched environments from the Arctic to the ocean floor. The report shows that, of the 20 global banks providing the majority of the plastics manufacturing industry’s financing, not one had brought in criteria for due diligence or exclusion. Banks have the power to reduce the impact of plastic pollution by making financing contingent on strict and ambitious reuse and recycling schemes, as well as by lobbying governments to lend their support to such measures, the report said. Visit: portfolio.earth
