SWITZERLAND – Switzerland-based packaging producer Amcor has partnered with the Minderoo Foundation Pty Ltd., to launch Sea The Future (STF), a project that will provide investment to build a global network of plastic recycling plants.

The project claims it will unlock US$300 million in investment toward plastic recycling infrastructure globally and produce 15,000 metric tons of virgin grade recycled plastic annually.

Under the partnership, STF will build a global network of plastic recycling plants, with the first three hubs constructed in Indonesia, the Netherlands, and Brazil with construction of the first sorting and recycling plants to begin in 2 years.

Through recycling, the project aims at driving systemic change across the entire global supply chain, turning waste into a commodity to drive collection efforts, particularly in Southeast Asia.

Increased recycling rates could prevent the incineration, landfilling and littering of 200,000 metric tons of plastic waste each year

The partnership is taking advantage of the huge disparity between the supply and demand of plastic recyclates, which has over the past year driven prices to double in many instances.

The investments and increased recycling rates could prevent the incineration, landfilling and littering of 200,000 metric tons of plastic waste each year, according to Minderoo.

Recycled plastic is often expensive and difficult to source, something STF is aiming to change.

According to a statement by STF spokesperson: “the ‘unblocking’ of investments into plastics recycling facilities is essential as there is hesitancy to invest because there is uncertainty over whether or not there is sufficient demand for recycled plastic.”

There is much certainty about virgin demand, and the cost is lower. That’s why we are aggregating the demand, securing long-term offtake agreements from partners, which de-risks investment.”

STF says its efforts with Amcor will also help tackle flexible recycling in these areas, beginning with Indonesia.

Amcor has been one of the industry’s most effective players in adopting recycled content for packaging products.

“We are committed to solutions that will increase the collecting and recycling of packaging material, which reduce the need for virgin resin while keeping waste out of the environment,” said Peter Konieczny, Chief Commercial Officer, Amcor.

 “We now purchase 86% more recycled content than two years ago, and we look forward to this partnership helping us further accelerate our delivery of responsible packaging solutions for customers.”

Amcor and the Minderoo Foundation also welcome additional members to join the Sea the Future Initiative partnership, offering companies from both the consumer goods and petrochemical industries the chance to join as founding members over the coming months.

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