Chevron Phillips: Chevron Phillips Chemical invests in Infinity Recycling’s Circular Plastics Fund to help develop solutions to address the plastic waste challenge
Chevron Phillips Chemical (CPChem) reinforced its commitment to accelerate change for a sustainable future by investing in Infinity Recycling’s Circular Plastics Fund. The Fund, registered in Luxembourg, will invest in advanced recycling businesses which convert plastic waste back into virgin grade feedstock for the manufacturing of new products, focusing first in Europe with the ambition to expand globally.
Recycling plastic waste enables valuable materials to be reused instead of ending up in a landfill or unintended places in the environment. Recycling is an important part of the solution to create a circular economy for plastics, together with design for circularity, collecting and sorting infrastructures, consumer engagement and guiding policies. Collaboration across the entire value chain is needed to solve the plastic waste challenge.
Infinity Recycling’s Circular Plastics Fund aims to accelerate the transition from a linear to a circular plastic economy by investing in advanced recycling technologies. Complementary to mechanical recycling, advanced recycling technologies are expected to play a key role in increasing recycling rates needed for the development of a sustainable, circular economy for plastics.
Benny Mermans, vice president of sustainability at CPChem said: “Our company is committed to ensuring plastics continue to deliver much needed societal benefits while also producing our life-enriching products sustainably, leaving behind the lightest footprint and enabling others to do so as well. Plastic waste is a valuable resource and keeping it in the loop as long as possible will contribute to the creation of a circular economy for plastics. Through this investment in Infinity Recycling’s Fund, our company aims to accelerate the development of the most promising advanced recycling technologies, bridge gaps in the value chain and prove the complementarity of mechanical and advanced recycling, all important steps to accelerate change for a sustainable future.”
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