THE WHAT? Unilever North America has invested $15 million in the Closed Loop Partners’ Leadership Fund in a bid to help recycle around 60,000 metric tons of U.S. plastic packaging annually by 2025, amounting to more than half of Unilever North America’s plastic footprint in the U.S.
THE DETAILS Unilever follows Nestle in investing in the Closed Loop Leadership Fund, which focuses on buying companies that are looking to upgrade their recycling infrastructure, creating a circular system.
The personal care giant will also help secure additional PCR plastic supply for Unilever brands as well as allow greater access to the recycled plastic feedstock processed by the fund’s investees. The PCR will then be used for packaging beyond the bottle, such as caps, lids and tubes.
Ron Gonen, Founder and CEO of Closed Loop Partner, said, “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.”
THE WHY? The investment is part of Unilever’s goal to collect and process more plastic packaging then it sells by 2025, which was announced as part of its waste-free world commitments.
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.”