Today, we’re excited to announce that Plastics For Change has raised $2 Million USD to scale our recycling model to coastal communities across India and South Asia. The investment was lead by Mirova through The Althelia Sustainable Ocean Fund (‘SOF’), a high impact investment vehicle dedicated to the creation of value and social impact by providing growth capital to companies that harness the ocean's natural capital. Having developed the world's first Fair trade verified recycled plastic supply chain, we believe this investment will enable an increasing number of brands and manufacturers to access high-quality recycled plastic material from transparent and responsible supply chains.
“Now more than ever, consumers want to buy from brands that share their values. Our Fairtrade supply chains provide our industry partners with the ability to achieve their recycling goals and deliver a message that resonates with consumers.”
The consumption rates of plastics are increasing rapidly in emerging economies and the waste management infrastructure needed to collect and recycle this waste has not kept pace leading to the rise of informal waste economies. The players in these economies, like waste pickers, are the backbone of waste management and recycling systems and yet are caught in an endless cycle of poverty. The sector has also been crippled by the COVID-19 pandemic that has seen millions of informal waste workers lose their livelihoods. We’re on a mission to help break this cycle by using our ethical sourcing platform that connects these waste-pickers to global markets and giving them predictable and dignified livelihoods that ensures a better future.
“Plastics For Change’s unique business model fortifies recycling businesses that pay waste-pickers decent incomes, train them in techniques that boost their incomes; transforming waste-pickers into “waste-preneurs”. PFC is a great example of the type of business we like to support, with a significant potential to scale social and environmental impact in lockstep with commercial success”
Our platform builds transparency and accountability through the supply chain to enable brands to take responsibility for the materials they produce while also transitioning towards the circular economy. In a post-COVID world that has seen its reliance on plastic increase, it has become all the more vital to ensure that this transition takes place.
“Enabling responsible supply chains and Extended Producer Responsibility (EPR) schemes is a vital step in the prevention of plastic pollution. The consumption of single-use plastic is currently surging because of the increase in home delivery and less packaging reuse. Plastics For Change’s unique, game-changing sourcing platform provides a scalable solution to combat the failing waste management system in emerging economies.”
At Plastics For Change, we can’t wait to see how this investment will lead to positive change for the planet, people and the plastics industry. There has never been a more important time to deploy this funding to help the recycling economy recover from the COVID lockdown and to prevent ocean bound plastic from impacting our environment.
