Page 24 - Plastics News February 2024
P. 24
ENVIRONMENT NEWS
BUSINESS TRENDS/PROFITS THOUGH PLASTIC WASTE MANAGEMENT
World Bank issues $100 million bond to finance plastic recycling projects
Plastic offsetting, pioneered by organisations like rePurpose Global and Plastic Bank, involves the creation of plastic credits
to finance plastic collection, recovery,
and recycling infrastructure in areas
with severe waste mismanagement.
The World Bank recently issued a
$100 million bond, linked to plastic
waste collection, recycling credits, and
carbon credits, to support projects
in Ghana and Indonesia managed by
Plastic Collective UK. This innovative
approach mobilises private capital to
improve informal waste collectors'
livelihoods and prevent plastic
pollution. Investors provide upfront
financing, receiving annual coupons
linked to the sale of plastic and
carbon credits generated by the projects, demonstrating a new way to finance sustainable development initiatives with
measurable impact.
Vinyl Institute awards $740,000 in grants to boost PVC recycling
The Vinyl Institute (VI) has announced
its third round of funding, totaling
nearly $740,000, for four organisations
through its VIABILITY™ recycling grant
program. This funding, contributed by
PVC resin producers including Formosa,
Oxy, Shintech, and Westlake, brings
the total committed amount to nearly
$1.67 million. The grants aim to support
initiatives that enhance post-consumer
PVC recycling efforts, such as advanced
recycling processes, material recovery
in the wire and cable industry, energy
storage technology development, and
commercial flooring manufacturing with
recycled vinyl. The overarching goal is to accelerate post-consumer vinyl recycling to 160 million pounds by 2025. The
application deadline for the fourth round of funding is February 9, 2024. VIABILITY, launched by the Vinyl Institute in
January 2023, is an industry-wide recycling grant program that seeks to bolster PVC recycling across the United States
through funding provided by PVC resin manufacturers.
24 PLASTICS NEWS February 2024
