New York-based investment firm Closed Loop Partners releases a report that assesses the potential of advanced recycling technologies in a circular economy for plastics. The American Chemistry Council issues the following statement in response, attributed to Joshua Baca, ACC’s vice president of plastics:
“Advanced recycling is transforming the circularity of plastics by increasing the amount and scope of plastics that can be recycled. This has the ability to dramatically reduce the amount of plastic waste destined for landfills or leaked into the environment, while also providing significant economic benefits. Today’s report from Closed Loop Partners, a New York-based investment firm, underscores those benefits, noting that advanced recycling technologies could help double the rate of plastic packaging recycling in the U.S. and Canada by 2030.
“Doubling the recycling of plastic packaging in less than 10 years is an essential step toward meeting America’s plastic makers’ goal that 100% of plastic packaging is reused, recycled, or recovered in the U.S. by 2040. Consumers want packaging made with more recycled plastics, and more than 400 brands have committed to increasing the amount of recycled material in their packaging. Advanced recycling is critical to meeting that demand.
“This report is a follow-up to Closed Loop Partner’s 2019 landscape analysis, which found that there is a $120 billion market opportunity for advanced recycling technologies in the U.S. and Canada alone.
“In order to realize the benefits of advanced recycling, we need policies that support a circular economy for plastics. Earlier this year we announced ‘5 Actions for Sustainable Change’ that Congress can take immediately to put us on a path to circularity. These actions include creating a modern regulatory system that enables rapid scaling of advanced recycling and requiring all U.S. plastic packaging to include at least 30% recycled plastic by 2030 through a national recycled plastics standard. These actions would help address both supply and demand for plastics created via advanced recycling technologies.
“As noted in Closed Loop Partner’s report, there is a role for policymakers, investors, and industry to play in scaling advanced recycling. Since 2017, more than 65 advanced recycling projects in the U.S. have been announced that could potentially divert more than 5 million metric tons of waste annually.
“We applaud Closed Loop Partners’ efforts in releasing this comprehensive report and look forward to continuing to work with policymakers and the entire plastics recycling value chain to achieve a circular economy for plastics and end plastic waste.”
For more information, visit: www.americanchemistry.com
