US$106M Singapore-Based Fund Launched To Protect Asia’s Oceans From Plastic
Monday, December 9th, 2019 | 501 Views
A US$106 million (SGD$144 million) fund dedicated to preventing plastic from entering the Asian oceans was launched. The Circulate Capital Ocean Fund (CCOF) is the world’s first investment fund dedicated to address Asia’s plastic crisis. The Singapore-based fund is also one of the ten largest ASEAN-based Venture Capital Funds in the market.
With 60 percent of ocean plastic originating from the region, Asia is the biggest source of plastic leakage into global oceans. A recent Ocean Conservancy Report identified a net financing gap between USD$28 and USD$40 per ton for plastic waste collection in the five top ocean polluting countries in the world – China, Indonesia, Philippines, Thailand and Vietnam.
“The good news is that we are able to reduce nearly 50 percent of the world’s plastic leakage by investing in the waste and recycling sector in Asia, and even more if we invest in innovative materials and technologies. This is why we are here in Singapore – a strategic hub of Southeast Asia – to prove that investing in this sector is scalable for the region and can generate competitive returns, while moving closer to solving the ocean plastic crisis,” explains Rob Kaplan, CEO Circulate Capital.
The fund’s launch comes at a time where the Singapore government has initiated recent green investment programs. These include the Monetary Authority of Singapore’s (MAS) recent commitment to US$2 billion of green investments directed at sustainable projects. The city state has also launched initiatives such as the Zero Waste Masterplan and a Resource Sustainability Bill as it aims to establish itself as the regional Circular Economy Centre of Excellence, driving green investment efforts around the region and the world.
“For the beverage sector, the more recycled content used in any type of packaging such as 100 percent recyclable plastics, the lower the carbon footprint. That’s why at Coca-Cola we have invested in Circulate Capital and have committed to collect and recycle the equivalent of every bottle or can we produce by 2030. Beverage packaging does not need to become waste. By investing in the waste collection and recycling sector in this critical region, it can become a valuable material used again and again – a step closer towards a circular economy,” said Matt Echols, Vice President, Communications, Public Affairs and Sustainability Coca-Cola Asia Pacific.
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