Investment management firm Circulate Capital has launched an SGD$ 144 million (US$106 million) Singapore-based fund targeting the prevention of plastic in Asia’s oceans.
Investors in the Singapore-based Circulate Capital Ocean Fund (CCOF) include PepsiCo, Danone, Unilever, The Coca-Cola Company, Procter & Gamble and Chevron Phillips Chemical Company LLC.
Asia accounts for 60% of ocean plastic and is the biggest source of plastic leakage into the world’s oceans, the firm said in a press release.
“To address the financing gap between available private capital and resources needed by Asia’s waste sector, CCOF will provide both debt and equity financing to waste management, recycling, and circular economy start-ups and SMEs in south and southeast Asia focused on preventing plastic pollution,” the press release said.
“Circulate Capital has identified more than 200 investment potential opportunities across a range of industries in the region, with their first investments targeted in the coming weeks.”
Rob Kaplan, chief executive at Circulate Capital said the positive news is that global plastic leakage into the oceans can be reduced by 50% by investing in Asia’s waste and recycling sector and potentially even more “if we invest in innovative materials and technologies,” he said.
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